The agricultural industry's ongoing changes—rapid climate change and biodiversity loss—have created a lucrative growth opportunity for agrochemical technology developers. According to Frost & Sullivan's recent report on the sustainable agrochemicals crop protection market, the need to protect crops and reduce agricultural-related emissions encourages technology developers to create solutions that allow farmers to sustainably increase agricultural productivity. Furthermore, government strategies, such as proposing a 50% reduction in fertilizer losses and a 20% reduction in fertilizer consumption by 2030, are expected to drive innovation in the sustainable agrochemicals market.
"The global governments' emphasis on adopting green technologies for agriculture, coupled with companies' focus on developing zero-emission technologies, will expedite sustainable agrochemicals market growth," said Pranjal Tripathi, Chemicals, Materials & Nutrition Research Analyst at Frost & Sullivan. "Further, international organizations will encourage farmers to adopt such technologies, such as FAO's move to promote advanced technologies to reduce agriculture-related greenhouse gas emissions."
Tripathi added: "Advancement in enhanced efficiency fertilizers (EEFs) is one of the top innovations promoting sustainability in crop protection. Additionally, upcycling fertilizers is another trend that supports sustainability in the field; this primarily consists of technologies enabling the development of fertilizers that convert organic or industrial waste into fertilizers."
To reap the advantage of the expanding sustainable agrochemicals sector, agriculture technology developers should:
Focus on strategic partnerships and mergers and acquisitions with biotechnology market players to accelerate formulation development.
Collaborate with research academia to enable technology developers to address challenges associated with high installation and production costs, enabling the commercial scale-up of these technologies.
Form strategic partnerships for new product development. It will be crucial for developing nanomaterials for agrochemicals with promising characteristics.
Growth Opportunities in Sustainable Agrochemicals for Crop Protection is the latest addition to Frost & Sullivan's Chemicals, Materials & Nutrition research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Source: PR Newswire