How big is the baler market?
The global baler market size reached US$ 4.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
What is baler?
Baler represents mechanical equipment used for cutting and compressing raked crops, such as flax straw, hay, cotton, silage, etc., into small square, sphere, or rectangle-shaped bales. These bales are convenient to transport, handle, store, etc. The equipment is widely available in chain- and belt-based variants. Chain balers utilize connecting bars and rollers at the bottom of the chamber to spin the material. In line with this, they are generally manufactured by using sheet steel and consist of several components, including hydraulic cylinders, wheels, pumps, tires, belts, etc. Balers also assist in maintaining the nutritional content of the bundled crops and can be used to produce bale from paper, plastic, fiberboard, can and foil waste, etc.
What are the growth prospects and trends in the baler industry?
The rising automation of agricultural infrastructures and the expanding agriculture industry are primarily driving the baler market. Additionally, the growing expenditure capacities of consumers and the launch of various favorable policies by government bodies across countries to promote sustainable practices are further catalyzing the market growth. Besides this, the widespread adoption of balers by farmers to utilize crop residue and increase the productivity of the soil is acting as another significant growth-inducing factor.
Moreover, the introduction of metal recycling balers that are highly cost effective and help in minimizing energy consumption and dependency on the mining of metal is positively influencing the global market. Apart from this, the escalating demand for smart farming methods is also propelling the market growth. Furthermore, the development of innovative device with enhanced mechanized capabilities is anticipated to fuel the baler market over the forecasted period.
Competitive Landscape with Key Players:
The competitive landscape of the global baler industry has been studied in the report with the detailed profiles of the key players operating in the market.
Key Companies:
- AGCO Corporation (NYSE: AGCO)
- American Baler Company (Avis Industrial Corporation)
- CLAAS KGaA mbH
- CNH Industrial N.V. (NYSE: CNHI)
- Deere & Company
- IHI Corporation
- International Baler
- Kubota Corporation
- Kuhn SAS
- Vermeer Corporation
Market Segmentation:
Breakup by Product:
- Round Balers
- Square Balers
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Application:
- Agriculture
- Livestock Industry
- Others
Breakup by End User:
- Individual
- Commercial
- Industrial
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Source: IMARC Group
