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Report
Sugarcane Harvesters Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 120 Pages I Mordor Intelligence
The sugarcane harvesters market is projected to register a CAGR of 11.1% during the forecast period (2022-2027).
In developing countries like India, manual sugarcane harvesting is widely practiced, and it mainly depends upon the migrant laborer. Due to the COVID outbreak, migrant laborers are restricted from migrating, creating a scarcity of laborers for harvesting. However, this situation had created a need for sugarcane harvest machinery for farmers and opportunities for manufacturers to tap the market.
Labor shortages during the harvest season due to migration from rural areas to cities have remained relatively stable over the past decade. The government for support for farmers to buy or hire machinery has been promoting the use of sugarcane harvesters.
Brazil, India, China, Pakistan, and Thailand are the leading producers of sugarcane in the world. According to FAO, Brazil produced 757.1 million metric tons of sugarcane in 2020, followed by India with 370.5 million metric tons and China with 108.1 million metric tons.
Asia-Pacific was the fastest geographical segment of the market studied. The driving factor that influenced the growth of the market is technological innovations with respect to the specific needs of farmers.
Deere & Company, CNH Industrial NV, AGCO Corporation, and Wuhan Machine Equipment Co. Ltd are some of the prominent players who are operating in this market.
Sugarcane Harvesters Market Trends
Decline in Farm Labor Driving the Market for Sugarcane Harvesters
On average, developing economies have larger percentages of the population dependent on agriculture. However, the percentages have decreased over time as a large number of people are migrating to the urban area every year. For instance, according to the World Bank report, the world's rural population declined from 67% in 1960 to 45% in 2017. According to the Indian Council of Food and Agriculture, the percentage of agriculture workers in India is estimated to decline by 25.7% in 2050. This has led to increasing demand for agricultural equipment in the country.
The mechanization of the sugar cane sector, and in particular sugar cane harvesting, remains low across Southeast Asia relative to other major producing markets, namely Brazil and others in South America, India, and China. Due to decreasing agricultural labor, the prices of farm labor are rising.
This resulted in an increase in demand for agricultural machinery such as sugar harvesters and is expected to grow further during the forecast period. Thus, sugarcane harvesters are perfect solutions for farmers that save time and money and improve the productivity of farmers.
Asia-Pacific is the Fastest-growing Market
The Asia-Pacific region is expected to be the fastest-growing market, with India being the dominant market in this region. The driving factor, which influenced the growth of the market, is technological innovations with respect to the specific needs of Indian farmers. The decline in the agriculture workforce in countries such as India and China is making farmers highly dependent on farming machinery, especially in post-harvesting activities. The supportive environment in terms of subsidies by various government policies is encouraging farmers to purchase farming machinery, and the demand is projected to grow further during the forecast period. Thailand is a key opportunity market for the mechanization of sugarcane harvesting, with Thailand being one of the largest producers of sugar cane globally, behind Brazil and India.
In the recent past years, laborer scarcity and high wage rate highly affected the harvesting of crops in time. Owing to the issues of labor shortage, the Government of India provided machinery to the farmers with subsidies and allowed the usage considering all the safety features.
Case IH, a brand of CNH Industrial, in 2017, awarded the India-based sugar factory, Krishna Sahakari Sakkare Karkhane (aka Krishna Sugars), with the National Record Award for harvesting 146 MT sugarcane in just 3.5 hours with the Case IH Austoft 4000 Series sugarcane harvester.
Sugarcane Harvesters Market Competitor Analysis
The sugarcane harvesters market is fairly consolidated in nature. Deere & Company, CNH Industrial NV, AGCO Corporation, and Claas KGaA mBH are some of the prominent players in this market. These players are expanding their presence in many regional markets by partnering with domestic manufacturers to strengthen their foothold in the market.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Whole Stalk Harvester
5.1.2 Chopper Harvesters
5.2 Geography
5.3 North America
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
5.3.4 Rest of North America
5.4 Europe
5.4.1 France
5.4.2 Portugal
5.4.3 Spain
5.4.4 Rest of Europe
5.5 Asia-Pacific
5.5.1 India
5.5.2 China
5.5.3 Thailand
5.5.4 Japan
5.5.5 Australia
5.5.6 Rest of Asia-Pacific
5.6 South America
5.6.1 Brazil
5.6.2 Argentina
5.6.3 Rest of south America
5.7 Africa
5.7.1 South Africa
5.7.2 Rest of Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 New Holland Agriculture
6.4.2 Massey Ferguson
6.4.3 AGREEVISION
6.4.4 Tropical agricultural Machine Group
6.4.5 Deere & Company
6.4.6 Tirth Agro Technology
6.4.7 Zoomlion Heavy Machinery
6.4.8 Weldcraft Industries
6.4.9 Orchard Machinery
6.4.10 Case IH
6.4.11 AGCO
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 AN ASSESSMENT OF IMPACT OF COVID-19 ON THE MARKET
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