The global agro textiles market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are rising demand for agro-based products to obtain quality crop output and ample harvest. Agro-based products are used in a variety of end-use verticals such as aquaculture, floriculture, and horticulture. Demand for bioproducts such as agricultural films is gaining traction in the market on account of significant improvements in the farming sector and technological advancements. People turning towards organic produce with increasing knowledge about its benefits, evolving living standards, and policies stated by the government that supports growth and sustainable production in all sectors associated with agriculture are some key factors driving market revenue growth.
Major Factors Driving Growth of The Worldwide Agro Textiles Market:
Revenue growth of the global agro textiles market is significantly driven by the increasing population rate worldwide leading to high demand for food supplies. Rapid development in the agriculture sector, rising investments in R&D activities to develop innovative agro products, and the presence of major companies are some key factors expected to contribute to the growth of the market over the forecast period.
Factors Restraining Growth of The Market:
The global agro textiles market growth is substantially hampered by several unfavorable factors. Volatility in the pricing of raw materials, high production cost, and complex manufacturing process are some of the key restraints. Other factors that negatively impact market growth are the production of BOPET and PET nets, which involve the usage of raw materials with volatile pricing, limited awareness about agro textiles among farmers and producers, and high initial investment required to set up farming culture units. In addition, some governments have put strict regulations on the usage of polymers due to environmental concerns, which is negatively impacting market revenue growth.
Opportunities For Players Operating in The Agro Textiles Market:
Rising cases of various chronic diseases and increasing awareness among people towards consumption of organic products are factors expected to continue to open up lucrative business opportunities for major players and new entrants in the market. In addition, technological advancements and the rapid development of sustainable eco-friendly products are other factors expected to provide lucrative opportunities for players in the market.
Agro textiles are majorly used in agriculture, aquaculture, floriculture, horticulture, and animal husbandry. All these textiles help to reduce the ill effects of the environment and climate on fish culture as well as improve crop growth. Companies are coming up with advanced agro sheets to form a dome-shaped structure for the protection of crops. To cater to the rising demand for organic products and evolving lifestyle of the urban population, superior quality textile products are widely used in the agriculture sector. Agro textiles have high tensile strength and are heat resistant.
Agro Textiles Market Revenue Led by Product Segment:
Based on product type, the fishing nets segment dominates the market in terms of revenue generation. This is attributed to rising demand for fish and increasing adoption in various applications such as fish oil extraction, fish food, and skincare products.
Agro Textiles Market Leading Application Segment:
Based on application type, the aquaculture segment dominates the market. As fish has a wide variety of applications it has led to an incline in demand for fishnets around the world.