$37.9bn
$X.Xbn
588k
551k
$X.Xbn
The Hay and Crop Farming industry produces hay, sugar beets and other crops, such as hops and herbs, agave, spices, tea and maple sap. Most industry operators are dedicated to growing hay, though the low margin nature of this product causes it to only account for roughly one-quarter of industry revenue, despite the overwhelming number of industry establishments being hay farmers. Overall, industry revenue performance has been bolstered by annualized increases in the value of each industry product segment, with 2023 preliminary results indicating double digit growth in the revenue earned from and hay. Other segment leaders include outdoor grown marijuana and hops. Industry revenue is expected to have increased at a CAGR of 0.3% over the five years to 2023 to reach $37.9 billion, including an estimated 1.2% decrease in 2023 alone as sweetener consumption falls.This industry performed comparatively well during the COVID-19 pandemic due to the little amount of processing required to turn industry products into final goods. Much like the Vegetable Farming industry (IBISWorld report 11120), this industry sells primarily to non-processing markets and avoided the bottlenecking conditions caused by a pinch in processing and wholesale capacity. Nonetheless, the industry did exhibit a slight decline in revenue and profitability as a result of the coronavirus, with revenue falling 1.5% in 2020 alone as a result of limited demand conditions, with declines in hay revenue stemming from weak cattle placements amid the pandemic.In the coming years, the industry is expected to continue to see mild growth as the current inflationary environment abates and competition from imports decline. The industry has seen rising prices amid broader food price inflation in 2022 and 2023; prices are expected to decline in coming years, dampening industry revenue growth. The US dollar is set to depreciate; however, which should contribute rising to industry export revenue as US crops become cheaper to foreign buyers. Finally, steady population growth will continue to underpin growing demand for industry-relevant crops. Over the five years to 2023, industry revenue is anticipated to rise an annualized 0.3% to reach $38.6 billion.
Industry revenue has grown at a CAGR of 0.3 % over the past five years, to reach an estimated $37.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
American Crystal Sugar Company | 1,514.1 | 169.6 | 11.2 |
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Industry revenue is measured across several distinct product and services lines, including Hay, Sugar beets and Hops. Hay is the largest segment of the Hay & Crop Farming in the US.
Hay accounts for the largest product segment
More than half the farms in this industry grow hay, while a small number grow sugar beets. A variety of other crops, such as hops and herbs, are included in the industry. Some operators also gather agave, spices, tea and maple sap.
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NAICS 111940 - Hay & Crop Farming in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Hay crops farmers have seen strong returns. The crop accounts for the largest share of revenue of any one crop grown by the industry.
Learn about an industry's products and services, markets and trends in international trade.
Hay accounts for the largest product segment. Revenue from hay has risen alonside the price of animal feed in recent years.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Plains are home to the largest share of industry establishments. The Plains is the top producer of alfalfa hay and sugar beets.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Other crops are a source of competition. Crops grown by other industries can replace hay as feed or sugar beets as a sweetener.
Learn about the performance of the top companies in the industry.
Since farmers take on primary and minority operating activities, this industry is more fragmented than the average industry within the sector and exhibits no major players by ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Regulation of farmers is mainly conducted at the state and local levels. At the national level, regulatory agencies, such as the Environmental Protection Agency (EPA), the US...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit is volatile due to weather conditions, but it is supported by subsidies. A large spike in wheat prices also serves to elevate profit.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Hay & Crop Farming in the US industry in United States is $37.9bn in 2024.
There are 551k businesses in the Hay & Crop Farming in the US industry in United States, which has grown at a CAGR of 3.7 % between 2019 and 2024.
The market size of the Hay & Crop Farming in the US industry in United States has been growing at a CAGR of 0.3 % between 2019 and 2024.
Over the next five years, the Hay & Crop Farming in the US industry in United States is expected to grow.
The biggest company operating in the Hay & Crop Farming market in United States is American Crystal Sugar Company
Hay, alfalfa and other farming and Sugar beet farming are part of the Hay & Crop Farming in the US industry.
The company holding the most market share in United States is American Crystal Sugar Company.
The level of competition is high and steady in the Hay & Crop Farming in the US industry in United States.