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Agricultural Algaecides Market Global Market Report 2024 To 2033 |Badische Anilin und Soda Fabrik SE, Dow Inc, Nufarm Agriculture Inc., Bioguard Organics Ltd
Agricultural Algaecides Market
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According to The Business Research Company's, The agricultural algaecides market size has grown strongly in recent years. It will grow from $3.41 billion in 2023 to $3.64 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growing concerns about water quality, expansion of aquaculture industry, traditional agricultural practices, crop protection.
The agricultural algaecides market size is expected to see strong growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global population growth, climate change impact, rising awareness of sustainable agriculture, emerging markets. Major trends in the forecast period include increasing emphasis on bio-based algaecides, precision agriculture adoption, collaborations and partnerships, focus on research and development, digital farming solutions, global market expansion.
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Market Drivers and Trends:
The expansion of the agricultural sector is propelling the growth of the agricultural algaecides market. The agriculture sector includes businesses whose main activities are the production of crops, the breeding of livestock, and the collection of fish and other animals from farms, ranches, or their natural habitats. The application of algaecides aids in agricultural output by aiding in weed and insect control outside farm buildings, nurseries, greenhouses, and other growing operations. The growth of agriculture directly ensures more and more use of algaecides to improve production and crop quality. For instance, in September 2023, according to the U.S. Department of Agriculture (USDA), the agriculture, food, and associated sectors collectively added approximately $1.264 trillion to the United States' gross domestic product (GDP) in 2021, representing a 5.4% contribution. Out of this amount, the output generated by American farms accounted for $164.7 billion, constituting roughly 0.7% of the nation's GDP. Therefore, the expansion of the agricultural sector is driving the growth of the agricultural algaecides market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Badische Anilin und Soda Fabrik SE, Dow Inc, Nufarm Agriculture Inc., Bioguard Organics Ltd., Bayer AG, Lonza Group Ltd., Pinch A Penny Inc., United Phosphorus Limited, Oreq Corporation, Waterco Limited, Pool Corporation, Syngenta Group Co. Ltd, BioSafe Systems LLC, Airmax Inc., Sepro Corporation, FMC Corporation, SIPCAM-OXON GROUP, Origin Enterprises PLC, Certis USA LLC, Vanson HaloSource Inc., Brandt Consolidated Inc., Gowan Company LLC, Helena Agri-Enterprises LLC, Isagro S. p. A., Marrone Bio Innovations Inc., Valent BioSciences LLC, Wilbur-Ellis Company, Aurora Cannabis* Inc, Tesla Inc.
Agricultural Algaecides Market Market 2024 Key Insights:
• The agricultural algaecides market size is expected to see strong growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Agricultural Sector Fuels Growth In The Agricultural Algaecides Market
• Innovative Non-Copper-Based Algaecides Revolutionize The Agricultural Algaecide Market
• North America was the largest region in the agricultural algaecides market in 2023
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