While no one here is necessarily wrong, something that has not been brought up are YOUR goals. What do you want to accomplish with producing music? If you simply want to maintain a hobby, and you find that you are not inhibited by your lack of konwledge about music theory- then it is probably not important. If you want to turn your production skills into a profitable career, and you find that you are hitting road blocks in terms of your ability to convey your musical ideas- then theory might be something you want to learn.

Is it "necessary"? No. Is it incredibly useful? Yes. Would I implore you to learn it regardless? Yes. Do you have to do it to enjoy listening to or making music? No.

It's all a matter of preference, but I will tell you that learning the fundamentals of music theory has helped me shorten the learning curve when it comes to arrangement/composition, melodies, and harmonies. It's akin to knowing the function for the equation in Excel as opposed to solving the polynomial by hand on paper.