Baler Industry Overview
The global baler market size was valued at USD 5.1 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2020 to 2027. Balers are used for bailing hay and compressing raked and cut crop. Technological advancements in the agricultural industry aimed at improving the farm yield and fulfilling the increasing demand for food are driving the market. Additionally, a surge in demand for balers from the Asia Pacific region is expected to drive the market over the forecast period. The demand for balers is anticipated to gain momentum owing to the growing adoption of livestock farming across the globe. Rapid urbanization, rise in disposable incomes, and change in lifestyles and dietary habits are the factors responsible for globally growing livestock production.
Agricultural balers play a crucial role in ensuring feed supply for livestock animals. Similarly, they provide added convenience to the farmers by aiding transportation, storing straw and hays, and ensuring enough fodder for the livestock. The aforementioned benefits of balers in livestock farming are encouraging livestock farmers to opt for agricultural balers.
Gather more insights about the market drivers, restrains and growth of the Baler Market
Rising demand from the Asia Pacific is anticipated to be a prominent factor in augmenting market growth in the next seven years. The increasing regional demand is attributed to the growing investments by the government and OEMs in developing advanced mechanization in the agriculture sector in India, Australia, and Southeast Asia. The growing need for technological developments in the agricultural sector is also responsible for driving the regional market.
Although the market is experiencing an increase in baler demand, high purchase price and maintenance cost pose a challenge to market growth. Farmers from developing countries, such as India and China, find it challenging to afford agriculture balers owing to their high initial costs, especially large balers. Moreover, lack of technical know-how associated with balers' maintenance makes it difficult for some farmers to adopt balers. For instance, while using round balers, the silage bales are labor-intensive and require a well-designed feeder process. Moreover, if the hay is too dry, the straw of crops loosens up and takes time for cleaning the equipment.
The outbreak of the COVID-19 pandemic led numerous countries to impose strict lockdown measures. The market experienced a slight slump in the year 2020 due to the COVID-19 pandemic spread across the globe. The first quarter of the year was characterized by a complete shutdown of production plants across China, Europe, and the U.S. As a result, the market experienced reduced sales across the globe. Although the companies have started operations, the market is expected to have lower sales throughout the year. However, recent results published by companies operating in the market suggest that the market is poised for an early resurgence and may continue to grow at a steady pace starting 2021.
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Baler Market Segmentation
Grand View Research has segmented the global baler market report based on product and region:
Baler Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
• Round Balers
• Square Balers
o Small Square Balers
o Large Square Balers
Baler Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
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Key Companies profiled:
• AGCO Corporation
• CLAAS KGaA mbH
• CNH Industrial N.V.
• Deere & Company
• IHI Corporation
• Kuhn SAS
• Kubota Corporation
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