Market Size of Agriculture in Colombia
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 11.25 Billion |
| Market Size (2029) | USD 15.69 Billion |
| CAGR (2024 - 2029) | 6.88 % |
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Colombia Agriculture Market Analysis
The Agriculture in Colombia Market size is estimated at USD 11.25 billion in 2024, and is expected to reach USD 15.69 billion by 2029, growing at a CAGR of 6.88% during the forecast period (2024-2029).
- Agriculture contributes to the high value of Columbia's economy. The country's agriculture sector includes vast expertise in producing a wide range of products in response to global market trends. The major agricultural products of Colombia are coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables, fique, panela, forest products, and shrimp.
- Colombia is one of the largest coffee growers, contributing 13.0-16.0% of the total world production each year. Additionally, the high production of coffee made it the fourth-largest exporter in the world. Bananas are second to coffee in economic importance. Other important export crops include sugarcane and cotton. Moreover, rice, cassava, and maize are the most critical crops among food crops. The area allocated to fruits and palm oil expanded by 221.0%, and its share in total crop area increased from 1.9% to 7.4% over the last 20 years. It shows the enormous growth of the agricultural sector during the forecast period.
- Along with this, the Colombian government is assisting the agricultural sector with various policies to stabilize output and find strategies to guarantee that the industry is expanding healthily and sustainably. In late March 2020, it launched a COP 1.5 billion (USD 0.0003 billion) credit scheme, "Colombia Agro Produce," to support agricultural operations, particularly seed and input purchases. The scheme offers a preferential interest rate to smallholders of 3.5% compared to 4.5% for medium- and large-scale producers. It subsequently abolished customs duty on maize, sorghum, and soybean, hoping to compensate for the significant devaluation of the peso over the past year, which was accentuated in March. That devaluation naturally drove up the price of imported agricultural inputs. Such government initiatives are driving the farm market in Columbia.
