COVID-19 Pandemic Impacts Oilseed Farming Market Growth Strategies

Strategic Insights -

The global oilseed farming market is witnessing a significant impact of the COVID-19 pandemic, leading to a decline in market size from $366.1 billion in 2019 to $365.8 billion in 2020. However, the market is expected to recover and grow at a compound annual growth rate (CAGR) of 7% from 2021, reaching $447.6 billion in 2023. The pandemic has accelerated the adoption of big data farming, also known as precision farming, which is being widely used in several developed countries to increase oilseed production efficiency.

Key Takeaways:

  • The global oilseed farming market is expected to decline from $366.1 billion in 2019 to $365.8 billion in 2020 at a CAGR of -0.1%.
  • The market is expected to recover and grow at a CAGR of 7% from 2021, reaching $447.6 billion in 2023.
  • Big data farming, also known as precision farming, is being widely adopted to make oilseed production more efficient.
  • Precision agriculture collects real-time data on weather, soil, and air quality, crop maturity, equipment, labor costs, and availability to carry out agriculture activities.
  • The use of precision agriculture techniques determines the amount of nutrients, water, seed, and other inputs required to produce a wide range of oilseed crops.
  • The adoption of precision farming is increasing farm and crop yield.
  • The global oilseed farming market is expected to grow significantly in countries like China, India, and the United States.

Statistics:

  • The global oilseed farming market size is expected to decline from $366.1 billion in 2019 to $365.8 billion in 2020.
  • The market is expected to grow at a CAGR of 7% from 2021, reaching $447.6 billion in 2023.
  • The global oilseed farming market is expected to grow from 2021 to 2023 at a CAGR of 7%, driven by the increasing adoption of precision farming and big data farming.

Sources:

  • The Business Research Company, "Oilseed Farming Global Market Report 2020" (August 2020)
  • The Business Research Company, "Oilseed Farming Global Market Report 2020" (Companion Website)
  • M2 Presswire (August 6, 2020)

Note: The statistics section includes only the numerical data mentioned in the original text and does not include any additional data or information. The sources listed include the exact format from the original text, without any embellishments.