Posted on January, 31, 2024 at 08:29 am
The "Africa Agrochemicals Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering. The African Agrochemicals Market is poised for notable growth, forecasted to expand from USD 7.36 billion in 2023 to USD 9.21 billion by 2028, registering a CAGR of 4.60% during the period from 2023 to 2028.
Recent analysis outlines the significant trend of increased pesticide use in African regions experiencing drought, as farmers strive to combat pests and secure stable crop production amid climate variability. Government initiatives are playing a crucial role in advancing agricultural development as countries aim to bolster domestic food production and reduce import dependency. For instance, Angola's National Development Plan emphasizes agriculture to drive economic diversification and enhance self-sufficiency.
Demand for Agrochemicals Intensifies with Rising Population and Urbanization
With smallholder farmers responsible for 80% of Africa's food supply, there is mounting pressure to increase agricultural yield. As the continent undergoes rapid urbanization and experiences a surge in population growth, the disparity between food consumption and local production widens. Various international and regional initiatives, such as the G8's New Alliance for Food Security and Nutrition in Africa, are being introduced to address these challenges, creating opportunities for growth in the agrochemicals sector.
Fertilizers Continue to Command the Market
In light of a continuously rising population, the demand for enhanced agricultural productivity is leading to robust fertilizer usage. Despite fluctuations in land dedicated to agriculture, the imperative for high-yield crops further accentuates the importance of fertilizers. Noteworthy is the predominance of nitrogen fertilizers across the African landscape. As such, substantial investment and expansion in fertilizer production facilities are evident, even though consumption levels have not yet reached global averages.
Ongoing Commitment and Investment in Africa’s Agricultural Sector
With agriculture taking precedence in numerous African government agendas, notable increments in national budget allocations to this sector are observed, alongside increasing private sector investment. Concurrently, key market players are emphasizing innovation and partnership, which signals a dynamic shift towards more advanced agrochemical solutions to meet the burgeoning demands of the agricultural sector.
This comprehensive market analysis captures the essence of the African agrochemicals industry's current state and its trajectory in the coming years. Through detailed insight into market trends, product preferences, and consumer demands, stakeholders can better navigate the evolving agricultural landscape and the critical role of agrochemicals in ensuring food security for the continent's rapidly growing and urbanizing population.
A selection of companies mentioned in this report includes
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Source: Globe News wire