CAPTION: Germany's BASF confirms turnover target for its agriculture sector. (icture alliance/dpa)
BASF, the largest chemical company in the world, confirmed in Ludwigshafen in south-western Germany its turnover goal for its new products in the agriculture business.
By 2031, the company aims to achieve proceeds of €7.5 billion ($7.83 billion) in this area, according to Michael Wagner, who is in charge of the agriculture solutions sector of BASF.
To this end, the company will focus on improving the agricultural yield of important crops such as wheat, rapeseed, corn, soy, cotton, rice, fruit, and vegetables.
"In the first quarter, we published good numbers," said Wagner. He said that many farmers had bought products early, skewing profits towards the beginning of the year.
While BASF was achieving a good turnover with its available products, he said that it was not yet able to produce some of its goods in the necessary quantity to match demand.
Furthermore, Wagner said that the company is facing rising costs as the price of various pre-products, including chemicals, packaging, and transport, is on the increase.
He said that it was increasingly difficult to source containers for international transport, increasing the difficulty of shipping products when and where they are needed.
In the last year, BASF spent around 11% of the turnover of its agricultural sector on research and development. The company hopes to bring eight new products on the market by 2028.
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