Forage Harvesters and Other Harvesting Machines Market

The article provides an in-depth analysis of the global market for forage harvesters and other harvesting machines, predicting a positive consumption trend with a projected CAGR of +0.9% from 2022 to 2030. Despite a slight decrease in consumption in 2022, the market is expected to reach 296K units by 2030. The value of the market is also forecasted to increase with an anticipated CAGR of +2.8% over the same period, reaching $11.9B by the end of 2030. Key consuming countries include China, Italy, and India, with China leading in both consumption and production. The article also discusses the trends in imports and exports of forage harvesters and other harvesting machines, highlighting key importing and exporting countries along with average prices per unit.

Market Forecast

Driven by increasing demand for forage harvesters and other harvesting machines worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 296K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $11.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Forage Harvesters and Other Harvesting Machines

In 2022, consumption of forage harvesters and other harvesting machines decreased by -4.4% to 274K units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +55.3% against 2019 indices. Over the period under review, global consumption of reached the maximum volume at 287K units in 2021, and then dropped in the following year.

The revenue of the market for forage harvesters and other harvesting machines worldwide dropped to $9.5B in 2022, which is down by -7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +46.3% against 2019 indices. Over the period under review, the global market attained the peak level at $10.3B in 2021, and then shrank in the following year.

Consumption By Country

China (47K units) constituted the country with the largest volume of consumption of forage harvesters and other harvesting machines, accounting for 17% of total volume. Moreover, consumption of forage harvesters and other harvesting machines in China exceeded the figures recorded by the second-largest consumer, Italy (24K units), twofold. India (17K units) ranked third in terms of total consumption with a 6.3% share.

In China, consumption of forage harvesters and other harvesting machines expanded at an average annual rate of +5.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+17.2% per year) and India (+5.9% per year).

In value terms, China ($2.1B) led the market, alone. The second position in the ranking was taken by Japan ($951M). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +5.8%. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-0.6% per year) and India (+6.8% per year).

The countries with the highest levels of forage harvesters and other harvesting machines per capita consumption in 2022 were Austria (1,151 units per million persons), Belgium (1,029 units per million persons) and Italy (399 units per million persons).

From 2012 to 2022, the most notable rate of growth in terms of machines, amongst the key consuming countries, was attained by Belgium (with a CAGR of +26.2%), while machines for the other global leaders experienced more modest paces of growth.

Production

World Production of Forage Harvesters and Other Harvesting Machines

In 2022, after two years of growth, there was decline in production of forage harvesters and other harvesting machines, when its volume decreased by -3.8% to 277K units. In general, the total production indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +62.0% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 35% against the previous year. Global production peaked at 288K units in 2021, and then declined slightly in the following year.

In value terms, production of forage harvesters and other harvesting machines reduced to $8.6B in 2022 estimated in export price. Overall, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +91.5% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25%. As a result, production reached the peak level of $9.4B, and then fell in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (47K units), Italy (32K units) and Germany (21K units), together comprising 36% of global production.

From 2012 to 2022, the most notable rate of growth in terms of machines, amongst the main producing countries, was attained by Italy (with a CAGR of +17.8%), while machines for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Forage Harvesters and Other Harvesting Machines

In 2022, global imports of forage harvesters and other harvesting machines soared to 69K units, picking up by 16% against 2021 figures. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.2% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 21% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, imports of forage harvesters and other harvesting machines surged to $2.5B in 2022. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (12K units), distantly followed by France (6.3K units) represented the key importers of forage harvesters and other harvesting machines, together mixing up 27% of total imports. The following importers - Brazil (2.9K units), Italy (2.9K units), Australia (2.8K units), the Netherlands (2.4K units), Canada (2.1K units), Germany (2K units), Austria (1.9K units), Romania (1.8K units), Belgium (1.4K units), Denmark (1.2K units) and Poland (1.2K units) - together made up 33% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Denmark (with a CAGR of +29.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($440M) constitutes the largest market for imported forage harvesters and other harvesting machines worldwide, comprising 18% of global imports. The second position in the ranking was held by Brazil ($199M), with an 8% share of global imports. It was followed by France, with a 5.3% share.

In the United States, imports of forage harvesters and other harvesting machines expanded at an average annual rate of +5.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+6.4% per year) and France (+2.9% per year).

Import Prices By Country

In 2022, the average import price for forage harvesters and other harvesting machines amounted to $36,340 per unit, increasing by 9.7% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Global import price peaked at $42,460 per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($67,797 per unit), while Romania ($11,390 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Forage Harvesters and Other Harvesting Machines

In 2022, shipments abroad of forage harvesters and other harvesting machines increased by 18% to 71K units, rising for the third year in a row after two years of decline. In general, exports posted a tangible expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 35% against the previous year. Over the period under review, the global exports of attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, exports of forage harvesters and other harvesting machines soared to $2.4B in 2022. Over the period under review, total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.4% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

The United States (15K units), Germany (12K units) and Italy (12K units) represented roughly 55% of total exports in 2022. Brazil (5.8K units) ranks next in terms of the total exports with an 8.1% share, followed by France (5.9%) and Belgium (5.8%). The Netherlands (2.8K units), Poland (2.3K units), Canada (1.6K units) and Austria (1.3K units) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Poland (with a CAGR of +25.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest forage harvesters and other harvesting machines supplying countries worldwide were Germany ($849M), the United States ($471M) and Brazil ($204M), with a combined 64% share of global exports. Belgium, Italy, France, Canada, the Netherlands, Poland and Austria lagged somewhat behind, together accounting for a further 23%.

In terms of the main exporting countries, Poland, with a CAGR of +17.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for forage harvesters and other harvesting machines amounted to $33,180 per unit, surging by 7.3% against the previous year. Overall, the export price, however, recorded a slight downturn. The most prominent rate of growth was recorded in 2018 an increase of 9% against the previous year. As a result, the export price reached the peak level of $40,727 per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($68,225 per unit), while Italy ($9,431 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform