Farm Industry Analysis
With vegetable consumption expected to expand 25.0% to reach US Department of Agriculture (USDA)-recommended levels, the industry is expected to reach $20 billion in the next five years.
This, along with increasing health awareness, could lead to a surge in demand for vegetable farmers. Also, amid steady demand from wholesalers and full-service single-location restaurants, the price of vegetables is expected to increase an annualized 0.5% over the five year period. Steady demand and expected product price appreciation, coupled with the value industry exports increasing during the period, are expected to drive industry revenue.
Further, the USDA projects total US vegetable and melon output to rise over the next five years. Improvements in yield and dedicated acreage will likely drive this increase; larger farms are increasingly using genetically modified seeds and farming machinery to increase yields per acre. Steady demand, high vegetable prices and increased productivity are expected to help drive industry revenue growth over the next five years.
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