Agricultural Surfactant Market - Growth, Trends, and Forecast (2019 - 2024)
The global market for agricultural surfactants was valued at USD 1.45 billion in 2018, and it is estimated to go up to a value of USD 2.19 billion by 2024, registering a CAGR of 6.9% during the forecast period, 2019-2024.
A surfactant can be defined as a substance, which reduces the surface tension of the liquid in which it is dissolved. The report defines the surfactants market, in terms of end-users who procure surfactants for exclusive application in agricultural production. The end-users include farmers and institutional buyers operating in the agriculture and allied production.
Rising Demand for Food and Shrinking Land Driving the Market
The global population is increasing exponentially and every day nearly 200,000 people are getting added to the world food demand. According to the US population division, the world's human population has increased nearly fourfold in the past 100 years, and it is projected to reach 9.2 billion by 2050. Supplying food to this growing population has become a global threat. Farmland per capita in 2030 is expected to decrease to 1800 m² from 2,200 m² in 2005. Making the scenario worse, various crop pests are causing 10%-16% of global crop losses annually. Therefore, to meet the global food demand, crop protection is the key strategy adopted by farmers. The demand for crop protection chemicals is further driving the market for agricultural surfactants.
North America Dominates the Agricultural Surfactant Market
North America holds the largest part of the agricultural surfactant market at 35%. The region is expected to grow at a steady rate during the forecast period, especially with the aim of the various government initiatives to increase yield and maintain a continuous supply of raw materials for the food, feed, and biofuel industries.
The market for agricultural surfactants is fragmented. The key players in the market have been following expansion strategy to explore new regions by means of acquisitions, new product launches, expansion and investments, agreements, partnerships, collaborations, and joint ventures. Investment in research and development is another strategy adopted by the market leaders. Some of the major players in the market are Evonik Industries AG, Dow Corning Corp., Akzonobel NV, and Solvay SA (Belgium).