Acumen Research and Consulting estimates that the global agrochemicals market is anticipated to reach market size of around US$ 283 Bn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027.
Agrochemicals are a general term for agricultural chemical materials which include, pesticides, insecticides, fungicides, herbicides, nematicides, plasticizers, bio-fertilizers, chemicals for production among others. Rising numbers of population and Especially with the current world population scenario, rising crop production in the present agricultural land to support the global population is highly significant.
Synthetic fertilizers, pesticides and hormones are among the principal chemicals used in agriculture to control plant production. Agrochemicals have multiple benefits in growing crops such as high yield, better yield quality, decreased crop loss, crop safety, and others as the market for agrochemicals is rising in order to satisfy the increasing global market for agriculture products. Another aspect that boosts the selling of various agricultural chemicals is the rise in cultivable land for crops such as fruit & crops and flora. In developing markets such as South America, Africa and the Middle East, the rise of agriculture paves the way for many competitive industry players. In addition, a heavy emphasis on product creativity by agrochemical producers is projected to give them a greater competitive edge over their rivals. But, due to growing environmental concerns about chemical use in agriculture, the global agrochemicals market is experiencing barriers in its production. Excessive use of agrochemicals leads to soil, water, and air pollution which can contribute to human toxicity. Furthermore, abuses of intellectual property rights impede industry players growth, which in effect hampers development of the world industry for agrochemicals.
Agricultural Development, Supported by Economic Growth
According to IMF reports, in 2018 the global economy expanded by 3.8%. In addition to the purchasing capacity of individuals, sustainable prosperity increases in living condition owing toincreased purchasing ability resulting in a shift in people's eating habits. As a result of this eating habits of people, increase in demand for food was higher than population growth. The demand for fertilizers and pesticides has, in effect, increased. In order to improve crop yield, soil fertility and increase demand, fertilizers and pesticides are used. As a result, demand for agrochemicals will rise alongside agricultural industry production.
The market research study on “Agrochemicals Market (By Type: Fertilizers, Pesticides, Herbicides, Insecticides, Fungicides, Others; By Mode of Application: Foliar, Fertigation, Others; By Crop Type: Cereals & Grains, Oilseed & Pulses, Fruits &, Vegetables, Others) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global agrochemicals market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global agrochemicals market are service, type, mode of application, crop type, and major geographic regions. The agrochemicals market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
Due to the high agricultural activities in the region, Asia-Pacific was the largest share of the agrochemicals industry but France is Europe's main market for agrochemicals. When used at larger concentrations, agrochemicals cause degradation and damage to the atmosphere at surface water. There have also been many opportunities for key players in the manufacture of bio-based fertilizers and pesticides.
Major players included in this report FMC Corporation, Bayer AG, BASF SE, DowDuPont, DuSolo Fertilizers, Israel Chemicals Limited (ICL), The Mosaic Company, Yara International ASA, WinHarvest Pty Ltd, Nutrient Ltd., PhosAgro, Syngenta AG, Saudi OCI N.V., S.A OCP, Arabia Fertilizer Company (SAFCO), Jordan Abyad Fertilizers and Chemicals Company, K+S KALI GmbH, Heringer and others. Acquisition was one of these players primary strategies recently to ensure that market shares of their players are preserved.In 2016, Monsanto, one of the biggest agricultural and chemical firms in the United States, was purchased by Bayer CropScience, Germany for US$ 66 Bn, making this the industry largest all-cash business. This purchase has improved the role of Bayer in North America.
The global agrochemicals market is segmented as below:
Agrochemicals Market By Type
Agrochemicals Market By Crop Type
Agrochemicals Market By Mode of Application
Agrochemicals Market By Geography
Middle East & Africa
Agrochemicals are a general term for agricultural chemical materials which include, pesticides, insecticides, fungicides, herbicides, nematicides, plasticizers, bio-fertilizers, chemicals for production among others.
Fertilizers, Pesticides, Herbicides, Insecticides, Fungicides, and others are the types of agrochemicals?
Growth of horticulture & floriculture, increasing awareness towards the use of fertilizers and pesticides coupled with the increasing literacy rate among farmers in major crop producing countries is the major drivers for the growth of the agrochemicals market.
The rising environmental concerns regarding the excessive use of chemicals in agriculture is a major factor expected to restraint the growth of the market.
The market value of agrochemicals is anticipated to be worth around US$ 283 Bn in 2027.
The agrochemicals market is anticipated to grow around 5% CAGR amid the forecast period 2020-2027.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.