Agricultural Film Market to Hit US$ 21 Billion by 2034: Fact.MR Report

Sustainability Trend Set to Write Next Chapter in Agricultural Film Business

Rockville , Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global agricultural film market is estimated to account for a value of US$ 11.78 billion in 2024 and expand at 5.9% CAGR over the next ten years (2024 to 2034). This study by Fact.MR, a market research and competitive intelligence provider, reveals that East Asia is projected to maintain its dominant stance in terms of global agricultural film sales through 2034.

Increasing focus on improving agricultural yield to feed the rapidly expanding world population is forecasted to catalyze demand for agricultural films around the world going forward. Supportive government initiatives and incentives to promote the adoption of sustainable farming practices are also predicted to create new opportunities for agricultural film suppliers in the future.

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With rising concerns about environmental pollution, several governments have framed their policies to shift towards eco-friendly solutions. This will lead to an increase in demand for bio-degradable and recyclable products used for several applications. The aforementioned factor is projected to push agricultural film suppliers to create agricultural films using biodegradable and eco-friendly materials in the long run.

Key Takeaways from Market Study

• The global agricultural film market is estimated at US$ 11.78 billion in 2024.
• Demand for agricultural films is set to rise at a CAGR of 5.9% from 2024 to 2034.
• The market is forecasted to reach a valuation of US$ 21 billion by 2034-end.
• Expanding world population, rising focus on sustainability, growing awareness regarding the benefits of agricultural film use, high availability of advanced agricultural films, and growing adoption of sustainable farming practices are key market drivers.
• High costs of biodegradable agricultural films and bans on the use of plastic are key challenges for agricultural film companies in the future.
• Majority of agricultural film market revenue is projected to come from sales of mulch films that are estimated to bring a revenue of US$ 5.77 billion in 2024.
• Sales of agricultural films in East Asia are expected to reach US$ 5.67 billion in 2024.
• Agricultural film sales for bale wrapping & ensiling applications reached US$ 3.22 billion in 2023.

“Innovation of agricultural films that are made from eco-friendly and sustainable materials will be crucial for market players in the future,” says a Fact.MR analyst

Key Companies Profiled in this Report

• BASF SE
• RPC Group PLC
• RKW Group
• Trioplast Industries AB
• Berry Global Inc.
• Achilles Corporation
• Exxon Mobil Corporation
• Ab Rani Plast Oy.
• CI Takiron
• Dow Inc.

Winning Strategy

Agricultural film manufacturers are focusing on collaborations and partnerships to fast-track the development of novel eco-friendly products that are compliant with modern sustainability mandates. Agricultural film suppliers can focus on singling out markets with untapped potential to avoid competition and improve profitability going forward.

Competitive Analysis:

• In November 2023, Coveris announced the launch of Unterland R, a sustainable stretch film for silage bale wrapping applications. Unterland R offers improved sustainability that effectively satisfies the rising demand for sustainable baling products for the agriculture sector.
• In January 2022, ExxonMobil and SABIC, as part of a joint venture invested US$ 10 billion to create a manufacturing facility in San Patricio County, Texas. The facility was intended to manufacture materials used for agricultural films, packaging, construction, and other applications.

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Country-wise Insights

What Should American Agricultural Film Companies Be Aiming for?

"Agricultural Films That Degrade Naturally Will Be Highly Pursued"

Because the US is one of the world's top exporters of various agricultural goods, the agricultural film industry finds the US market to be quite lucrative. The adoption of sustainable farming practices, which call for the use of agricultural films and other modern agricultural products, is a result of the nation's growing emphasis on sustainability.

To optimize their potential for revenue production through 2034, agricultural film suppliers should concentrate on providing biodegradable agricultural films and films constructed from eco-friendly materials in the United States.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global agricultural film market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on type (geomembrane, silage, mulch, greenhouse plastic/covering films), material (ethylene butyl acrylate, ethylene-vinyl acetate, low-density polyethylene, LLDPE, polypropylene, polyamide, ethylene vinyl-alcohol copolymer resins, PVC), and application (bale wrapping & ensiling, silo bag manufacturing, tunnel covers, bunker ensiling), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and Middle East & Africa).

Explore More Related Studies Published by Fact.MR Research: 

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Agricultural Sprayers Market: Sales of agricultural sprayers are predicted to increase at a CAGR of 6% from 2023 to 2033.

Agricultural Micronutrients Market: The agricultural micronutrients market worth is poised to reach US$ 7 Billion by 2032.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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