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The US agricultural market has long been a global powerhouse, with domestic production rising by 4% each year on average during the 2006-2012 period, with the industry set to hit a value of US$472 billion by the end of 2012.
American producers generated a turnover of nearly US$410 billion in 2012. That was 36% more than the corresponding figure in 2006. The average annual growth rate for the period was more than 5%, outpacing growth of the domestic market.
In 2012, around 46% of turnover came from crops, gardening, and horticulture as growing crops, such as maize and wheat, remained the major category within the industry. Farming of animals generated over 36% of US agricultural producers' turnover, while mixed farming added around 17% and hunting accounted for less than 1%.
The US is home to some of the world's largest agricultural producers with Cargill, Tyson Foods, Sanderson Farms, and Dole Food Company among the largest.
Cargill is the largest privately-held corporation in the US. The company is engaged in a diverse array of activities from grain and livestock production, processing and distribution to financial services. The company is engaged in virtually all stages of the agricultural production process.
Rising global food prices indicate that the food crisis has yet to fade. Food prices have an extremely high correlation to oil prices and with oil prices up it is credible to expect to see food prices climbing as energy prices affect the production of fertilisers as well as food distribution and farm machinery usage costs.
However, world food prices are expected to fall in the second half of 2012 with new crops easing market tension and driving full-year average prices below the record levels of 2011. The revenues of the US agriculture industry are forecast to exhibit an average annual growth of 5% through to 2018.
For more information on the US agricultural market, see the latest research: US Agricultural Market
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