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Global Agrochemicals Market was valued at US$ XX Bn in 2019 and it is expected to reach more than US$ 3.44 Bn by 2028, likely to grow with the CAGR of 3.8% during the forecast period.
Agrochemicals are special chemical products used in agriculture in order to enhance crop productivity and protect the crops from pests, insects, fungi, and others. Agrochemicals can be produced in chemical as well as biological methods. Synthetic agrochemicals are a threat to the environment and are gradually being replaced by bio-based pesticides and fertilizers.
Agrochemicals are used seasonally, however, round-the-clock production of the crop in a protective environment such as fertilizers and pesticides round-the-year is good enough to drive demand for agrochemicals products.
Increasing Awareness Among The Farmers In The Developing Nations And Also The New Technological Farming Practices Drive The Demand For Agrochemicals Market
The rising attention of farmers on the high-quality agrochemical crops and increasing demand for pest-free crops is driving the demand for the agrochemicals. The increasing research and development (R&D) in the field of bio-pesticides in order to compete with organic farming and integrated pest management (IPM) is one of the most recent trends in the global agrochemicals market. The various initiatives taken by governments to educate farmers and provide them with the best possible methods to produce high-quality crop yield further helps to increase awareness among farmers. In various countries such as India, the government provides agricultural subsidies in the form of financial aid to farmers to supplement their income and manage the supply of agricultural commodities this will fuel the agrochemical market.
The Increasing Population Demand For Food Grains and the Declining Cultivable Land Due To Industrialization and Urbanization Fuelled the Demand for Agrochemicals
Urbanization will continue at an accelerated pace, and about 70% of the world’s population will be urban as compared to 49 percent today. In order to feed this larger urban population, food production must increase by 70%. Annual cereal production will need to rise to about 3 billion tons from 2.1 billion today to serve this population. However, the Agricultural industry always rings in the best by rising agricultural income in emerging nations, environmental policies, international trade patterns, and increasing end-user demand. With the increase in consumption of processed food with driving an increase in disposable income, modernization, nuclear families and youthful populace are some of the happening trends of developing countries that have significantly benefitted from the huge demand for agricultural products and agrochemicals.
The high-value crops such as cereals, grains, fruits, and vegetables along with the protected crops have been gaining more return in investments, which help boost the global agrochemicals market. The demand for agricultural products from the greenhouse system has resulted in further growth in the agrochemicals market.
However, the high demand for organic pesticides and bio-farming restrain the global agrochemical market.
The Oil-Seeds & Pulses Segment Is Expected To Witness the Highest Growth in the Agrochemicals Market Across The Globe
The demand for oil-seeds & pulses is expected to grow at the highest CAGR of 4.1% over the forecast period. The consumption of Pulses in everyday meals is increased. The pulses such as Lupin beans, red lentils, and soybeans are known to possess high amounts of proteins. Similarly, the increased use of oilseeds due to the growing demand for edible oil are expected to promote market growth in this segment.
The Asia Pacific Expected To Dominate the Agrochemicals Market during the Forecast Period
The Asia Pacific market is anticipated to register a CAGR of xx % throughout the forecast period. This is due to emerging economies with a high proportion of tilling the land, favorable climatic conditions, increasing farm automation, rising consumption expenditure and global standing in terms of production. India and South East Asia are the lucrative growth appointments for agrochemical markets.
However, Europe accounted for 15.3 % of the market in terms of revenue share in 2019. Western European countries, such as Spain, Germany, France, Spain, and Italy dominated the region in 2019 on account of increasing investments in the agricultural sector and better water preservation techniques. These factors have expected to fuel the growing agricultural activities in this region, consequently boosting the demand for agrochemicals.
The key player in the global market is Bayer A.G.Some of other key players in the global Agrochemicals Market market are Agrium Inc., BASF SE, Syngenta AG,Dow AgroSciences LLC, E. I. du Pont Nemours and Company , Monsanto Company, Sumitomo Chemical Co., The Mosaic Co., and Yara International ASA.
Agrochemicals Market Key segments:
Agrochemicals Market, By Product Type
- Synthetic Fertilizers
- Others ( soil conditioners ,acidifying agents )
Agrochemicals Market, By Crop Type,
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Other crop types
Agrochemicals Market, By Region
- North America
- Asia pacific
- Middle east and Africa
- Latin America