The global rice transplanter market is expected to register a CAGR of 9.4% during the forecast period (2020-2025).
- There rise in population across the globe is inducing a high demand for food, which in turn is driving the demand for farming machinery such as rice transplanters especially in regions such as Asia.
- Asia-Pacific is the largest geographical segment of the market studied and accounted for more than half of the total share. Increasing labor shortage to work in the paddy fields and continues technological innovations, which helps in increasing the efficiency in rice farming in the major rice-producing countries like India and China are the major factors driving the market.
- Kubota Carporation, Mahindra & Mahindra Limited, CLAAS KGaA mbH and Kukje Machinery Co., Ltd. are some of the prominent players who are operating in this market.
Key Market Trends
Decline in Farm Labor is driving the market
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 have migrated to the urban area every year. For an instance, According to the World Bank Report, the world's rural population has 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 an increasing demand for agricultural equipment in the country. Due to decreasing agricultural labor, the prices of farm labor are rising. Hence, it is expected to increase the demand for rice transplanter market during the forecast period.
Asia-Pacific Dominates the Market
Rice is the staple crop for many of the Asian countries, like China, India. China dominates the market in this region with a major of the market share as it exports paddy to other Asian countries. Farmers in India prefer manually operated machines, while China and countries in Asia witness a higher demand for riding type of rice transplanter machines.
The global rice transplanter market is fragmented in nature with various small and medium-sized companies resulting in stiff competition in the market. The development of regional markets and local players in different parts of the world is the major factor for the fragmented nature of the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support