The global baler market size was US$ 5.4 billion in 2021. The global baler market is forecast to grow to US$ 11.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Baler is agricultural equipment that improves the farm yield. The rising demand for food is the primary factor driving the growth of the global baler market.
The rapidly growing rate of world population and surge in agricultural practices will benefit the global baler market in the coming years.
The growing demand for technological developments will offer ample growth opportunities for the global baler market growth. In addition, favourable government policies to boost crop production and support farmers are likely to contribute to the growth of the global baler market.
The lack of technical knowledge among farmers may limit the growth of the global baler market.
Increasing number of partnerships and acquisitions are forecast to surge the growth of the global baler market. For instance, CNH Industrial AV completed the acquisition of K-Line AG in November 2019. K-Line Ag is an Australian agricultural implement manufacturer, which will help CNH Industrial AV's brands' Case IH and New Holland Agriculture to expand their product portfolio.
COVID-19 Impact Analysis
Baler markets witnessed a significant backdrop due to the COVID-19 pandemic. Due to the pandemic, governments of various affected nations imposed a lockdown. Furthermore, various countries also witnessed bans on import-export and international trades. As a result, it hampered the growth of the global balers market.
Manufacturing activities were primarily halted due to the wake of the pandemic. The shortage of raw materials and labour was the key reason behind that. Thus, the manufacturing sector witnessed significant loss, which hampered the growth of the global balers market.
However, the demand for food increased steeply. In various countries, the agriculture segment witnessed significant growth. Thus, the global baler market witnessed a slight recovery in the second half phase of the pandemic.
Regional Analysis
The Asia-Pacific baler market is forecast to grow at the fastest rate. The growth of this market is attributed to the rising agricultural practices and increasing technological advancements. In addition, governments in the region, mainly in India, and China, offer incentives to the farmers to buy products. As a result, it will benefit the regional baler market. Furthermore, the growing population in the region and fluctuations in the hunger index will offer ample growth opportunities for the market.
Competitors in the Market
Market Segmentation
The global baler market segmentation focuses on Type, Product, Application, and Region.
Based on the type, the baler market has been segmented into –
Based on the product, the baler market has been segmented into –
Based on the application, the baler Market has been segmented into –
Based on the region, the baler Market has been segmented into –
