Corteva(CTVA) GlobeNewswire News Room·2024-07-11 08:02Market Overview - The crop protection chemical market in Ivory Coast has seen significant growth, driven by an expanding agricultural sector with an annual growth rate exceeding 7% over the past twenty years [2][3] - The agricultural industry contributes approximately 22% to the country's GDP and employs around half of the workforce [2] Government Initiatives - The Ivorian government has developed a comprehensive action plan for 2024-2025 focusing on forest protection, agroforestry, sustainable production, and community engagement [3] - The National Agricultural Investment Program (PNIA II) aims to modernize the agricultural sector with a budget of USD 19.8 million allocated for the period from 2017 to 2025 [7] Market Dynamics - The market is projected to grow at a CAGR of 7.1% from 2024 to 2030, driven by the increasing demand for crop protection chemicals due to cash crop cultivation [7][8] - Herbicides currently dominate the revenue share in the market, primarily due to their cost-effectiveness in controlling weeds [4] Market Segmentation - The market is segmented by application, with commercial crops accounting for a significant portion of the demand [10] - Synthetic chemicals hold the highest revenue share in the crop protection chemicals industry, reflecting their widespread adoption in modern agriculture [16] Crop Production and Diversification - Farmers are diversifying crops such as coffee, rubber, cotton, palm oil, and bananas, which enhances productivity and provides alternative income sources [8] - Ivory Coast has become the third-largest producer of natural rubber, further supporting the growth of the crop protection chemical market [8]