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Saudi Arabia Agricultural Chemicals Market Share

ID: MRFR//12355-HCR | 128 Pages | Author: Garvit Vyas| November 2024

The dynamic nature of the Saudi Arabia Agricultural Chemicals Market makes the strategies to hold or even more gain market shares that often have to be changed constantly in this niche. Companies which occupy this market position utilize a wide range of competitive positioning techniques to keep their rugged and flexible under a variety of farmers' needs.

Here is another common strategy for commercial agriculture products: that is product differentiation, entrepreneurs play the role of distinguishing their agricultural chemicals from other companies' offerings. Examples of such applications could include going for new formulations, improving the efficacy of the existing products or the integration of green and sustainable features in products. Because of this growing awareness for eco–concerns among farmers and consumers, products that grow sustainably generally are preferred by them.

In addition, the industrial plants in the Saudi Arabian Agricultural Chemicals Market have made effort to create efficient distribution networks via interaction with prominent stakeholders such as growers, distributors, and the consumers. Designing and establishing a reliable distribution channel is the main goal; it is mainly to guarantee that products land at the hands of consumers. This demands networking closely with Saudi Arabian distributors and retailers to be able to respond to the characteristics of the Saudi Arabian local agricultural environment and to adjust appropriately for marketing and promoting the product.

Market segmentation is also a crucial strategy that is instrumental in allowing companies to have the ability to reach and serve narrow customer groups that have been chosen and specialized products that have been specially designed for them. The Saudi Arabian agricultural landscape varies from traditional to new technologies with a mix of traditional and latest technologies. Knowing different segments' needs, for example commercial farms, smallholders, or organic farmers, allows companies a customizing option to find a specific format that suits each segment.

In addition to this, the price which a seller uses is certainly an important factor in gaining the position of market share. Businesses must find a happy medium between good products and services that will attract customers and the wishes of shareholders and provide good returns. The price models can range from the quality and reputation of the product, to the customer care offered. Moreover, with tailoring for different farmer pricing models, which consider their budgets, introduces a possibility of getting wider market approval.

Development of a favorable brand image will become a prerequisite to the long-term sustainable development of the chemical fertilizers industry in Saudi Arabia. PBU is the most common denominator to product reliability, quality, and excellent customer service. Corporations pay for marketing strategies aimed at promoting the fact that they manufacture products that will be used precisely to solve the problems and perfectly sustain nature. In this way, new consumers will be drawn in, and, as a result of the same circumstances, the loyalty of existing customers will be fostered.

In light of the fast-spreading sustainable trend, food companies are allocating various resources for research and development to create ecofriendly and natural agrochemicals. It is imperative to consider these dynamics while developing a marketing strategy as a new marketing product since both farmers and consumers are shifting their preferences, and this leads to an increase in overall market share.

Covered Aspects:

Report Attribute/Metric	Details
Growth Rate	3.80% (2023-2032)

Saudi Arabia Agricultural Chemicals Market Highlights:

Saudi Arabia Agricultural Chemicals Market Trends

Saudi Arabia Agricultural Chemicals Market Analysis

Saudi Arabia Agricultural Chemicals Market Share

Saudi Arabia Agricultural Chemicals Companies

Saudi Arabia Agricultural Chemicals Market Overview

Saudi Arabia Agricultural Chemicals Market Size was valued at USD 12.5 Billion in 2022. The agricultural chemicals industry is projected to grow from USD 12.97 Billion in 2023 to USD 17.485 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.80% during the forecast period (2023 - 2032). A few of the key market drivers propelling the market expansion are the burgeoning greenhouse vegetable output, the scarcity of arable land, the evolution of R&D investments, and the rising environmental concerns regarding the overuse of chemicals in agriculture. Saudi Arabia Agricultural Chemicals Market Overview Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Agricultural Chemicals Market Trends

Rising scarcity of water to boost the market growth

Due to its effect on farming techniques, water shortage is a major driver of the market for agricultural chemicals. Agriculture must use water more effectively due to water constraint. To maximize water usage, sophisticated irrigation techniques are used, such as drip irrigation and precision irrigation. The need for chemicals employed in these systems, such as fertilizers and soil conditioners, is subsequently driven by this. Furthermore, in areas with limited water supplies, fertigation—the incorporation of nutrients with irrigation systems—becomes essential. Farmers use this technique to increase fertilizer efficiency by directly supplying nutrients to crops through irrigation water. This pattern helps fuel the market expansion for agricultural chemicals, especially in the fertigation sector. Additionally, crop stress is frequently caused by a lack of water. Crop management in water-limited environments requires the use of agricultural chemicals, such as plant growth regulators and biotechnologically produced stress-tolerant cultivars.

Government actions are crucial in promoting growth in the agriculture chemicals sector in Saudi Arabia. Fertilizers and other necessary agricultural chemicals are frequently subsidized by the government, which lowers their cost for farmers. The goal of this assistance is to promote broad use and raise total agricultural yield. Additionally, funding for agricultural chemical research and development projects aids in the creation of novel and effective goods. This helps the agriculture industry thrive and remain competitive in addition to helping farmers. Moreover, the use of contemporary agricultural technologies, such as smart irrigation systems and precision farming, is encouraged by the government. Frequently, these technologies employ certain agricultural chemicals in order to optimize productivity and reduce wasteful use of resources. Thus, driving the agricultural chemicals market revenue.

Agricultural Chemicals Market Segment Insights

Agricultural Chemicals Crop Type Insights

The Saudi Arabia Agricultural Chemicals market segmentation, based on crop type includes Cereals, Pulses and oilseeds, Fruits and vegetables, Lawns and turfs, and Others. The cereals segment dominated the market mostly. The majority of agricultural chemicals are applied to cereals because poor soil quality can result in lower yields and lower nutritional levels for crops like rice. In order to address this issue, fertilizers with additional minerals increase the nutrient content and production of cereals.

Agricultural Chemicals Mode of Application Insights

The Saudi Arabia Agricultural Chemicals market segmentation, based on mode of application, includes Foliar, Fertigation, and Others. The fertigation category generated the most income. Because of its accuracy and advantages for the environment, this technique increases crop yields while reducing resource waste and is becoming more and more common. The growing significance of fertigation in the larger agriculture chemicals business is a result of the growing adoption of modern agricultural practices.

Figure 1: Saudi Arabia Agricultural Chemicals Market, by Mode of Application, 2022 & 2032 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Agricultural Chemicals Type Insights

The Saudi Arabia Agricultural Chemicals market segmentation, based on type, includes Pesticides and Fertilisers. The fertilisers category generated the most income. The production of a huge amount of fertilizers and the efforts of corporations and governments to educate farmers about their benefits are likely to contribute to a major growth in sales over the projection period. In other words, because of the tremendous pressure the agrarian community faces to meet the growing need for food, the population growth is probably going to increase the need for fertilizers.

Agricultural Chemicals Country Insights

Saudi Arabia held a significant share in the market for agricultural chemicals due to shifting consumer consumption habits and rising awareness. The GDP of the nation is boosted by the agriculture industry every year by 53 billion SR. Furthermore, the population growth in recent years has increased the significance of agriculture in this area, which is what is fueling the market expansion. Furthermore, the Saudi Arabian government is quite supportive of beneficial initiatives that boost agricultural in the area. Additionally, the market's rise is ascribed to higher investments in the development of the agricultural sector and the region's adoption of better water preservation technology. Increases in disposable income, the nation's fast urbanization, and the modernization of the food industry all contribute to the expansion of the agriculture chemicals market.

Agricultural Chemicals Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the agricultural chemicals market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, agricultural chemicals industry must offer cost-effective items.

Major players in the agricultural chemicals market are attempting to increase market demand by investing in research and development operations includes Bayer AG (Germany), BASF SE (Germany), Yara (Norway), Compass Minerals (US), Syngenta Crop Protection AG (Switzerland), ADAMA (Israel), Sumitomo Chemicals Co. Ltd. (Japan), Nufarm (Australia), UPL (India), K+S Aktiengesellschaft (Germany), ICL (Israel), Rotam (South Korea), Corteva (US), and FMC Corporation (US).

Key Companies in the agricultural chemicals market include

Bayer AG (Germany)

BASF SE (Germany)

Yara (Norway)

Compass Minerals (US)

Syngenta Crop Protection AG (Switzerland)

ADAMA (Israel)

Sumitomo Chemicals Co. Ltd. (Japan)

Nufarm (Australia)

UPL (India)

K+S Aktiengesellschaft (Germany)

ICL (Israel)

Rotam (South Korea)

Corteva (US)

FMC Corporation (US)

Agricultural Chemicals Industry Developments

February 2022: Adama released Timeline FX, a cutting-edge cross-spectrum spring foliar herbicide for cereals. With its three complimentary modes of action and integrated adjuvant, the product offers growers the widest treatment window of any herbicide for managing grass and broadleaf weeds in cereal crops.

January 2022: Yara and Lantmännen inked a contract to introduce fertilizers free of fossil fuels to the market. As a result of the firms' cooperation, Yara and Lantmännen have signed a commercial agreement for the production and marketing of green fertilizers in Sweden starting in 2023.

Agricultural Chemicals Market Segmentation

Agricultural Chemicals Crop Type Outlook

Cereals

Pulses and oilseeds

Fruits and vegetables

Lawns and turfs

Others

Agricultural Chemicals Mode of Application Outlook

Foliar

Fertigation

Others

Agricultural Chemicals Type Outlook

Pesticides

Fertilisers

Saudi Arabia Agricultural Chemicals Companies

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