With the right crops, techniques and marketing strategies, farming can be a profitable venture. Picking the right crops for your farm’s size, climate and soil conditions can help increase your yields and maximize profits significantly. Below, we discuss the key factors that determine a crop’s profitability and highlight 10 of the most lucrative crops.
Factors That Influence Crop Profitability
Before deciding on the right cash crops to boost your farm’s profitability, you must also consider some crucial factors:
- Seasonality: Fast-growing plants with short growing cycles are increasingly profitable because you get to harvest them several times a year. However, fast-growing crops are labor- and time-intensive compared to slow-growing plants.
- Farm size: Cash crops can be grown in small or large farming spaces, including greenhouses or backyards. You can choose to maximize vertical space to increase the yield per square foot or acre.
- Market demand: You can make more profits by having a ready market for your produce. Research your local market to understand what customers need, what crops are in demand and how you can add value to produce to fetch the best prices.
- Production Costs: Profits are directly proportional to your farm’s input costs. It’s best to select crops that require minimal labor and inputs to increase profit margins.
Most Profitable Crops to Grow
Wondering what is the most profitable crop to grow on your farm? Below, we highlight some very lucrative options you should consider and the reasons they may deliver a high return on investment.
1. Saffron
Saffron is the most costly culinary herb used for flavoring and coloring food that sells for at least $20 per gram in the US. It’s easily the most profitable crop per acre because an acre produces at least 3 pounds of the crop, which can yield up to $30,000 in the right market. It grows best in warm and dry areas with mild winters, such as California.
Saffron is grown from fleshy tuberous roots of the saffron crocus plant and derived from the stigma of the purple flowers. It’s typically ready for harvest and drying in eight weeks. Over the years, the roots expand and can be separated and replanted to increase your farm size. On the flip side, growing and harvesting saffron is a labor-intensive process.
2. Goji Berries
Goji berries are a popular superfood with high market demand for their many health benefits, including potentially reducing the chance of some cancers, age-related eye problems and depression. They’re packed with anti-inflammatory, antioxidant, anti-aging and anti-cancer properties. The high market demand makes organic dried goji berries among the most profitable crops per acre.
For high yield and profits, you should start by growing the cutting inside a greenhouse for the first six weeks before transplanting it outdoors. In the second year, you’ll start getting small harvests but only reach full production yields in year three. Their high yields also result from being disease-resistant and their ability to thrive in a variety of soils and climates.
3. Microgreens
Microgreens such as arugula, basil, parsley and cilantro are among the most profitable vegetables to grow. They take two to three weeks from seeding to harvesting and can be grown on small farms established anywhere, including backyards, basements and garages. They benefit from their high demand among upscale restaurants and health-conscious consumers. You’ll also benefit from the low input costs, including low-cost seeds you can get online or in retail stores.
4. Gourmet Mushrooms
Gourmet mushrooms, like oyster and maitake, boost high profits and short growing cycles. Oyster mushrooms, for example, take between five and eight weeks to be ready to harvest and could sell for between $10 and $20 per pound. Farming mushrooms is great for urban farmers with limited farming space thanks to their high return per square foot, which is up to 25 pounds per square foot for oyster mushrooms. They have a ready market in high-end restaurants and can be grown all year round.
5. Gourmet Garlic
Gourmet garlic is a pungent and flavorful vegetable used in many cuisines. It has a richer and more complex flavor profile compared to regular garlic, which ensures it attracts a higher price per unit. It’s space-efficient, does not require many resources to grow and is ready to harvest in three months, making it among the most profitable crops to grow.
6. Cherry Tomatoes
Cherry tomatoes are among the best income producers for your farm when done correctly. They have high demand owing to their many varieties, packed with flavor and perfect for many dishes and salads. While they sell for as low as $4 per pound, they grow in large batches, fast, easily and all year round to maximize the profitability of your crop per acre. Most cherry tomato varieties start to flower within 30 days and are ready for harvest in 50 to 60 days.
7. Lavender
Lavender boasts high profits owing to the high market demand driven by its multiple uses. You can sell your dried or fresh lavender for use in aromatherapy products, cleaning agents, cosmetics, cooking and floral arrangements. Lavender thrives whether planted in containers or in-ground, provided the soil is well-drained. It’s a fast-growing and pest-resistant crop that you can start harvesting after the second year and continue to harvest for up to years after.
8. Chives
Chives are among the easiest and most profitable cash crops. They grow all year round, keeping their leaves green during the winter and requiring minimal care and maintenance. They take 30 days to mature and be ready for harvesting after transplantation and 60 days after seeding. The delicate flavor of chives, when used for garnishing or topping main meals and salads, makes them a lucrative venture.
9. Ginseng
Ginseng is a root herb with a readily available market thanks to its medicinal value. It’s rich in antioxidant and anti-inflammatory properties, which help boost immunity, improve brain function and reduce the risk of certain cancers. Growing ginseng to the point where it’s ready for harvesting takes up to six years and you can sell it for hundreds per pound. Before it reaches maturity, you can earn from selling ginseng roots and seeds to other growers.
10. Grains
Maize, rice and soybeans are among the most profitable grain crops. Grains produce high returns on investment because of their staple role in many diets and cuisines and their use to produce cooking oil, alcohol, fuel and feed livestock. The value-addition capability of these grain crops makes it increasingly important to invest in high-quality storage solutions to maximize yield, speed up harvest and increase profitability.
Maximize Crop Profitability With TAM Systems Grain Storage Systems
You can also increase the profitability of your crops with the right storage systems that maximize your crops’ profitability. At TAM Systems, we tailor-make food farm and commercial grain storage solutions to meet your unique needs and reduce post-harvest losses. We also offer solutions for faster crop harvest times at competitive prices, plus service and maintenance for all our equipment.
To learn more about how we can help you maximize your small or commercial farm’s profitability, contact us today or read our blog for more insights.
