Commercial Farming Industry
To gather information about the commercial farming industry and its trends in order to evaluate the state of the industry and guide a client's digital strategy and content creation.
- The US farming industry adds over $100 billion to the country's economy.
In 2017, agriculture provided $1.053 trillion to the US gross domestic product.
- While this industry is experiencing smart technology innovation, it is also threatened by factors like "climate change, trade wars, and a changing workforce." For example, extreme weather causes 90% of the crop losses in the US
- The country lost over 100,000 farms between 2011 and 2018. Today, there are over 2 million farms in the US, but their workers only represent 1.3% of the labor force.
- The average net cash farm income (NCFI) for farm businesses is expected to reach $85,200 in 2020, down 8.7% from 2019. However, farms dedicated to hogs and dairy will likely have an increment in the average NCFI in 2020 due to higher cash receipts.
- Small farms have an approximate annual income of $350,000 a year before costs, while large farms, which represent 3% of the industry, have an income of $1 million or more due to the practice of monoculture (cultivating just one crop).
- In 2018, agriculture generated $374 billion in revenue in the US. From this number, around 75% came from "sales of meat and feed for the animals that produce it," 17% from fruits, nuts, vegetables, wheat, and rice, and 10% from cotton, tobacco, and other products.
- The US is the world's largest beef and poultry producer. Farms that have 100 or more head of cattle produce 56% of total beef.
- Between 1948 and 2015, industrial agriculture (mass production) doubled farm production in the US. However, these changes have affected small farms as they have lost money every year since 2013 and lost over $1,644 in 2019.
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