Agriculture - Hungary

Hungary

Gross production value in Agriculture market is projected to amount to US$8.66bn in 2024. An annual growth rate of 4.68% is expected (CAGR 2024-2028), resulting in gross production value of US$10.40bn in 2028.
The import value in Agriculture market is projected to amount to US$2,962.0m in 2024. An annual growth rate of 6.38% is expected (CAGR 2024–2028).
The export value in Agriculture market is projected to amount to US$4.9bn in 2024. An annual growth rate of 2.56% is expected (CAGR 2024–2028).

Key regions: United States, Brazil, Germany, Italy, Spain

Market

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Analyst Opinion

The Agriculture market in Hungary has seen significant growth in recent years.

Customer preferences: Hungarian consumers prefer locally grown and organic produce, which has led to an increase in demand for these products. Additionally, there is a growing interest in sustainable and environmentally friendly farming practices.

Trends in the market: One of the main trends in the Hungarian agriculture market is the shift towards higher value-added products, such as fruits and vegetables, as well as processed food products. This has been driven by increasing demand from both domestic and international markets.Another trend is the adoption of new technologies and farming practices, such as precision agriculture and vertical farming. These innovations have allowed farmers to increase yields and reduce costs, while also improving the quality of their products.

Local special circumstances: Hungary has a long history of agriculture, and the sector plays an important role in the country's economy. The fertile soil and favorable climate make it an ideal location for farming, and the government has implemented policies to support the sector, such as subsidies and tax breaks for farmers.

Underlying macroeconomic factors: The growth of the agriculture market in Hungary can be attributed to several underlying macroeconomic factors, including increasing demand from both domestic and international markets, favorable government policies, and the adoption of new technologies and farming practices. Additionally, the country's membership in the European Union has provided access to a larger market and increased trade opportunities.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.