Colombia Agriculture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Coffee and banana crops play an essential role in the agricultural economy of Colombia. In general, the tropical climate and the variety of altitudes of Colombia favor a wide variety of agriculture. Exporting raw materials and importing intermediate and capital goods historically dominated Colombia's trade. According to the United States Department of Agriculture (USDA), Colombia had exports valued at USD 3.3 billion in 2021.   

Similarly, according to FAO, banana exports from Colombia, the fourth leading supplier of bananas in the LAC region, stood at 2.1 million tonnes, following a growth of 3.4% in 2021. Data on exports by destination disseminated by the Colombia National Customs Office for 2021 show significant year-on-year expansions in shipments of bananas from Colombia to the United States, Germany, Poland, and France. This export scope leads to better crop production, further driving the Colombian agriculture market. 

The Agriculture Market in Colombia is estimated at USD 10.53 billion in 2023, and is expected to reach USD 14.68 billion by 2028, growing at a CAGR of 6.88% during the forecast period (2023-2028). 

Agriculture contributes to the high value of Columbia's economy. The country's agriculture sector includes vast expertise in producing a wide range of products in response to global market trends. The major agricultural products of Colombia are coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables, fique, panela, forest products, and shrimp.

Colombia is one of the largest coffee growers, contributing 13.0-16.0% of the total world production each year. Additionally, the high production of coffee made it the fourth-largest exporter in the world. Bananas are second to coffee in economic importance. Other important export crops include sugarcane and cotton. Moreover, rice, cassava, and maize are the most critical crops among food crops. The area allocated to fruits and palm oil expanded by 221.0%, and its share in total crop area increased from 1.9% to 7.4% over the last 20 years. It shows the enormous growth of the agricultural sector during the forecast period.

Along with this, the Colombian government is assisting the agricultural sector with various policies to stabilize output and find strategies to guarantee that the industry is expanding healthily and sustainably. In late March 2020, it launched a COP 1.5 billion (USD 0.0003 billion) credit scheme, "Colombia Agro Produce," to support agricultural operations, particularly seed and input purchases. The scheme offers a preferential interest rate to smallholders of 3.5% compared to 4.5% for medium- and large-scale producers. It subsequently abolished customs duty on maize, sorghum, and soybean, hoping to compensate for the significant devaluation of the peso over the past year, which was accentuated in March. That devaluation naturally drove up the price of imported agricultural inputs. Such government initiatives are driving the farm market in Columbia.

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