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(MoneyNewsWire.Net, May 14, 2018 ) The Latin America pre-harvest market was estimated to be worth around USD 5.88 billion in 2016 and is expected to reach USD 8.22 billion by 2021, growing at the CAGR of 6.93% from 2016 to 2021. Farm operations are timely performed and the quality of agricultural commodities produced by the use of machinery is better. Further, the workload is reduced and also it brings about a change in the characteristics of agricultural practices.
The Agriculture industry is presently facing many challenges: producing more food to feed the rapidly growing population with a waning labour force. Without the use of agricultural equipment, it is likely to become very difficult to sustain the needs of this growing population. However, lately there was innovation in chemicals, fertilizers, and seeds which empowered the agricultural producers to try to meet the steadily rising demands of the world population. The use of pre-harvest equipment is likely to help the farmers in improving their production capacities to reduce the widening gap between demand and supply of agricultural produce. But in spite of such innovations in agricultural productivity, the challenges for the agricultural industry to supply the growing global economy with adequate supplies of agriculture are greater than ever before.
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The tillage and planting equipment are the major segments capturing nearly 60% of the total market share. The production of self-propelled equipment has shown incredible growth in the last two decades because of its increased use by the farmers, facilitated by simplicity in the application.
The Planting Equipment accounts for 30% of the total market. Steadily increasing use of pre-harvest equipment in order to increase production capacity and efficiency is the cause of the observed market growth. Moreover, increasing awareness among farmers and several government initiatives especially in developing economies is anticipated to increase the demand for market in the coming few years.
The Latin America Pre-Harvest Market is driven by the linked advantages such as enhanced farm yield and lessening in labour requirement. Other factors propelling the demand of the industry include increased consumption of food due to the population growth, augmented farm mechanization level and rising income of middle class farmers in developing nations (increase in exports). Additionally, several government initiatives and subsidiaries provided by them, especially in developing economies are projected to augment Latin America pre-harvest market throughout the forecast period. But still, the lack of awareness and hefty cost of farm equipment, are the major challenges in the growth of the market. Primary restraining factors for agricultural equipment market are the small and fragmented land holdings in various parts of the Latin America.
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The Latin America Pre-Harvest Equipment market is segmented into two broad categories: type and geography. Type majorly covers the various kinds of equipments that are available in the market. Following are the major equipments that have been covered in this report - Primary Tillage Equipment, Secondary Tillage Equipment, Planting Equipment, Irrigation Equipment, Plant Protection & Fertilizing, seed drills, planters, air seeders, and others.
Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America.
Major industry players are taking initiatives in new product launches and collaborations to penetrate the untapped markets of Latin America. They are focusing on launching of new products for expansion of business in the Latin America markets. Substantial investments were made by companies in the local market to cater to the domestic demand. New products were launched by manufacturers to provide customized solutions to the farmers. Another area of focus was launching of crop specific agricultural equipment. Collaborations were made with distributors in foreign market to guarantee a continuous supply of the products and implements. Thus, from 2010 to 2013, new products launch, and collaborations were the leading growth strategies for pre-harvest agri equipment, together accounting for a 63% of the total developments.
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The Latin America pre-harvest equipment market industry is highly consolidated with few companies manufacturing most of the products, and rest of the market share is divided into small companies. Deere & Company (U.S.), CNH Global (The Netherlands), and AGCO Corp (U.S.). are the market leaders with a combined share of about 60%. The other players include Mahindra & Mahindra Ltd (India), Valmont Industries Inc.(U.S.), Iseki & Company Ltd(Japan), etc. Deere & Company is the market leader with 38% in 2012. In order to expand its product lines, John Deere has introduced various equipment. The company also adopted expansion and investments as its strategies for expanding its market globally. It invested around USD 58 million in its John Deere Seeding manufacturing plant in Moline to enhance its operations.
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