Global Crop Storage Market - Forecasts from 2022 to 2027

The global crop storage market is projected to witness a CAGR of 6.05% during the forecast period to reach a market size of US$3.924 billion by 2027, increasing from US$2.602 billion in 2020.

Introduction.

Crop storage is a crucial aspect of agriculture and consumes post-harvest technology, ensuring safe and secure storage. The prime aim of storing agricultural products is to reserve and provide a continuous supply of food between the harvest seasons and assure there is seed for subsequent planting. Secondly, it guarantees equitable distribution and supply of produce throughout the year or a given period, preservation for unknown future of low productivity, and price control or stabilization.

The commitment to end world hunger by 2030 is a significant force behind adopting storage facilities worldwide. In terms of population, it is estimated that between 720 and 811 million people in the world will face hunger in 2020, according to FAO. This growing number, coupled with the incidence of the Covid-19 pandemic, has revealed the importance of food security. Thus, the market for crop storage is bound to expand in the years to come. Again, the surplus production in the agricultural belts in the absence of a proper storage facility is dumped. The crop storage facility is the bridge between surplus production on the one hand and striving hunger on the other.

Geographically, the North American region is expected to dominate the market as it houses several players. The region also reports surplus food production, and the agricultural sector is capital intensive in nature. By type, cold storage is the most commonly used one. The protection of grains from humidity and pest is the prime reason behind using cold storage.

Growth Factors.

• The trade-off between population and agricultural production.

The world population stands at 7.8 billion in 2021, with a growth rate of 1.1%, according to the United Nations Population Fund, and this number is expected to rise during the forecasted period; however, the land resources are constant. Furthermore, the opportunity cost which will incur in order to increase agricultural productivity is relatively high considering the scarce resources. As there will be more mouths to feed in the coming years, a well-equipped storage facility will help reduce the burden on land resources. This dichotomy is a prime reason behind the growth of the market

• Increasing demand for grain storage.

Grain-producing nations like the United States, Russia, India, Brazil, and others, have driven the crop storage market during the forecast period. These nations often produce in excess quantities, which are stored for trade or future domestic uses. The demand is being factored by the economic standpoint of storing grains which can help improve a country's balance of payment position and increase the value-added by agriculture in GDP.

Impact of COVID-19

COVID-19 spread has seriously impacted the global economies, surging food insecurities across the globe. Food prevailed through 2021 and is expected to remain in 2022. This has increased the importance of crop storage, and the countries are enhancing their long-term storage facilities to mitigate such unprecedented impacts in the future. Thus, newer opportunities wait for the market amidst the impact of the pandemic.

Key Development

The Prairie Agricultural Machinery Institute (PAMI) received nearly $484,000 to complete its grain innovation facility near Portage la Prairie in 2018.

Segmentation:

• By Type

Cool

Warm

Cyro

• By Methods

Traditional

Drying Cribs

Bag Storage

Bamboo Boxes

Drums

Others

• By End-Users

Farmers

Grain Storage Centers

Seed Storage Centers

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• UK
• Germany
• France
• Spain
• Others

Middle East and Africa

• Saudi Arabia
• Israel
• Others

Asia Pacific

• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others