30 Most Profitable Agricultural Business Ideas for Young Entrepreneurs
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In this article, we will take a look at the 30 most profitable agricultural business ideas for young entrepreneurs. If you want to skip our detailed analysis, you can go directly to 5 Most Profitable Agricultural Business Ideas for Young Entrepreneurs.
Technology has altered the agriculture industry on a global scale. More businesses are investing in agri-smart technologies. According to a report by Grandview Research, the global smart agriculture market was valued at $20.30 billion in 2022. The global smart agriculture market is expected to grow to $54.71 billion by 2030 at a compound annual growth rate (CAGR) of 13.4%. Key factors pushing the growth of smart agriculture include the rising demand for commercial greenhouses and the increasing use of the controlled environment agriculture (CEA) concept. Additionally, the advancement of key technologies, including livestock biometrics, RFID, and GPS, have immensely helped cultivators enhance their agricultural processes.
What's New in the Agri-Tech Industry?
The integration of technology in agriculture is not only fueled by global demand, but increased government investment also propels growth in the sector. On August 23, The US Department of Agriculture announced an investment of over $12.5 million dedicated to funding small businesses in Agriculture. The fund will support 76 small businesses engaged in the research of challenges and opportunities in agriculture. Additionally, the National Institute of Food and Agriculture, or NIFA, is set to invest $9.9 million in 61 small business innovation research projects in the domains of natural resources, plant and animal production, and the development of bio-based products. The Chief Scientist and Under Secretary for Research, Education, and Economics Dr. Chavonda Jacobs-Young, stated:
"The Biden-Harris Administration is committed to investing, growing and supporting small businesses through increased market opportunities that also strengthen the food system nationally and locally. Science-based innovations from federally funded research, often developed through public-private partnerships, create products and services that increase productivity and enhance global competitiveness for the U.S. agriculture sector."
Companies Making Moves in Smart Agriculture
Corteva, Inc. (NYSE:CTVA), The Mosaic Company (NYSE:MOS), and Bioceres Crop Solutions Corp. (NASDAQ:BIOX) are some of the leading agricultural companies investing in developing technologies to enhance agricultural processes. You can also check out some of the biggest agricultural companies in the United States.
Corteva, Inc. (NYSE:CTVA) is an agricultural business in the United States. The company offers services in two major segments, including seed and crop protection. On August 29, Corteva, Inc. (NYSE:CTVA) reported on expanding its LumiGEN seed treatment portfolio. The new three-way premix fungicide treatment, LumiTreo, helps soybeans maximize their potential. LumiGEN is built using the Corteva Agriscience seed-applied technologies (SAT) evaluation process, serving as a meticulous solution for farmers. The new fungicide seed treatment solution, LumiTreo, will be available at Corteva, Inc.'s (NYSE:CTVA) production and downstream processing centers by spring 2024.
The Mosaic Company (NYSE:MOS) is a leading phosphate and potash crop nutrient producer in the United States. On August 15, The Mosaic Company (NYSE:MOS) announced the establishment of the new Mosaic Biosciences platform. The platform is focused on implementing new technologies in the agriculture market. Some key domains include improving crop health, maximizing yield potential, and nurturing the natural biology of plants. Under the platform, the company offers PowerCoat and BioPath, a fertilizer complement to enhance plant growth. To shed light on the plans of the platform, the Vice President of Strategy and New Business Platforms at The Mosaic Company, Floris Bielders, stated:
"Our portfolio of nutrient use enhancement technologies is just the start for Mosaic Biosciences. In the coming months and years, we expect to bring additional biological products to the market – all of which will be backed by science and in-field experience. Biologicals are crucial in the evolution of crop nutrition and will elevate the potential in every field."
Bioceres Crop Solutions Corp. (NASDAQ:BIOX) is an agricultural inputs company based in Argentina. The company offers solutions for crop productivity operating in three key segments, including seed and integrated crops, crop protection, and crop nutrition. On July 18, Bioceres Crop Solutions Corp. (NASDAQ:BIOX) reported that the company is set to advance the availability of biological insecticide in agreement with Corteva, Inc. (NYSE:CTVA) in the European market. The two companies will work together to navigate the regulatory environment in bringing bioinsecticide developed by Bioceres' subsidiary, Pro Farm, to Europe. Bioinsecticide is a biological insecticide fit for mainstream agriculture and is as effective as traditional insecticides. Once the agreement passes through, Corteva, Inc. (NYSE:CTVA) will distribute the solutions across Europe using its Seed Applied Technologies team.
The agricultural sector offers a wide range of opportunities to budding entrepreneurs. With that, let's look at the 30 most profitable agricultural business ideas for young entrepreneurs. You can also check out innovative agricultural business ideas.
30 Most Profitable Agricultural Business Ideas for Young Entrepreneurs
30 Most Profitable Agricultural Business Ideas for Young Entrepreneurs
Our Methodology
For our title, 30 most profitable agricultural business ideas for young entrepreneurs, we employed a consensus approach. We consulted 6 sources to narrow down the 40 most profitable agricultural business ideas for young entrepreneurs. The sources included Starter Story, 99 Business Ideas, Times of Agriculture, Business Diary, Explicit Success, and On Business Touch.
From our initial pool of 40 ideas, we assessed the 30 most profitable agricultural business ideas for young entrepreneurs based on the item count across all 6 sources. We then sourced the market size of the most recent year available and the forecasted market size to make our ranking more robust. These values were sourced from Grandview Research, Straits Research, Zion Market Research, IMARC, Fortune Business Insights, Global Market Insights, Verified Market Research, The Business Research Company, Maximize Market Research, and Market Research Future.
We ranked our items based on the item count or number of mentions across all 6 sources. To rank items with the same item count, we relied on the market size value for the most recent year available as a tiebreaker. The list is in ascending order of the aforementioned metric.
30. Microgreens Farming
Market Size (2021): $1.4 Billion
Forecasted Market Size (2030): $3.7 Billion
Number of Mentions: 3
According to our methodology, microgen farming is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by Straits Research, the global microgreens market was valued at $1.4 billion in 2021. The global microgreens market is expected to grow to $3.7 billion by 2030 at a compound annual growth rate (CAGR) of 11%.
Corteva, Inc. (NYSE:CTVA), The Mosaic Company (NYSE:MOS), and Bioceres Crop Solutions Corp. (NASDAQ:BIOX) are among the leading companies in the agricultural sector.
29. Vertical Farming
Market Size (2022): $4.16 Billion
Forecasted Market Size (2030): $27.42 Billion
Number of Mentions: 3
Vertical farming involves the growing of crops in vertically stacked layers. The process is focused on optimizing plant growth. Setting up a vertical farming business is one of the most viable business ideas in the agricultural sector. According to a report by Fortune Business Insights, the global vertical farming market size was valued at $4.16 billion in 2022. The global vertical farming market is expected to grow to $27.42 billion in 2030 at a compound annual growth rate (CAGR) of 27.3%.
28. Cannabis Business
Market Size (2022): $43.72 Billion
Forecasted Market Size (2030): $444.34 Billion
Number of Mentions: 3
According to our methodology, setting up a cannabis business is one of the most valuable agricultural business ideas for young entrepreneurs. Budding entrepreneurs willing to delve into this domain may engage in the production, sale, distribution, or marketing of cannabis. According to a report by Fortune Business Insights, the global cannabis market was valued at $43.72 billion in 2022. The global cannabis market is expected to grow to $444.34 billion by 2030 at a compound annual growth rate (CAGR) of 34.03%.
27. Agritourism
Market Size (2022): $58.8 Billion
Forecasted Market Size (2028): $114.3 Billion
Number of Mentions: 3
Agritourism involves the process of bringing visitors or tourists to visit farms. According to our methodology, setting up an agritourism business is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by IMARC, the global agritourism market size was valued at $58.8 billion in 2022. The global agritourism market is expected to grow to $114.3 billion by 2028, at a compound annual growth rate (CAGR) of 11.3%
26. Medicinal Herbs Production
Market Size (2022): $165.66 Billion
Forecasted Market Size (2029): $347.50 Billion
Number of Mentions: 3
The herbal medicine and healthcare sector is growing. Therefore, setting up a medicinal herbs production business may be the most profitable agricultural business idea for young entrepreneurs. According to a report by Fortune Business Insights, the global herbal medicine market was valued at $165.66 billion in 2022. The global herbal medicine market is expected to grow to $347.50 billion by 2029, at a compound annual growth rate (CAGR) of 11.16%.
25. Basket Weaving
Market Size (2022): $12.25 Trillion
Forecasted Market Size (2027): $19.01 Trillion
Number of Mentions: 3
Setting up a basket weaving business is a viable opportunity for young entrepreneurs. The production and sale of basket weaving can be combined with a hint of creativity and sold to a niche set of customers.
We were unable to access direct information for basket weaving, but it is a part of the broader agriculture market. According to a report by Research and Markets, the global agricultural market was valued at $12.25 trillion in 2022. The global agriculture market is expected to grow to $19.01 trillion by 2027 at a compound annual growth rate (CAGR) of 9.1%.
24. Wholesale Agriculture Business
Market Size (2022): $12.25 Trillion
Forecasted Market Size (2027): $19.01 Trillion
Number of Mentions: 3
Starting a wholesale agriculture business is one of the most profitable agricultural business ideas for young entrepreneurs. Agricultural produce consists of essential items, serving as a sound business opportunity for business owners.
23. Agro Consulting
Market Size (2022): $12.25 Trillion
Forecasted Market Size (2027): $19.01 Trillion
Number of Mentions: 3
An agro consulting business engages in the provision of professional advice and services to agricultural companies and farmers. Agro consultants are experts in their domain and are equipped to train farmers and agricultural businesses on the new methods of farming.
22. Agro Blogging
Market Size (2022): $12.25 Trillion
Forecasted Market Size (2027): $19.01 Trillion
Number of Mentions: 3
An agroblogging business specializes in writing blogs on the agricultural sector. These blogs could cover recent trends in the agricultural sector or best practices.
21. Organic Farming Greenhouse
Market Size (2022): $25.48 Billion
Forecasted Market Size (2030): $53.51 Billion
Number of Mentions: 4
An organic greenhouse engages in farming without the use of synthetic fertilizers, pesticides, and growth regulators. According to our methodology, setting up an organic farming greenhouse is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by Grandview Research, the global greenhouse market was valued at $25.48 billion in 2022. The global greenhouse market is expected to grow to $53.51 billion by 2030 at a compound annual growth rate (CAGR) of 9.9%.
20. Herbs Farming
Market Size (2022): $142.1 Billion
Forecasted Market Size (2030): $407.9 Billion
Number of Mentions: 4
A herbs farming business engages in the production of herbs for sale. Setting up a herbs farming business is one of the most viable business ideas in the agricultural sector. According to a report by Market Research Future, the global fresh herbs market size was valued at $142.1 billion in 2022. The global fresh herbs market is expected to grow to $407.9 billion by 2030 at a compound annual growth rate (CAGR) of 16.26%.
19. Organic Crop Farming
Market Size (2022): $169.04 Billion
Forecasted Market Size (2027): $287.83 Billion
Number of Mentions: 4
Organic farming companies engage in the production of crops with ecologically based pest controls and biological fertilizers. According to a report by The Business Research Company, the global organic farming market was valued at $169.04 billion in 2022. The global organic farming market is expected to grow to $287.83 billion by 2027 at a compound annual growth rate (CAGR) of 11.3%.
18. Agri Equipment Production & Distribution
Market Size (2022): $169.18 Billion
Forecasted Market Size (2030): $296.61 Billion
Number of Mentions: 4
Producing and selling agri equipment is among the most profitable agricultural business ideas for young entrepreneurs. According to a report by Fortune Business Insights, the global agriculture equipment market is valued at $169.18 in 2022. The global agriculture equipment market is expected to grow to $296.61 billion by 2030, at a compound annual growth rate (CAGR) of 7.3%.
17. Frozen Meat Production
Market Size (2022): $285.18 Billion
Forecasted Market Size (2030): $412.93 Billion
Number of Mentions: 4
According to our methodology, setting up a frozen meat production and selling business is among the most viable business ideas in the agricultural sector. According to a report by Fortune Business Insights, the global frozen food market size was valued at $285.18 billion in 2022. The global frozen food market is projected to grow to $412.93 billion by 2030 at a compound annual growth rate (CAGR) of 4.8%.
16. Grocery E-Business
Market Size (2021): $285.48 Billion
Forecasted Market Size (2030): $2.16 trillion
Number of Mentions: 4
The growth of e-commerce creates a viable opportunity for budding entrepreneurs to sell agricultural products or groceries online. Setting up an agri-based online store is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by Grandview Research, the global online grocery market was valued at $285.70 billion in 2021. The global online grocery market is expected to grow to $2.16 trillion by 2030 at a compound annual growth rate (CAGR) of 25.3%.
15. Fruits Farming
Market Size (2021): $551.1 Billion
Forecasted Market Size (2028): $708.1 Billion
Number of Mentions: 4
According to our methodology, setting up a fruit farming business is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by Grandview Research, the global fresh fruits market size was valued at $551.1 billion in 2021. The global fresh fruits market is expected to grow to $708.1 billion by 2028 at a compound annual growth rate (CAGR) of 3.6%.
14. Dairy Farming
Market Size (2022): $893 Billion
Forecasted Market Size (2030): $1.2 Trillion
Number of Mentions: 4
A dairy farming business may specialize in various domains including the breeding and raising of dairy animals. According to our methodology, setting up a dairy farming business is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by IMARC, the global dairy market was valued at $893 billion in 2022. The global dairy market is expected to grow to $1.2 trillion by 2028 at a compound annual growth rate (CAGR) of 5.79%.
13. Snail Farming
Market Size (2022): $593.4 Million
Forecasted Market Size (2032): $1.58 Billion
Number of Mentions: 5
According to our methodology, setting up a snail farming business is one of the most profitable agricultural business ideas for young entrepreneurs. The business surrounds the raising of snails for human consumption or cosmetic use. According to a report by Global Market Insights, the snail market was valued at $593.4 million in 2022. The global snail market is expected to grow to $1.58 billion by 2032 at a compound annual growth rate (CAGR) of 10.33%.
12. Hydroponic Retail Store
Market Size (2020): $2.1 Billion
Forecasted Market Size (2028): $9.8 Billion
Number of Mentions: 5
A hydroponic retail store focuses on the production and selling of equipment to be used by hydroponic gardeners. According to our methodology, setting up a hydroponic retail store is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by Grandview Research, the global hydroponics market was valued at $2.1 billion in 2020. The global hydroponics market is expected to grow to $9.8 billion by 2028 at a compound annual growth rate (CAGR) of 20.7%.
11. Flower Cultivation & Farming
Market Size (2021): $46.33 Billion
Forecasted Market Size (2030): $77.86 Billion
Number of Mentions: 5
A flower cultivation and farming business engages in the development, cultivation, and marketing of flowers. This also ranks 13th among the most profitable agricultural business ideas for young entrepreneurs. According to a report by Verified Market Research, the global floriculture market was valued at $46.33 billion in 2021. The global floriculture market is expected to grow to $77.86 billion by 2030 at a compound annual growth rate (CAGR) of 6.75%.
10. Mushroom Farming
Market Size (2021): $50.3 Billion
Forecasted Market Size (2030): $115.8 Billion
Number of Mentions: 5
According to our methodology, mushroom farming is one of the most profitable agricultural business ideas for young entrepreneurs. Selling mushrooms at a premium price can bring maximum profits for companies. According to a report by Grandview Research, the global mushroom market was valued at $50.3 billion in 2021. The global mushroom market is expected to grow to $115.8 billion by 2030 at a compound annual growth rate (CAGR) of 9.7%.
9. Seed Production
Market Size (2021): $61.2 Billion
Forecasted Market Size (2030): $107.8 Billion
Number of Mentions: 5
The use of seeds is one of the essential components of the agriculture industry. A seed production business may lie in various domains including research, breeding, production, certification, post harvest, and commercial marketing. According to a report by Zion Market Research, the global seed market was valued at $61.2 billion in 2021. The global seed market is expected to grow to $107.8 billion by 2030 at a compound annual growth rate (CAGR) of 6.5%.
8. Fish Farming
Market Size (2021): $268.9 Billion
Forecasted Market Size (2030): $409.56 Billion
Number of Mentions: 5
Setting up a fish farming business is considered to be one of the most profitable agricultural business ideas for young entrepreneurs. While the business idea is highly profitable, overfishing has started to become a major concern across the globe. According to a report by Straits Research, the global fish farming market was valued at $268.9 billion in 2021. The global fish farming market is expected to grow to $409.56 billion by 2030 at a compound annual growth rate (CAGR) of 5.4%.
7. Landscaping Agency
Market Size (2022): $296.09 Billion
Forecasted Market Size (2030): $484.79 Billion
Number of Mentions: 5
According to our methodology, setting up a landscaping agency is one of the most profitable agricultural business ideas for young entrepreneurs. A standard landscaping agency engages in managing and maintaining agricultural land. According to a report by Grandview Research, the global landscaping services market was valued at $296.09 billion in 2022. The global landscaping services market is expected to grow to $484.79 billion by 2030 at a compound annual growth rate (CAGR) of 6.4%.
6. Poultry Farming
Market Size (2022): $352.02 Billion
Forecasted Market Size (2027): $487.39 Billion
Number of Mentions: 5
Poultry farming involves raising birds domestically or commercially for meat, eggs, or feathers. According to our methodology, setting up a poultry business is one of the most profitable agricultural business ideas for young entrepreneurs. According to a report by The Business Research Company, the global poultry market was valued at $352.02 billion in 2022. The global poultry market is expected to grow to $487.39 billion by 2027 at a compound annual growth rate (CAGR) of 6.5%.
Corteva, Inc. (NYSE:CTVA), The Mosaic Company (NYSE:MOS), and Bioceres Crop Solutions Corp. (NASDAQ:BIOX) are among the prominent companies pioneering and leading in the agriculture industry.
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Disclosure: None. 30 Most Profitable Agricultural Business Ideas for Young Entrepreneurs is originally published on Insider Monkey.