Sugar Harvester Market
As one of the most important commercial crops across the globe, sugarcane is the prime source of ethanol, jaggery, sugar and fodder. Exponential rise in the sugar consumption has boosted its global cultivation in the past few years. In 2016-17, about 153.4 million metric tons of sugar was produced in the global market. Along with sugarcane production, the market for adjacent equipment has also been on the rise, like the sugarcane harvester market.
The Global Sugarcane Harvester market is expected to register a CAGR of 11.09% during the forecast period, which is from 2020-2025.
• The Asia-Pacific was the was the fastest geographical-area of the market to be studied in 2019. Technological advancements were the driving factor which influenced the growth of the market, with respect to specific farmer’s needs.
• Deere and Company, CNH Industrial N.V., AGCO Corporation and Wuhan Machine Equipment Co Ltd. Are some of the most prominent players in the sugarcane harvester market.
Key Market Trends
Declining of Farm Labor is driving the Sugarcane Harvester Market
On an average, developing economies have a larger percentage of population dependent on agriculture than developed economies. However, the percentages have dropped over the years as more and more people are opting for an urban life, and are migrating to the urban areas each year. For example, according to the World Bank Reports, the percentage of world’s rural population has dropped from 67% in 1960 to 45% in 2017. Also, according to the Indian Council of Food and Agriculture, the percentage of agriculture workers in India is expected to decline by 25.7% in 2050. This percentage drop has resulted in an increased demand for agricultural equipment in the country. Due to consistently decreasing farm labor, the labor costs are increasing. This resulted increase has induced a demand for agricultural machineries for the sugarcane harvester industry and it is expected to grow further during the forecast period.
Asia-Pacific is the fastest growing Sugarcane Harvester Market in the world.
Asia-Pacific is expected to become the fastest growing market by the year 2025, with India becoming the dominant market in the region. The driving factor in this regard has been technological advancement in respect to the farmer’s needs, and has heavily influenced the sugarcane harvester market in India. The rapid decline in the agricultural workforce in places in India and China is making the farmers highly dependent on farming machinery, especially for post-harvesting activities. For example, in 2016, the Government of India provided 12 new units of sugarcane harvesters to farmers in Karnataka to address the shortage of workers and increase profitability. With the help of the supporting environment in terms of subsidies by various government policies, the farmers are being encouraged to purchase farming machinery and the demand is expected to grow substantially during the forecast period.
Some of the key players in the Indian Sugarcane harvester market are:
1. New Holland Fiat Pvt. Ltd.
2. Tirth Agro Technology Pvt. Ltd.
3. Team Commotrade India Pvt. Ltd.
4. Deere and Company
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