Agrochemicals Market in Africa Agrochemicals Market in Africa Total Imported in MT of Fertilizers Nigeria 2020 2022
Dublin, January 30, 2024 (GLOBE NEWSWIRE) — The “Africa Agrochemicals Market Size and Share Analysis – Growth Trends and Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com offer.
The African agrochemicals market is poised to witness notable growth, expected to grow from USD 7.36 billion in 2023 to USD 9.21 billion by 2028, registering a CAGR of 4.60% over the period 2023 to 2028.
A recent analysis highlights the significant trend toward increased pesticide use in African regions facing drought, as farmers struggle to control pests and ensure stable agricultural production amid climate variability. Government initiatives play a crucial role in promoting agricultural development, as countries seek to strengthen domestic food production and reduce their dependence on imports. For example, Angola’s National Development Plan emphasizes agriculture to stimulate economic diversification and strengthen self-sufficiency.
Demand for agrochemicals intensifies with population growth and urbanization
With smallholder farmers responsible for 80% of Africa’s food supply, pressure is growing to increase agricultural yield. As the continent experiences rapid urbanization and strong population growth, the disparity between food consumption and local production is widening. Various international and regional initiatives, such as the G8 New Alliance for Food Security and Nutrition in Africa, are being introduced to address these challenges, creating opportunities for growth in the agrochemical sector.
Fertilizers continue to dominate the market
Faced with an ever-increasing population, the demand for improved agricultural productivity leads to robust fertilizer use. Despite fluctuations in land devoted to agriculture, the need for high-yielding crops further accentuates the importance of fertilizers. It is worth noting the predominance of nitrogen fertilizers in the African landscape. Thus, substantial investment and expansion of fertilizer production facilities is evident, even though consumption levels have not yet reached global averages.
Continued commitment and investment in the African agricultural sector
While agriculture is prioritized in many African government programs, notable increases in national budget allocations to the sector are being observed, alongside an increase in private sector investment. At the same time, major market players are emphasizing innovation and partnership, signaling a dynamic shift towards more advanced agrochemical solutions to meet the growing demands of the agricultural sector.
The African agrochemicals market is undergoing a transformation influenced by government efforts, population growth and efforts towards food security.
Increasing food production requires the use of agrochemicals such as fertilizers and pesticides to ensure sustainable agriculture in the face of changing climatic conditions.
The fertilizer segment, critical for high agricultural yields, is expected to witness substantial growth as the industry shifts towards organic options aligned with the Sustainable Development Goals.
This comprehensive market analysis captures the essence of the current state of the African agrochemical industry and its trajectory in the years to come. With a detailed overview of market trends, product preferences and consumer demands, stakeholders can better understand the evolving agricultural landscape and the critical role of agrochemicals in ensuring food security for the population in rapid growth and urbanization of the continent.
A selection of companies mentioned in this report include
For more information about this report, visit https://www.researchandmarkets.com/r/2ub97o
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