Africa Agrochemicals Market - By Type, Application and Geography - Market Shares, Forecasts and Trends (2017 - 2022)
Africa is one of the least developed markets in agrochemical industry and the market has a huge potential. The region is estimated to grow at a CAGR of 2.4% during 2015-2020.
Africa Agrochemicals Market Dynamics
Africa is a vast continent in terms of land area; however, the availability of land for agricultural usage is very less. The need to increase yield through the usage of agrochemicals has been driving the market demand. Further, with the economic improvement in some African countries, farmers have become more aware of the necessity of agrochemicals application in the land. Integrated farming practices if adopted would further develop an opportunity for the sector. The high cost of agrochemicals is not always affordable for poor farmers of Africa and is restricting the growth of the market.
Government interventions will strengthen the industry. In most African countries, agriculture supports the survival and well-being of up to 70% of the population. Egypt and South Africa are the major agriculture producing countries. South Africaâ€™s use of agrochemicals and fertilizers for agricultural requirements far outpaced that of any other country in Africa; however, there is still scope for improvement in terms of output per hectare of land availability. Grains and cereal crops consume most of the agrochemicals like fertilizers and pesticides in the region given the need of increasing the food production level for regional consumption.
Key Players in the African Agrochemicals Market
The fragmented market of the African fertilizer industry is dominated by a lot of foreign players as these players try to get hold of this highly underdeveloped market. Major companies operating here are Belaruskali, OCP, Agrium, CF Industries Holdings, Yara International, Bunge (BG), Potash Corporation of Saskatchewan,E.I. Du Pont De Nemours & Company, One Acre Fund and Sasol etc.