The Demeter Ag Aggregate comprises six sub-sectors and tracks the listed agriculture value chain worldwide. This bulletin measures reported revenue across the DAA coverage universe. All figures are trailing 12 months. Reported figures from each constituent are converted to US dollars at the ECB reference rate as of its period end date.
The 109 companies of the Demeter Ag Aggregate reported $1,436bn of revenue over the twelve months to July 2026, +6.1% on the same period a year earlier. The fastest-growing sector was Trading & Processing at +18.5%, while Upstream Production, the slowest-growing, grew 0.6%.
# By sub-sector
| Sub-sector | LTM revenue | Share | Change in share | Revenue growth | Companies |
|---|---|---|---|---|---|
| Downstream Food | $535.5bn | 37.3% | (1.1 pp) | 3.0% | 21 |
| Trading & Processing | $285.9bn | 19.9% | 2.1 pp | 18.5% | 17 |
| Crop Inputs | $258.6bn | 18.0% | (0.2 pp) | 4.8% | 20 |
| Upstream Production | $202.1bn | 14.1% | (0.7 pp) | 0.6% | 33 |
| Equipment & Technology | $153.8bn | 10.7% | 0.0 pp | 6.7% | 15 |
# By subcategory
Subcategories with fewer than 3 companies are omitted; the constituent count is stated for every line that remains.
| Subcategory | LTM revenue | Share | Change in share | Revenue growth | Companies |
|---|---|---|---|---|---|
| Food & Protein Processors | $329.3bn | 22.9% | (0.8 pp) | 2.5% | 14 |
| Packaged Food (Ag Exposure) | $206.2bn | 14.4% | (0.3 pp) | 3.8% | 7 |
| Agricultural Trading & Merchandising | $189.8bn | 13.2% | 2.2 pp | 27.9% | 6 |
| Crop Inputs - Seeds & Biotech | $145.5bn | 10.1% | (0.3 pp) | 3.4% | 5 |
| Agricultural Machinery & Equipment | $125.7bn | 8.8% | 0.2 pp | 7.5% | 7 |
| Crop Inputs - Fertilisers | $89.4bn | 6.2% | 0.2 pp | 9.6% | 10 |
| Processing & Ingredients | $78.5bn | 5.5% | (0.1 pp) | 3.1% | 7 |
| Production - Sugarcane & Ethanol | $51.2bn | 3.6% | (0.2 pp) | (1.7%) | 4 |
| Crop Inputs - Crop Protection | $23.8bn | 1.7% | (0.1 pp) | (3.1%) | 5 |
| Animal Nutrition & Feed | $17.6bn | 1.2% | 0.0 pp | 5.3% | 4 |
| Production - Fresh Produce & Citrus | $16.0bn | 1.1% | (0.1 pp) | 1.8% | 7 |
| Production - Aquaculture | $14.2bn | 1.0% | 0.1 pp | 11.5% | 4 |
| Production - Wine & Viticulture | $11.3bn | 0.8% | (0.1 pp) | (8.9%) | 4 |
| Agricultural Infrastructure | $9.5bn | 0.7% | 0.0 pp | 2.4% | 3 |
| Agricultural Technology | $5.5bn | 0.4% | 0.0 pp | 5.7% | 3 |
| Production - Row Crops & Livestock | $4.5bn | 0.3% | 0.0 pp | 3.3% | 5 |
| Production - Nuts & Olive Oil | $1.3bn | 0.1% | 0.0 pp | 2.5% | 3 |
# By region
| Region | LTM revenue | Share | Change in share | Revenue growth | Companies |
|---|---|---|---|---|---|
| North America | $564.7bn | 39.3% | 1.1 pp | 9.1% | 43 |
| Europe | $418.3bn | 29.1% | (0.3 pp) | 5.0% | 24 |
| LatAm | $188.0bn | 13.1% | (0.1 pp) | 5.0% | 12 |
| Asia-Pacific (ex-China) | $187.6bn | 13.1% | (0.1 pp) | 4.7% | 23 |
| Greater China | $70.3bn | 4.9% | (0.5 pp) | (3.0%) | 6 |
| Other | $7.4bn | 0.5% | 0.0 pp | 6.6% | 1 |
Region is the company's headquarters domicile, not where the revenue is earned.
Ag Finance is excluded from the revenue tables above. The sub-sector comprises farmland REITs the revenue of which derives from rental income as opposed to operating activities, and is therefore not comparable to the DAA's other sub-sectors on a revenue basis.
# Total return league table
| 3 mth | 1 yr | 5 yr | 10 yr | since 2005 | |
|---|---|---|---|---|---|
| p.a. | p.a. | p.a. | p.a. | ||
| Downstream Food | 0.4% | 2.7% | 1.3% | 5.1% | 9.4% |
| Trading & Processing | 0.2% | 7.9% | 0.2% | 4.0% | 8.2% |
| DAA GP | (0.3%) | 14.7% | 4.1% | 5.6% | 9.4% |
| DAA Cap | (0.6%) | 7.2% | 1.2% | 5.6% | 8.5% |
| DAA Equal | (2.9%) | 6.5% | 3.4% | 8.7% | 13.2% |
| Ag Finance | (3.3%) | 9.9% | (3.4%) | 6.4% | 3.9% |
| Equipment & Tech | (3.3%) | 4.6% | 5.6% | 13.5% | 14.3% |
| Upstream Production | (6.6%) | (2.7%) | (7.5%) | 0.7% | 8.1% |
| Crop Inputs | (6.9%) | 21.7% | 5.9% | 8.6% | 10.4% |
| MSCI ACWI (global) | 4.7% | 24.2% | 11.1% | 12.6% | n/a |
| S&P 500 | 4.7% | 22.5% | 13.1% | 15.3% | 10.9% |
MSCI ACWI (global): series starts 2008-03-28, after the DAA base 2005-01-03, so it is not comparable over this column
# Long-term record since 2005
All series rebased to 100 at 3 January 2005. Logarithmic scale. Click a legend entry to show or hide that series.
Revenue data to 2026-07-01, compared against 2025-07-01. Trailing twelve months, converted to US dollars at ECB reference rates. Observations are stamped by reporting period rather than filing date, so the most recent months are provisional and firm up as the remaining companies report. DAA index levels are total return in USD, based at 1,000 on 3 January 2005. Benchmark rows are traded funds shown for reference and are not Demeter indices.
