This industry group comprises establishments primarily engaged in (1) growing crops (except oilseed and/or grain; vegetable and/or melon; fruit and tree nut; and greenhouse, nursery, and/or floriculture products). These establishments grow crops, such as tobacco, cotton, sugarcane, hay, sugar beets, peanuts, agave, herbs and spices, and hay and grass seeds; or (2) growing a combination of crops (except a combination of oilseed(s) and grain(s) and a combination of fruit(s) and tree nut(s)).
In the NAICS 1119, Other Crop Farming sector, several qualitative trends are emerging and likely to shape the industry in the near future. One significant trend is the increasing adoption of sustainable and regenerative farming practices. Growers are focusing on soil health, crop diversity, and reduced chemical inputs to meet the rising consumer demand for environmentally friendly and organic products.
Another notable trend is the integration of advanced technologies and data analytics. Farmers are leveraging precision agriculture tools such as drones, sensors, and satellite imagery to optimize crop yields and resource use. Artificial intelligence and machine learning algorithms help in predicting crop diseases and managing pest control more efficiently.
The sector is also witnessing a shift towards indoor and vertical farming. These methods allow for year-round production, reduced dependency on weather conditions, and efficient use of space, particularly in urban areas. This trend aligns with the growing global emphasis on food security and local food systems.
Looking ahead, the demand for specialty crops like hemp, medicinal plants, and exotic fruits is expected to rise. These crops offer higher profit margins and cater to niche markets eager for unique and health-oriented products. In summary, sustainability, technology integration, urban farming, and diversification into specialty crops are key qualitative trends that will drive the Other Crop Farming industry forward in the near future.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.