Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWS· January 2021: Van der Knaap, the leading manufacturer of agricultural grow bags, opened a new production location in Mexico to serve the local market even better.
The global agricultural grow bags market is estimated to garner a large amount of revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rise in improvements in precision irrigation systems to minimize water usage, growing agricultural development globally and increasing adoption of fabric agricultural grow bags to improve crop yield. According to the World Bank, in 2018, agriculture accounted for 4 percent of the total gross domestic product of the world. It was calculated to be more than 25 percent in some developing nations that same year. In addition to these, grow bags are breathable, which results in better aeration, ability to allow removal of excess heat from the plants and prevention of soil compaction. This is expected to be a prominent factor escalating the demand for agricultural grow bags in the upcoming years. Furthermore, increasing preference of growers with heavy soil to choose these bags and their ease of use are also projected to boost the growth of the market in the near future.
The market is segmented by raw material into fabric, and polypropylene, out of which, the fabric segment is anticipated to hold the largest share in the global agricultural grow bags market on account of the fact that fabric agricultural bags have pores allowing proper aeration of roots. Along with this, the cost effectiveness of these bags is also predicted to drive growth to the market segment in the future. Additionally, on the basis of application, the segment for fruits and vegetables is assessed to acquire the largest share during the forecast period in view of the high usage of grow bags for cultivating plants, especially tomatoes, carrots, potatoes and various other salad crops, in areas with bad soil. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of geographical analysis, the global agricultural grow bags market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to gather the largest share and witness noteworthy growth over the forecast period on the back of high adoption of agricultural grow bags after legalization of marijuana and the hike in its usage, and growing availability of premium quality products. For instance, in Canada, in the first quarter of 2018, before the legalization of marijuana, 14 percent citizens reported cannabis use, which grew up to more than 17 percent in the first quarter of 2019. In addition, strong presence of major market players is also expected to drive market growth in the region. Moreover, the market in Europe is also projected to grab a significant share by the end of 2030, which can be credited to the presence of favorable climatic conditions for cultivation, and increasing research and development activities associated with agricultural development in the region.
The global agricultural grow bags market is further classified on the basis of region as follows:
Our in-depth analysis of the global agricultural grow bags market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing improvements in precision irrigation systems and rising adoption of fabric agricultural grow bags.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Environmental pollution caused by plastic agricultural grow bags is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the high adoption of agricultural grow bags after legalization of marijuana in the region.
The major players in the market are Dutch Plantin BV, Bloem LLC, Dolphin Plastics, The Green Yard, Van der Knaap Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by raw material, product, application, and by region.
The fabric segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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