Agrochemicals Market Poised for Significant Growth, Projected to Reach $282.2 Billion by 2028 [Yahoo! Finance]
BAYER AG S/ADR (BAYRY)
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Source: Yahoo! Finance
282.2 billion by 2028, up from USD 235.2 billion in 2023, at a compound annual growth rate (CAGR) of 3.7% during the forecast period. This growth is fueled by the rising global population, increased food demand, and agricultural intensification. Agrochemicals, encompassing fertilizers, pesticides, adjuvants, and plant regulators, play a pivotal role in safeguarding crops, enhancing yields, and maintaining food quality. Key Growth Drivers Rising Global Population According to the United Nations' World Population Prospects 2022, the global population has surpassed 8 billion, creating an urgent need for higher agricultural productivity. This surge in population exerts pressure on limited arable land, driving the demand for agrochemicals to bridge the gap between food production and consumption. Technological Advancements in Agriculture The integration of advanced tools like precision farming has transformed traditional agricultural practices. By employing technologies such as s
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