The global Agrochemicals Market is expected to garner a revenue of USD 300 billion by 2024 with a CAGR of 4% during the forecast period of 2019–2024. Agrochemicals is an important agricultural support industry and boosts agriculture, while preventing, reducing and eliminating the impact of disasters to increase food output and safety. Agrochemical consists of herbicides, insecticides, bactericides, and plant growth regulators. The importance of Agrochemicals Market Products is majorly for enhancing food and nutrition security for the population. Moreover, low per hectare yield as compared to the global average and increasing pest attacks further strengthen the need for crop protection via use of agrochemicals.
Some of the prominent factors that positively influence the growth of agrochemicals market are increasing demand for agrochemicals, alarming availability of cultivable land, and increasing research & development. Increasing urbanization along with rising per capita disposable income in the developed and emerging economies are predicted to focus on the cash crops market over the forecast period, 2017 to 2023. Rising need for the agriculture sector to undergo technological transformation and adopt modern methods which reduce the dependency on rains and ensure more productive use of the available resources is driving the agrochemicals market growth.
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Asia Pacific is estimated to be the largest agrochemicals market followed by North America and Europe due to the presence of highest cultivable land and population. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for agrochemicals owing to presence of less cultivable land. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for agrochemicals and is estimated to grow with the same pace over the forecast period. Improving living standards along with the flourishing agriculture sector is predicted to contribute to the regional market growth.
The global agrochemicals market is categorized based on type, product type, and region. Based on type, the market is bifurcated into fertilizers and pesticides. Based on fertilizers product type the market is segmented into potassic, nitrogenous, phosphatic. Based on pesticides product type the market is segmented into fungicides, insecticides, herbicides, bio-pesticides. Based on crop type, the market is segmented into food grains, cash crops, plantation crops, horticulture crops. Based on region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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Some of the prominent players operating in the global agrochemicals market are The Mosaic Company (the U.S.), Bayer CropScience Limited (Germany), The Dow Chemical Company (the U.S.), BASF SE (Germany), Monsanto Company (the U.S.), Syngenta AG (Switzerland), Adama Agricultural Solutions Ltd (Israel), Nufarm Limited (Australia), Arysta LifeScience Corporation (Japan) and Crystal Crop Protection Pvt. Ltd. (India) among others.
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