Asia Pacific Irrigation Valves Market Size

Asia Pacific Irrigation Valves Market Analysis

The Asia Pacific irrigation valve market is expected to register a CAGR of 7.2% over the forecast period. The increasing need for efficient irrigation systems, along with automating and digitizing the existing irrigation system, is driving the demand for irrigation valves over the forecast period.

• Asia-Pacific is one of the major contributors to the agricultural sector worldwide. With India being the significant player in the region. The country's agricultural sector is the primary source of livelihood for about 58% of India's population. According to IBEF, the Indian food processing industry contributes to 32% of the country's total food market, one of the largest industries in the country. It is ranked fifth in terms of production, consumption, export, and expected growth.
• The region is getting support from international organizations to boost agricultural production, which will drive the growth of the market. In Oct 2022, the Asian Development Bank approved a USD 157 million loan to improve sustainable agricultural production systems in the Yellow River basin in the People's Republic of China.
• Further, in Dec 2022, the Asian Development Bank approved a USD 20 million financing package to improve access to drinking water and irrigation services and strengthen climate resilience in the districts of Zhemgang and Wangdue Phodrang in Bhutan. The organization will support the Government of Bhutan's Water Flagship Program and the National Integrated Water Resources Management Plan to improve climate change resilience and water sector performance, thereby boosting farmers' productivity.
• Moreover, countries across Asia-Pacific are joining an initiative to promote and showcase the best of their special agricultural products, a move to ensure a high level of participation from smallholders to producers. To support the initiative, the Food and Agriculture Organization of the United Nations (FAO) launched the Green Development of Special Agricultural Products: One Country One Priority Product (OCOP) in May 2022 in the region. Such initiatives will demand better irrigation systems across the farmlands, thereby creating a need for irrigation valves over the forecast period.
• Although the spread of COVID-19 had a significant impact on the global economy, agricultural and allied services were the least impacted sectors. According to the Press Bureau of India, the Agricultural and Allied sectors registered a growth of 3.6% during 2020-21, even though the overall economic growth dropped by -7.2% during the same period.