According to Fortune Business Insights the agricultural surfactants market was valued at USD 1,392.8 million in 2019 and is expected to reach USD 1,927.5 million by 2027, growing at a CAGR of 5.1% during the forecast period. The growth is attributed to the increasing population rate and the growing demand for crop protection that is driving the adoption of advanced agricultural surfactants globally. This information is published by Fortune Business Insights, in its latest report.
Limited Availability of Agrochemical Supplies to Hamper Growth Prospects
The lockdown amid the novel coronavirus announced by the government agencies have halted several industrial operations globally. This has led to major supply chain disruption being experienced by the agriculture sector. Additionally, the limited availability of agrochemical supplies is likely to affect the market growth leading to several problems faced by the farmers. However, lifting off some restrictions is likely to aid the growth of the market in the forthcoming years.
Agricultural surfactants are additives that are widely adopted in the agriculture sector to improve the effectiveness of the pesticides. They are further used to efficiently and effectively obtain superior crop yield and manage better crop protection. The growing demand for food is propelling the manufacturers to develop advanced agricultural surfactants globally.
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DRIVING FACTORS:
Increasing Population Rate to Augment Growth
According to the data by the United Nations, the global population is expected to reach about 8.5 billion by 2030. And 9.7 billion by 20250. The growing rate of population is likely to propel the demand for food and to suffice the needs the agriculture sector is expected to focus on the development of superior quality yield. These factors are anticipated to drive the demand for advanced agricultural surfactants globally. Additionally, supportive government regulations to promote sustainable farming practices and the increasing focus on crop protection is expected to contribute to the growth of the global agricultural surfactants market during the forecast period.
AGRICULTURAL SURFACTANTS MARKET SEGMENTATION:
Anionic Segment Held 35.42% Market Share in 2019
The anionic segment, based on type, held a market share of about 35.42% in 2019 and is expected to gain momentum backed by the surging adoption of anionic agricultural surfactants owing to their ability to release surface tension in liquids to promote better spread of agricultural chemicals.
REGIONAL INSIGHTS:
Technological Advancement in Agriculture in North America to Propel Market Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global agricultural surfactants market. This is ascribable to factors such as technological advancement in the agriculture industry such as the introduction of genetically modified seeds and the focus on sustainable farming that drives the demand for advanced agricultural surfactants in the region. North America stood at USD 582.9 million in 2019.
The market in Asia-Pacific is expected to gain momentum owing to the presence of a large population that is propelling the demand for optimum quality food yield in countries such as Japan, China, and India between 2020 and 2027.
COMPETITIVE LANDSCAPE:
Product Innovations by Key Players to Brighten Their Market Prospects
The global agricultural surfactants market comprises small, medium, and large companies that are focusing on adopting organic and inorganic strategies to maintain their presence. These companies are developing innovative agricultural surfactants to cater to the growing demand from farmers. Furthermore, other key players are striving to maintain a stronghold by adopting strategies such as merger and acquisition, partnership, and collaboration that will favor the market growth.
Industry Development: