The Malaysia Agrochemicals Market is projected to register a CAGR of 4.5% during the forecast period (2021-2026).
The COVID-19 has affected the production and supply of agro chemicals market. The global pandemic has impacted the proper functioning of various industries across the globe, and it also affected the functioning of the agro chemicals market as well. In terms of supply, a short-term shortage of migrant laborers amidst distribution bottlenecks created a wide gap between the number of workers required for the production of agro chemicals and the ones available leading to decrease in production efficiency and disruption of supply chains in the country. Thus, global pandemic, COVID-19, caused negative impact on the Malaysian agrochemicals market.
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In Malaysia, agriculture is an important industry, as it ensures food security and increases income levels in rural areas. The gradual decline of arable land can be attributed to urbanization. Population statistics and declining arable land are responsible for maintaining adequacy in agricultural practices, ensuring greater utilization of agrochemical products in the areas that were ignored in the past. In Malaysia, the use of agrochemicals has been growing at a significant pace, particularly, for pesticides and fertilizer consumption as modern practices are being utilized in fields. The growth of agrochemical industry also depends on the rapid expansion of areas, under oil palm and rubber plantations.
Key Market Trends
Decreasing per capita arable land and increasing demand for food
Population in the region is increasing at a rapid rate. This growing population is adding to the food demand. Supplying food to this growing population has become a threat. On the other hand, arable land is declining, due to industrialization and urbanization. Fertilizers have been used for a long time to increase the productivity of crops. Adequate and balanced use of agrochemicals will help in feeding the growing population from the available cultivable land. This will boost the demand for agrochemicals such as fertilizers and pesticides in Malaysia. The strongest forces driving the demand for agrochemicals include the need for crop intensification (to increase yields per acre) while pursuing increasingly sustainable practices, seeking biological alternatives to boost production with decreased pressure on the environment, or adding to integrated practices to close the yield gap.
Increasing demand for Chemical fertilizers in plantation crops
The potassic fertilizers segment occupies the largest share of the fertilizer market. This growth can be attributed to the continued expansion of oil-palm cultivation, which requires a significant amount of potassic fertilizers.Plantation crops, like oil palm and rubber, consume the majority of agrochemicals in the country followed by cereals and vegetables.
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