The United Nations Department of Economic and Social Affairs (UNDESA) forecasts that the world population will surge from 7.6 billion in 2017 to 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. As per the UNDESA, the global population is increasing by approximately 83 million every year. The booming world population will create a huge demand for food crops, cash crops, and horticulture crops, owing to which the agrarian community will use agricultural adjuvants in abundance.
Additionally, the mounting investments being made in the agriculture sector will also help the agricultural adjuvants market exhibit a CAGR of 5.5% during 2020–2030. The market revenue will grow from $3,106.7 million in 2019 to $5,485.1 million by 2030. For example, in September 2021, the U.S. Department of Agriculture (USDA) announced an investment of $3 billion in agriculture, animal health, nutrition. Further, the Government of Indonesia and the International Food Policy Research Institute (IFPRI) prepared the Policies to Support Investment Requirements in Indonesia's Food and Agriculture Development during 2020–2045 report to strengthen the agriculture sector.
According to P&S Intelligence, the North American region dominated the agriculture adjuvants market in the preceding years, primarily on account of the presence of local manufacturers. Additionally, the regulatory support being offered to adjuvant producers and related agrochemical companies will also facilitate the production of agricultural adjuvants in the region. Moreover, the non-existence of federal regulations on the application of such adjuvants in the U.S. also propels the consumption of these agrochemicals in North America.
Furthermore, the Asia-Pacific region will also consume a notable volume of agricultural adjuvants in the forthcoming years, due to the surging demand for food products. The increasing food demand can be ascribed to the booming population in developing countries, such as India and China. The World Bank states that the population of India and China grew from 1.353 billion in 2018 to 1.366 billion in 2019 and 1.398 billion in 2019 to 1.402 billion in 2020, respectively.
Thus, the escalating food demand and increasing investments in the agriculture sector will propel the consumption of agricultural adjuvants in the foreseeable future.
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