Growing Into Tomorrow
It’s no secret that today’s agriculture industry faces unprecedented challenges, and retailers stand on the front line facing them every day. These challenges span the globe. The growing global population must somehow be fed by farmers dealing with climate change, ever-tightening environmental regulations and pesticide resistance, among other concerns, while trying to adapt to new technologies such as AI.
Meanwhile, retailers confront these challenges while trying to keep their product inventories fresh and effective — phasing out old products that no longer work well enough and introducing their customers to new chemistries, including biologicals — while maintaining an efficient, profitable business. Retailers are naturally pessimistic, but all is not gloom and doom. According to recent studies, the future looks bright for the crop protection industry, partly due to these very challenges.
A study1 posted in September 2023 by Global Market Insights includes a ten-year forecast (2023–2032) that estimates a compound annual growth rate (CAGR) of 4.2% during this period for the crop protection chemicals market. The reason for such a rosy outlook? The authors point to “the increasing challenges from invasive pests and emerging diseases.” They also cite the food security issue for a growing global population. Yields must continue to increase. Tightening regulations and public demand for environmentally friendly practices create a need for new products. Thus, the challenges the industry faces today will drive growth tomorrow.
Of course, innovation by product manufacturers is critical to meet this demand. BASF invests heavily in agriculture research — to provide new, effective solutions that retailers can confidently recommend. From seeds to crop protection products to digital tools that help make informed decisions, BASF innovation is helping meet today’s and tomorrow’s needs.
Kate Greif, senior marketing strategy manager, BASF U.S. Agricultural Solutions says, “Our roots are in agriculture innovation, and that’s continued to evolve over the past hundred years.” This long-standing commitment will continue far into the future.
This whole industry revolves around making sure the farmer can be effective,” Greif says. “That means helping them solve their problems. Ag retailers, I want to be sure they’re providing the most effective, economical solution. A happy farmer should make for a happy retailer.”
1. Crop Protection Chemicals Market Size by Product (Herbicides, Fungicides, Insecticides, Biopesticides), By Source (Synthetic, Natural), By Crop Type (Cereal and Grains, Fruits and Vegetables, Oilseed and Pulses), By Form (Dry, Liquid) By Application and Forecast, 2023–2032, by Kiran Pulidindi and Kunal Ahuja, September 2023, published by Global Market Insights, www.gminsights.com.
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