Agricoltura
Agrochemicals Market Will Touch USD 301.5 Billion Valuation by 2030: P&S Intelligence
According to the UN, in 2023, the population of the world is approximately 8.1 billion, and it is projected to cross 10 billion by 2030.
The surge in the populace has a robust effect on food requirements. To make the situation even worse, the obtainability of land for farming is reducing, credited to the fast urbanization. This is making numerous kinds of chemicals, including fertilizers and pesticides, necessary to capitalize on the crop output and advance soil health.
In 2022, the fertilizer category led the industry with a share of 80%. Further, the surge in the sale of these agents is projected to be substantial during the projection period because of the high-volume production of manure and businesses and governments' initiatives to make agriculturalists aware of their advantages.
Fundamentally, the populace growth will increase the requirement for manure, by putting the agricultural community under a strong burden to meet the growing need for food. Furthermore, the increasing usage of organic fertilizers to advance safety and effectiveness will propel the market.
During the projection period, the cereals and grains category is expected to experience the fastest development. This is mainly because these chemicals are utilized the most widely on cereals and grains, since crops such as rice might have a smaller yield and lower quantity of nutrients because of the bad quality of the soil.
To resolve this issue, minerals are mixed with fertilizers in order to improve the nutrient content in and productivity of grains.
In 2022, APAC led the market, and the region is also projected to be in the top spot in the future. This is mainly because of the existence of a huge populace and key players in the region. Moreover, chemical businesses catering to the agricultural community are engaging in mergers, acquisitions, and collaborations to gain a larger foothold in the APAC region.
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Chandra Mohan
AVP – Business Development
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