Egypt Agrochemicals Market: Trends Shaping the Future of Sustainable Agriculture
BlueWeave Consulting
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Egypt Agrochemicals Market is flourishing because of the growing focus on food security and improved agricultural productivity and the rapid adoption of advanced agrochemical products.
BlueWeave Consulting, a leading strategic consulting, and market research firm, in its recent study, estimated Egypt Agrochemicals Market size at USD 1.3 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Egypt Agrochemicals Market size to expand at a CAGR of 6.1% reaching a value of USD 2.0 billion by 2030. Major growth factors for Egypt Agrochemicals Market include a rising demand for agricultural products as a result of population growth and urbanization, as well as decreasing crop yields due to soil degradation. Furthermore, the growing use of precision farming makes it possible to use agrochemicals effectively and economically, which is also expected to expand Egypt Agrochemicals Market over the forecast period.
Opportunity - Rising Focus on Feeding Growing Population
The growing population of Egypt and a high migration rate to urban areas are resulting in changing dietary preferences, boosting the need for higher agricultural productivity. The shrinking arable land due to degradation in soil fertility and rising sea levels are prompting farmers to adopt agrochemicals, such as fertilizers, pesticides, and herbicides to boost crop yield and ensure food security. Farmers are using modern agrochemical solutions more and more to increase crop resilience to pests, avoid crop diseases, and increase yield.
Impact of Escalating Geopolitical Tensions on Egypt Agrochemicals Market
Intensifying geopolitical tensions may negatively impact the growth of Egypt Agrochemicals Market. The country is dependent on imports of agrochemicals, including pesticides, fertilizers, and herbicides, to meet its growing domestic demand for these chemicals. However, disturbances in trade routes due to geopolitical tensions, like the Suez Canal dispute, lead to supply chain disruption. These issues result in delayed shipments, increased transportation costs, and a shortage of chemicals. Furthermore, escalating tensions in neighboring countries of Egypt, such as Palestine, Israel, and Sudan, may also deter foreign investments in the agrochemical sector, limiting its market growth.
Fruits and Vegetables Segment Leads Egypt Agrochemicals Market
The fruits and vegetables segment holds the largest share of Egypt Agrochemicals Market. Egypt is a major producer and exporter of fresh fruits, mostly citrus, sugar cane, sugar beet, and potatoes. The Food and Agriculture Organization of the United Nations states that 70–90% of the EU's imports are Egyptian potatoes. Additionally, the country uses almost 90% of its sugar cane crop for sugar extraction. Agrochemicals' increasing use in Egypt's agricultural industry is mostly due to their ability to shield crops from insect damage, which drives its market growth.
Competitive Landscape
The major industry players of Egypt Agrochemicals Market include Bayer Limited Egypt LLC, BASF SE, Cortiva Agriscience AG, Kafr El Zayat Pesticides and Chemicals, Abu Qir Fertilizers and Chemicals Industries, Chitosan Egypt, Evergrow Fertilizers, Yara International, Misr Fertilizers Production Company (MOPCO), and Helwan Fertilizers Co. (HFC). Many companies intensify the market competition to gain a significant market share.
Growth Drivers
Increasing Investments in Domestic Agrochemical Production
The lucrative agriculture sector and agrochemical market of Egypt are significantly attracting foreign direct investments (FDIs). Many global companies are establishing agrochemical production plants in the country and collaborating with domestic players and government agencies to tap into the potential market. Egyptian Chemical Industries (KIMA), for instance, is planning to set up a new chemical and fertilizer plant in Aswan with a production capacity of 600 tons of nitric acid per day. Government agencies are also taking favorable steps to improve domestic agrochemical production.
Scope of the Report:
By Type
领英推荐
By Crop Type
Frequently Asked Questions (FAQs):
1. What is the current market size of Egypt Agrochemicals Market?
Ans: Egypt Agrochemicals Market size was estimated at USD 1.3 billion in 2023.
2. What is the expected CAGR and Value of Egypt Agrochemicals Market during the forecast period?
Ans: During the forecast period between 2024 and 2030, Egypt Agrochemicals market size is expected to grow at a CAGR of 6.10% a value of USD 2 billion by 2030.
3. What are the major factors driving the growth of Egypt Agrochemicals Market?
Ans: Major factors driving the growth of Egypt Agrochemicals Market include the growing need for food security and improved agricultural productivity and the adoption of advanced agrochemical products.
4. Name the key players in Egypt Agrochemicals Market.
Ans: Key players in Egypt Agrochemicals Market include Bayer Limited Egypt LLC, BASF SE, Cortiva Agriscience AG, Kafr El Zayat Pesticides and Chemicals, Abu Qir Fertilizers and Chemicals Industries, Chitosan Egypt, Evergrow Fertilizers, Yara International, Misr Fertilizers Production Company (MOPCO), and Helwan Fertilizers Co. (HFC).
5. Which segment accounts for the largest share of Egypt Agrochemicals Market by type?
Ans: The pesticides segment holds the largest market share of Egypt Agrochemicals Market by type.
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Thank you for sharing these insights on the Egypt Agrochemicals Market. It's an exciting area for growth and innovation.