Farm Product Storage & Warehousing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: September 2023
NAICS 49313Revenue
$977.8m
Past 5-Year Growth
Profit
$XX.Xm
Employees
11,434
Businesses
1,579
Wages
$XXX.Xm
Farm Product Storage & Warehousing in the US industry analysis
Companies in the Farm Product Storage and Warehousing industry operate bulk farm product warehousing and storage facilities. Industry performance depends on the agricultural market and related international trade, as storage companies generate revenue by transporting, storing and packing agricultural goods. Farm-level decisions on when and how much of that agricultural output to store are subject to numerous influences that may be volatile in nature. Due to this, industry performance shifts each year. For example, weather patterns affect crop yields, while global production and demand drive prices. Based on these factors, farmers decide what products to store to maximize profit in a given season. Altogether, Farm Product Storage and Warehousing industry revenue has inched downward at a CAGR of 0.8% over the past five years and is expected to total $977.8 million in 2023, when revenue will jump by an estimated 0.9%.When farmers encounter lower commodity prices, they are more likely to store grain in anticipation of future price appreciation. In addition to domestic markets, the industry is influenced by global agricultural trade trends, as the industry facilitates the export of US crops and provides value-added services, such as grain drying and prepackaging. The appreciation of the US dollar can negatively influence industry revenue, making US goods relatively more expensive to foreign buyers. Industry performance over the past five years has been affected by increasing demand for US agricultural exports, declining domestic consumption of wheat and corn-based sweeteners and some disintermediation of storage companies from supply chains. Also, the industry was severely affected amid the COVID-19 pandemic, which negatively affected industry revenue due to declining export volumes.Industry revenue will recover over the five years to 2028, although contending largely with the same conflicting demand trends. Due to increased demand from developing countries, US agricultural exports will remain strong. Still, a continued decline in consumption of wheat and corn-based sweeteners by health-conscious domestic consumers will hurt demand for corn and wheat storage domestically. Farm Product Storage and Warehousing industry revenue is expected to inch upward at a CAGR of 0.9% to $1.0 billion over the five years to 2028.
Trends and Insights
- Increasing consumer spending surges demand for storage services. Increased demand for food products correlates directly with increased demand for storage services.
- Storage services remain the industry’s largest service segment. Handling services also account for a significant portion of demand.
- The Southeast is widely dispersed and requires extensive logistic networks. Disparate population and economic activity require more handling and storage of goods.
- To obtain valuable contracts, storage companies must maintain enough unoccupied storage space to accommodate their customers. A facility's capacity that exceeds demand allows for flexibility.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 0.8 % over the past five years, to reach an estimated $977.8m in 2023.
Trends and Insights
Demand is cyclical and moderately volatile
- The Farm Product Storage and Warehousing industry operates bulk farm product warehousing and storage facilities (except refrigerated).
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The Farm Product Storage and Warehousing industry will grow over the five years to 2028
- The agricultural price index will decrease over the outlook period as China will onshore agriculture production, taking away demand from domestic producers.
Biggest companies in the Farm Product Storage & Warehousing in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Archer-Daniels-Midland Co | 57.2 | 6.3 | 11.0 | |
Bunge Limited | 17.2 | 1.5 | 9.0 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Storage services , Handling services and Packing services . Storage services is the largest segment of the Farm Product Storage & Warehousing in the US.
Trends and Insights
Storage services is surging amid the recovering economy as COVID-19 restrictions diminish
- In the Farm Product Storage and Warehousing industry, storage services can be broken down into on-farm and off-farm storage.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Corn, Wheat & Soybean Wholesaling in the US
- General Warehousing & Storage in the US
- Refrigerated Storage in the US
- Specialized Storage & Warehousing in the US
International industries
- General Warehousing & Storage in Canada
- Grain Storage in Australia
- Warehousing and Storage Services in New Zealand
- Warehousing & Storage in the UK
- Warehousing & Storage in Ireland
Table of Contents
About this industry
Industry definition
This industry operates bulk farm product warehousing and storage facilities, except refrigerated storage. Warehouses generally provide facilities and storage services for agricultural goods and are responsible for maintaining their security and condition. However, warehouses do not take ownership of or sell those goods. Most operators are involved in storing grain and other farm products.
What's included in this industry?
Bonded warehousing of farm products Farm product warehousing and storage Grain elevator storage Warehousing farm productsCompanies
Archer-Daniels-Midland CoBunge LimitedPurchase this report to view all 2 major companies in this industry.
Related Terms
GENETIC MODIFICATIONBIOFUELSETHANOLOXIDANTON-FARM STORAGECOUNTRY ELEVATORTERMINALIndustry Code
NAICS 49313 - Farm Product Storage & Warehousing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Increasing consumer spending surges demand for storage services. Increased demand for food products correlates directly with increased demand for storage services.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Storage services remain the industry’s largest service segment. Handling services also account for a significant portion of demand.
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Southeast is widely dispersed and requires extensive logistic networks. Disparate population and economic activity require more handling and storage of goods.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
To obtain valuable contracts, storage companies must maintain enough unoccupied storage space to accommodate their customers. A facility's capacity that exceeds demand allows...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Archer-Daniels-Midland Co provides a number of storage-related services. The company stores, transports and prepares food.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Archer-Daniels-Midland Co's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Bunge Limited's performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Archer-Daniels-Midland Co, and factors influencing its performance in the industry
- Description and key data for Bunge Limited, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The industry is subject to a moderate level of regulation. Across most of the United States, state laws require that any person, partnership, corporation or company that rece...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Wages are the largest cost for storage companies. Companies rely heavily on manual labor to monitor facilities, send and retrieve items to and from warehouses, label and pack...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Farm Product Storage & Warehousing in the US industry in United States in 2024?
The market size of the Farm Product Storage & Warehousing in the US industry in United States is $977.8m in 2024.
How many businesses are there in the Farm Product Storage & Warehousing in the US industry in 2023?
There are 1,579 businesses in the Farm Product Storage & Warehousing in the US industry in United States, which has grown at a CAGR of 3.9 % between 2018 and 2023.
Has the Farm Product Storage & Warehousing in the US industry in United States grown or declined over the past 5 years?
The market size of the Farm Product Storage & Warehousing in the US industry in United States has been declining at a CAGR of 0.8 % between 2018 and 2023.
What is the forecast growth of the Farm Product Storage & Warehousing in the US industry in United States over the next 5 years?
Over the next five years, the Farm Product Storage & Warehousing in the US industry in United States is expected to grow.
What are the biggest companies in the Farm Product Storage & Warehousing in the US market in United States?
The biggest companies operating in the Farm Product Storage & Warehousing market in United States are Archer-Daniels-Midland Co and Bunge Limited
What does the Farm Product Storage & Warehousing in the US in United States include?
Bonded warehousing of farm products and Farm product warehousing and storage are part of the Farm Product Storage & Warehousing in the US industry.
Which companies have the highest market share in the Farm Product Storage & Warehousing in the US in United States?
The company holding the most market share in United States is Archer-Daniels-Midland Co.
How competitive is the Farm Product Storage & Warehousing in the US industry in United States?
The level of competition is moderate and increasing in the Farm Product Storage & Warehousing in the US industry in United States.
