South Africa Agrochemicals Market Size, Share, Trends and...

South Africa Agrochemicals Market Size, Share, Trends and Competitive Analysis 2024-2033: SPER Market Research

Posted 2024-07-04 04:26:14

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Agrochemicals are insecticides, herbicides, and fertilizers used to control agricultural ecosystems. For millennia, simple variants on agrochemicals have been used to boost agricultural yields and manage pest populations. Fertilizers and insecticides are two types of agricultural chemicals. Fertilizers increase crop quality by giving essential nutrients to both the crop and the soil, whereas pesticides protect crops by suppressing, killing, or repelling pests and weeds that could harm them. Given the current global population scenario, increasing food production on remaining arable land is crucial for feeding the world's population.

According to SPER Market Research, ‘South Africa Agrochemicals Market Size - By Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Africa Agrochemicals Market is estimated to reach USD 1.8 billion by 2033 with a CAGR of 4.15%.

Drivers: Farming practices have changed as a result of ongoing developments in agricultural technology. New kinds of hazardous organisms have emerged as a result of the increased export and import of agricultural commodities across diverse geographies, particularly in developing nations. This has boosted demand for goods with innovative active ingredients to protect crops. As the Asian crop protection markets are greatly impacted by the globalisation of the pesticide sector. The greatest rate of population increase is driving up the need for food production, which in turn is driving up the cost of various agrochemicals including pesticides and herbicides.

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Restraints: Growing awareness of health, food safety, environmental protection, and animal welfare standards has contributed to a rise in the organic fertiliser industry. The organic food market has also grown quickly in developing nations. Demand for organic food is rising. It is anticipated that the growing demand for safe and healthful foods, together with rising per capita income, will support the organic food industry and lead to a rise in the use of biofertilizers, thereby changing the composition of chemical fertilisers. Consequently, the market for agrochemicals is not expected to increase as much as anticipated due to the growing organic fertiliser industry.

Impact of COVID-19 on South Africa Agrochemicals Market

The COVID-19 pandemic has affected the agrochemicals market in both positive and negative ways. Due to panic buys and stockpiling, the pandemic has increased demand for food, which has increased the requirement for agrochemicals. Farmers have continued to use agrochemicals to protect crops from diseases and pests while also increasing crop yields in an attempt to meet this demand. However, the outbreak has also disrupted the supply chain for agrochemicals, creating challenges with logistics, manpower shortages, and production and shipping. Due to this, the supply chain is now constrained, and the price of some agrochemical products has increased.

South Africa Agrochemicals Market Key Players:

Major market participants include Bayer CropScience AG, BASF SE, Nutrien Ltd, CF Industries Holdings, UPL Limited, Sociedad Química y Minera de Chile (SQM), Yara International ASA, Archer-Daniels-Midland (ADM), and others.

Our in-depth analysis of the South Africa Agrochemicals Market includes the following segments:

By Type: