Egypt Agrochemicals Market Insight, Outlook, Forecast 2023-2030
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 produces 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.
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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). The presence of high number of companies intensify the market competition as they compete to gain a significant market share.
These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.
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