More Opportunities to Come in the Next 24 Months

In a short video for AgStar, agricultural economist Dr. David Kohl explains why the next 24 months could spark greater opportunities for expansion. Dr. Kohl estimates that 60% of U.S. farmland will change hands in the next 13 years. As older producers look toward downsizing or retiring, more land will become available. Dr. Kohl has a great deal of optimism about the opportunities this will present. He believes it will give producers a chance to “get better before you get bigger.”

In addition, a lot of niche markets are emerging. Some producers look at it as diversifying income streams. Dr. Kohl recommends careful planning before going after a niche market. “If you’re going to do that, make sure you have the resources, but also do the business planning process and make sure that you not only have a market, but a backup market,” advises Dr. Kohl. “And you’ve also got to be thinking about two or three markets downstream, because again, if you have a profitable niche, everybody’s going to be there.”

To read more, and to watch a short video from Dr. Kohl, see the full article.