Middle East and Africa Agrochemicals Market was worth $18.43 billion in 2021 and estimated to be growing at a CAGR of 2.835%, to reach $21.04 billion by 2026.
The agrochemicals market is deemed to be one of the most essential segments of agro-inputs, owing to the increasing commercial farming of high-value crops to meet the growing diversified food demand. Agrochemicals are therefore seen as those products, which boost the return on investment and also help in meeting farmers as well as customer demands, from the economical and health standpoint with growing per hectare production of quality agricultural crops.
Drivers and Restraints of Middle East and Africa Agrochemicals Market:
The growth of the Middle East and Africa Agrochemicals market is majorly driven by factors such as rising population, a wide range of pest control applications of Agrochemicals, and decreasing arable land. However, safer substitutes such as bio-farming and organic pesticides and volatile nature of economies in this region are the major restraining factors for the market in this region. Furthermore, agrochemicals get amassed on the land surface and may even pollute groundwater.
Middle East and Africa Agrochemicals Market – By Type:
Nitrogenous fertilizers lead the agrochemicals market on the basis of type. However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases. Currently, the Pesticides market is being spearheaded by herbicides products, trailed by fungicides and insecticides.
Middle East and Africa Agrochemicals Market – By Application:
By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
The market has been geographically segmented into the Middle East and Africa. The Middle East and Africa region is one of the fastest-growing markets for agrochemicals and is projected to grow substantially during the forecast period due to the growing disposable income levels, and rising food security in this region.
The market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop Science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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