Latest News- Agrochemicals Market in Canada: Fertilizers is expected to lead the Product segment during 2024-2028
The Agrochemicals Market in Canada is being driven by Increasing use of herbicides
The Agrochemicals Market in Canada is expected to grow at a CAGR of 4.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 267.9 million. In the agricultural sector of Canada, pest control represents approximately 35% of farmers' production expenses, resulting in losses ranging from 11% to 32% due to pest infestations. Traditional pest management relies heavily on chemical pesticides, but the emergence of pesticide resistance and concerns regarding environmental and health impacts have led to a shift towards Integrated Pest Management (IPM). IPM is a strategic approach that combines various control methods, including inspection, monitoring, reporting, and the judicious application of pesticides based on the pest's life cycle. This holistic approach aims to create an unfavorable environment for pests through systemic resistance and operational design, ultimately minimizing the reliance on chemical pesticides.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Fertilizers, Pesticides) Application (Crop based, Others) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Agrochemicals Market in Canada Research Report
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The Agrochemicals Market in Canada encompasses various sectors including biofertilizers, agroecology, organic food production, phosphatic and potassic fertilizers, agricultural sustainability, integrated pest management, crop rotation, weed control, and more. Key areas of focus are agricultural economics, climate change agriculture, water conservation, food security, and soil health. Innovations in regenerative agriculture, crop science, precision agriculture, and agricultural biotechnology are driving progress. Farm management, farm mechanization, and agricultural education are essential for efficient farming practices. Policymakers address agricultural policy, rural development, and environmental impact through sustainable agriculture, organic farming practices, and biodiversity conservation. Biopesticides and agrochemicals contribute to pest and disease control, while agricultural technology and farm subsidies support overall growth. Land ownership and farm management remain critical factors in the industry's success.
The Agrochemicals market in Canada encompasses businesses engaged in the production of fertilizers and agrochemicals, including inorganic fertilizers such as nitrogen, phosphatic, and potassic fertilizers, as well as organic alternatives, and a range of crop protection products like insecticides, herbicides, fungicides, and nematicides. The market's expansion is influenced by several key factors. One significant driver is the increasing focus on product innovation, with vendors introducing new solutions to meet the evolving needs of farmers. This includes the launch of methylated seed oils and other advanced crop yield enhancers. Additionally, there is a growing demand for environmental protection and health and wellness, leading to restrictions on certain chemicals and a shift towards sustainable alternatives. The Canadian market for Agrochemicals is expected to experience robust growth due to these factors, with key players addressing the needs of various sectors, including cereals & grains, manure management, and organic farming.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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