Utilities commodities consist of staple crops and animals produced or raised on farms or plantations. Many of these commodities, such as grains, livestock, and dairy, serve as essential sources of food for people and animals worldwide.

However, some agricultural commodities have purely industrial applications. For instance, the building and furniture industries rely on lumber from trees, while manufacturers in various sectors use latex derived from rubber trees. Wool from sheep provides fabric for the clothing industry and lanolin for skin- and hair-care products.

Interestingly, certain agricultural commodities serve dual roles as both food sources and industrial ingredients. Corn is a prime example, as it’s consumed by both humans and animals and also plays a significant role in fuel production. Similarly, while humans consume beef from cows, various industries use other parts of the animal, such as hide, fats, and bones, to create various products.

It’s worth noting that farming is a significant employer, with over 1.3 billion people, nearly 20% of the global population, working in agriculture. In some regions, like South Asia and Sub-Saharan Africa, farming employs more people than any other industry.

The global impact of the agricultural sector is immense. According to the Food and Agriculture Organization of the United Nations, the economic value of the agriculture industry, adjusted for constant 2010 dollars, exceeds $3 trillion.

With the world’s population expected to surpass 8 billion by 2023, agricultural commodities are poised to assume an even more prominent role in the decades to come.