Thursday, February 27, 2014

Agriculture and Industry

Corn Growing in Norway
Norway’s economy was largely based on its agriculture industry before the industrial revolution. The country also has long history and great reputation for producing crops like oats, rye and barley, as well as major livestock in Europe. However, nowadays the agriculture industry Norway has declined as services and oil-related industries are growing, only less than 2.2% of the country’s GDP are contributed by agriculture industry, while only 2.6% of country’s labour force working in that industry.
Currently, the agricultural product in Norway has six main segments, including cereals; fruit, vegetables, roots and tubers, oil-crops and pulses, sugar-crops and sweeteners, spices and stimulants and nuts. The following chart shows the share of Norway’s agriculture industry in GDP.
Noway GDP's Composition
The latest agricultural market research conducted by reveals thatThe Norwegian agricultural products market had total revenue of $2.5 billion in 2010, representing a compound annual growth rate (CAGR) of 5.4% between 2006 and 2010. Market consumption volume was total 3.2 million units in 2010, which has decreased by a CARC of 1.6% from 2006.
The country’s agriculture structure has changed in the last few decades as the number of farm holdings has fallen 75% by 2008. The Norwegian Ministry of Agriculture’s target is that at least 15% of the agricultural area should be used for organic farming by 2015. The chart indicates the Norway’s agricultural holdings.
Number of Agricultural Holdings in UK
For more information about companies, associations and events in global agriculture industry, please visit our Agriculture Industry Portal on BusinessVibes.