Agrochemicals Market Overview:
As per the latest report published by Market Research Future (MRFR), the global Agrochemicals Market is set to exhibit a steady growth over the next five years. Agrochemicals include a wide range of inorganic fertilizers and pesticides, their relevance in modern world can be realized by their booming popularity across regions with arable land. Modern agricultural ecosystems heavily rely on agrochemicals for reaching desired yield. The agriculture industry remains under constant pressure to produce more as the worldwide wide human population stomps the 7 billion mark.
It is possible that the global food consumption rises further in near future, which will subsequently create market opportunities for various irrigation products including agrochemicals. For the global agriculture industry, challenges remain formidable. Water shortage, scarcity of land and soil degradation are some of major problems. At the same time, issues such as crop spoilage, climate change and slow proliferation of technology are also undermining the production potential. Such factors are making a positive influence on agrochemical sales. However, non-organic fertilizers and pesticides remain under strict scrutiny owing to their environmental implications. These chemicals are also linked with various hazardous effects on human health. Consumers, especially the millennial population are increasingly inclining towards organic foods. This is prompting the development of sustainable agrochemicals. Introduction of bio-pesticides that are manufactured using natural substances can be viewed as a step taken towards the right direction.
Competitive Landscape: MRFR in its report has profiled some of the top companies operating in the global Agrochemical Market which include Bayer CropScience Limited (Germany), BASF SE (Germany), Syngenta AG (Switzerland), Nufarm Limited (Australia), Crystal Crop Protection Pvt. Ltd. (India), The Mosaic Company (the U.S.), Monsanto Company (the U.S.), Arysta LifeScience Corporation (Japan), The Dow Chemical Company (the U.S.), and Adama Agricultural Solutions Ltd (Israel).
Industry News: Bayer AG, a global leader in pharmaceutical and life sciences has reportedly completed the acquisition of US-based agrochemical and agricultural biotechnology company Monsanto. The German company has complied to all antitrust laws in the 72-billion-U.S.-dollar acquisition.
Segment Analysis: MRFR’s report include a detailed segmental analysis of the market based on product type, and crop type. On the basis product type, the market has been segmented into fertilizers and pesticides. The fertilizer segment has been further sub-segmented into phosphatic, nitrogenous and potassic. The pesticides segment is further sub-segmented into bio-pesticides, insecticides, fungicides and herbicides. Based on crop type, the market is segmented into horticulture crops, plantation crops, cash crops and food grains.
Regional Analysis: The market has been covered across major regions of the world, including North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC). Asia Pacific has emerged as a prominent market for agrochemicals in recent years. Increased focus on modernizing agricultural process coupled with the urgency to increase agricultural productivity has augured well for agrochemical suppliers in the region. India and China collectively represent more than one-third of the global population. This also indicates towards a noteworthy food demand in these countries. The agricultural sector in India and china play a major role in driving their economy. APAC is expected to remain an attractive business destination for agrochemical suppliers during the forecast period. Meanwhile, the MEA agrochemical market is witnessing a healthy growth partly owing to the policies introduces by GCC countries to diversify the region’s economy. North America and Europe are the other two important market for agrochemicals. In near future, demand for bio-pesticides is expected to grow further in advanced countries such as the U.S., the U.K., Canada, France, Netherlands and Germany among others.
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