According to a new report published by Reports Monitor titled, “ Global Agrochemicals Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global agrochemicals market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Due to the expanding commercial cultivation of high value crops to meet the rising diversified food demand, this market is considered to be one of the most important segments of agri-inputs. Agrochemicals includes specialty chemical products such as hormones, synthetic fertilizers, pesticides and chemical growth agents that are used in agriculture, floriculture as well as horticulture. The increasing research and development in the sector of bio-pesticides in order to compete with integrated pest management and organic farming is one of the most recent inclination in global agrochemicals market. Increasing pest concerns and emergence of a variety of agrochemicals are expected to drive the demand for agrochemicals in the near future.
The agrochemicals market is also driven by factors including shifting Research development investments as well as rigorous research & sharing of intellectual property rights. The increase in crop production tending to the optimal use of scarce resources covering land, water, and fertilizers is gaining attention in the field of agriculture due to the introduction of new technologies. Development of safe alternatives such as bio-farming and organic pesticides is hindering the growth of the agrochemicals market.
The high growth potential in emerging markets and untapped regions is anticipated to provide growth opportunities for major players in the market. The global agrochemicals market is boosted by the increasing number of population leading to the increase in the demand for food .Whereas, the benefits of agrochemicals are estimable and people are becoming aware of them. Tthe toxicity of synthetic products acts as a major challenge for the industry.
The global agrochemicals market is classified on the basis of geography and type. On the basis of type, agrochemicals are segmented covering pesticides and fertilizers. Fertilizers can be further bifurcated into biofertilizers and synthetic. Synthetic fertilizers can be further segmented into phosphatic, nitrogenous and potassic fertilizers. On the basis of pesticides, they are divided into fungicides, insecticides and herbicides including synthetic and bio-based.
China is the largest producer as well as the largest consumer of fertilizers globally. Brazil is the world's leading country in the consumption of pesticides. Africa is also proving as a good potential in the agrochemicals market. Presently, China is leading the agrochemical market tending to its development in agricultural sector following the need for its ever-growing population. The largest agrochemicals market includes Japan, China, France, Germany, India and US.
The key vendors in this market are: :- Syngenta AG (Switzerland), The Mosaic Co. (U.S.), and Yara International ASA (Norway), Agrium Inc. (Canada), Bayer AG (Germany), BASF SE (Germany), Dow AgroSciences LLC (U.S.), E. I. du Pont Nemours and Company (U.S.), Monsanto Company (U.S.), Sumitomo Chemical Co. (Japan)
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