Agriculture Tools Market Expected to Reach $4.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Agriculture Tools Market," The Global Agriculture Tools Market was valued at $1,810.8 million in 2020, and is projected to reach $4,846.0 million by 2032, registering a CAGR of 8.7% from 2023 to 2032. 

Production, sale, and distribution of a vast variety of tools for use in diverse agricultural operations are all included in the agriculture tools industry. To increase efficiency, productivity, and sustainability in crop cultivation, livestock management, and other farming activities, farmers and agricultural professionals need these agriculture tools.  

The global population is predicted to increase to 8.5 billion people by 2030 and to 9.7 billion people by 2050, according to a report released by the United Nations Department of Economic and Social Affairs in 2019. Thus, concerns regarding the future viability of food and nutrition have grown. More than 820 million people were undernourished in 2018, according to data from the Food and Agriculture Organization of the United Nations (FAO). This puts pressure on the agriculture sector to produce enough food for the rising population so as to close the global undernourishment gap.

The ability of the soil to produce high-quality crops is also diminished owing to increased agricultural cultivation, which has an adverse effect on the entire agricultural value chain. By improving cultivation efficiencies, the use of manual and electric agricultural instruments encourages the sustainable mechanization of agricultural processes. In addition to speeding up various farming tasks, agricultural tools & equipment also helps to increase crop yield while inflicting the least amount of environmental damage. Thus, population growth fuels the global agriculture tools market growth. 

Demand for food and agricultural goods is rising as the world's population expands. Increased agricultural operations result, including soil preparation, planting, and harvesting, all of which demand for shovels and other comparable instruments. Additionally, the use of shovels is encouraged by the growing need for physical labor in many agricultural chores, particularly in areas with smaller farms or crops that need for accuracy. Despite the advancement of mechanization in agriculture, many crucial tasks remain by hand, including soil preparation, planting, transplanting, and wedding.

Additionally, the requirement for minimizing soil damage and promoting soil fertilities, along with the increased emphasis on sustainable and organic farming methods, fuel the demand for well-designed and specialized shovels, which is further helping in expansion of the agriculture tools market size.

However, most agricultural activities are carried out in rural areas of diverse emerging nations. Most farmers in these nations are uneducated, and they are not aware of the advantages of using agricultural instruments to increase crop production. Lack of literacy leads to the continuation of old farming methods, which are unsustainable and reduce the soil's ability to support crops. In addition, lack of digital resources, expertise, and networks in rural areas restricts the adoption of sophisticated agricultural tools & equipment. As a result, the market growth is constrained due to these factors.  

Furthermore, tools for agriculture are often made from a variety of alloy steel. For instance, chromium vanadium steel, an alloy steel made of chromium (Cr) and vanadium (V), is frequently used in hoes, axes, saws, sickles, and other tools as it has greater strength and toughness than carbon steel. The price of steel, which is a key component of agriculture tools, determines the overall cost of the tool. The World Steel Association predicts that the demand for steel will rise by 4.5% in 2021 and by 2.2% in 2022. Increase in steel prices is expected to increase in demands for agriculture tools.

In addition, industry players having sigificant agriculture tools market share are launching tools with new technological advancement, which is further helping in market growth.

As per the agriculture tools market trends, growing global population and increase in demand for food production propel the growth of agriculture tools market. In addition, as the world population expands, there is rise in need for efficient and productive farming practices to meet food, fiber, and biofuel requirement. This drives the demand for advanced agriculture tools and equipment that can enhance productivity, reduce labor cost, and optimize resource utilization. In addition, factors such as climate change, involving farming practices, and need for address sustainable and environmental concern further fuel the adoption of innovation farming tools designed to improve crops yield, livestock management, and overall agriculture efficiency. Thus, propelling the growth during the agriculture tools market forecast period.   

Key Findings of the Study    

• The report provides an extensive agriculture tools market analysis and the agriculture tools market outlook along with the current and emerging trends and dynamics.     

• By type, the rakes segment was the largest revenue generator in 2020.    

• By distribution channel, the in-store segment generated the highest revenue in 2020.    

• By application, the farming segment dominated the market in 2020.     

• Region-wise, Asia Pacific is anticipated to dominate the market the market in 2020.