Global Agrochemicals Market To Show Rapid Growth Due To Increasing Demand For Crop Productivity
The DecisionDatabases.com report "Global Agrochemicals Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” estimates the market to reach USD 173.4 Billion by 2023, at a CAGR of close to 4.5% from 2017 to 2023. Agrochemicals are chemical products that are used in agriculture to enhance crop productivity and protect the crops from pests, insects, weeds, fungi, and others.
The major factors which are driving the agrochemicals market are increase in growth of horticulture & floriculture, increasing farmer’s literacy rate and growing awareness towards the use of pesticides and fertilizers in major crop producing countries. The growth for the global agrochemicals market is further driven due to the increasing farmer’s attention towards the superior quality agrochemicals products which should be nutritive and balanced. The increase in research and development activities done in the field of bio-pesticides in order to compete with integrated pest management and organic farming has become one of the recent trends in the agrochemicals market worldwide. In addition agrochemicals products has also increased the return on investment and helps in fulfilling the consumers as well as farmer’s demands from health and economical perspective which further drives the demand for it. Growing population, increasing pest concerns, declining arable land and emergence of a variety of agrochemicals are some of the other factors which are anticipated to boost the demand for agrochemicals in the near future. However, the agrochemicals market is also influenced by factors such as shifting R&D investments, rigorous research & sharing of intellectual property rights. The emergence of new technologies that increases crop production through the maximum use of scarce resources such as fertilizers, land and water is also driving the global agrochemicals market.
According to the report, the global agrochemicals market can be segmented into two types-type and geography. On the basis of type, agrochemicals can be classified into fertilizers and pesticides. Fertilizers can be further classified into synthetic and biofertilizers. Synthetic fertilizers can be further divided into nitrogenous, phosphatic, and potassic fertilizers. Based on pesticides, they are categorized into insecticides, fungicides, and herbicides, which include synthetic and bio-based.
Geographically, the global agrochemicals market can be segmented into North America, Europe, Asia-Pacific, and LAMEA. Among the aforementioned segments, Asia Pacific accounted for the largest market share for agrochemicals market owing to high agricultural activities in this region, followed by North America and Europe. North America occupies the highest per hectare consumption (4.5kg/hectare of agrochemicals) as compared to all the other regions. Moreover, the agrochemicals market is anticipated to show a double digit growth in Asia Pacific due to the rising demand of food grains from ever-growing population along with the increasing exports of food grains from developing countries such as India and China. The largest producer of agrochemicals in North America is U.S.
Some of the major companies operating in global agrochemicals market include Yara International ASA (Norway), Israel Chemicals (Israel), BASF SE (Germany), The Mosaic Co. (U.S.) and Dow Chemical Limited (U.S.).
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