The agrochemicals market Malaysia size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing population which is increasing the food demand.
Agrochemicals are chemical compounds used in agriculture to improve crop yield and protect crops against pests, insects, weeds, fungus, and other organisms. They include fertilizers, adjuvants, and pesticides such as insecticides, herbicides, fungicides, and nematicides. Chemical and biological approaches can both be used to make agrochemicals. Agriculture is a significant business in Malaysia since it guarantees food security and raises rural income levels. Urbanization is to blame for the steady loss of arable land. Population figures and shrinking arable land are to blame for preserving adequacy in agricultural techniques, resulting in increased use of agrochemical goods in previously untapped markets.
According to the International Monetary Fund, the global economy grew by 3.8 per cent (real GDP) in 2017. Economic growth raises people's purchasing power and thus their standard of living. Increased purchasing power causes a shift in the population's eating habits. Because of people's changing eating habits, food demand has grown faster than population growth. As a result, demand for fertilizers and pesticides has increased. Fertilizers and pesticides are used to increase crop yield, soil fertility, and productivity. As a result, agrochemical demand is expected to rise in lockstep with the agriculture industry's expansion.
The COVID-19 has had an impact on the agrochemicals market's production and supply. The worldwide pandemic has had an influence on the normal operation of several businesses throughout the world, including the agrochemicals business. In terms of supply, a short-term labor shortage combined with distribution bottlenecks created a large gap between the number of workers required for agrochemical production and those available, resulting in lower production efficiency and supply chain disruption in the country. As a result, COVID-19, a global pandemic, had a negative impact on the Malaysian agrochemicals market.
The report on the agrochemicals market in Malaysia includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Agrochemicals Market - Malaysia Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Product Types (Fertilizers, Pesticides, Adjuvants, and Plant Growth Regulators) and Applications (Crop Based - Grains & Cereals, Fruits & Vegetables and Oilseeds & Pulses, and Non-Crop-based - Oil Palm, Rubber, Turf Ornamental Grass and Others) |
Country | Malaysia |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Agricultural Chemicals (M) Sdn. Bhd. (ACM), Crop Protection (M) Sdn. Bhd., Hextar Group, Advansia Sdn Bhd, Sin Seng Huat, and Nufarm |
Fertilizers segment to hold major market share
In terms of product types, the agrochemicals market in Malaysia is divided into fertilizers, pesticides, adjuvants, and plant growth regulators. The fertilizers segment is expected to account for a key share of the market during the forecast period owing to the development of oil palm agriculture, which necessitates a large number of potassium fertilizers. On the other hand, the fertilizers segment is anticipated to expand at a rapid pace during the forecast period.
Non-crop-based segment to expand at a robust pace
On the basis of applications, the agrochemicals market in Malaysia is bifurcated into crop-based - grains & cereals, fruits & vegetables and oilseeds & pulses, and non-crop-based - oil palm, rubber, turf ornamental grass and others. The non-crop-based - oil palm, rubber segment is expected to account for a key share of the market during the forecast period due to the rising prevalence of cultivation of oil palm in Malaysia which in turns drives the growth of the agrochemical market. On the other hand, the crop-based - grains & cereals, fruits & vegetables and oilseeds & pulses segment is anticipated to expand at a rapid pace during the forecast period.
Key players competing in the agrochemicals market in Malaysia include Agricultural Chemicals (M) Sdn. Bhd. (ACM), Crop Protection (M) Sdn. Bhd., Hextar Group, Advansia Sdn Bhd, Sin Seng Huat, and Nufarm. These leading companies in the market use new product launches, mergers and acquisitions, and partnerships as their primary strategies. In order to increase their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Key players competing in the agrochemicals market in Malaysia include Agricultural Chemicals (M) Sdn. Bhd. (ACM), Crop Protection (M) Sdn. Bhd., Hextar Group, Advansia Sdn Bhd, Sin Seng Huat, and Nufarm. These leading companies in the market use new product launches, mergers and acquisitions, and partnerships as their primary strategies. In order to increase their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
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