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(MoneyNewsWire.Net, April 09, 2018 ) Overview
Agrochemicals are specially designed chemical products which are used in agriculture so as to reinforce crop productivity and shield the crops from pests, insects, weeds, fungi, and others. Agrochemicals are available in different types, with each having a different chemical composition. Artificial agrochemicals are a threat to the atmosphere and are being replaced by bio-based pesticides and fertilizers.
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The Global Agrochemicals Market is estimated to have a value of USD 234.1 billion in 2017. With a CAGR of 3.4%, the market size is expected to grow rapidly to cross USD 286.1 billion by 2022. Growing population and declining cultivable land to feed the resultant population, Increasing pest considerations and emergence of a new chemicals in this sector are some of the factors driving the market.
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Drivers and Restraints
Growth in demand for food grains as a result of increasing world population as well as reducing per capita farmland thanks to stormy urbanization and manufacture is one of the foremost dominant drivers of worldwide agrochemicals market. Moreover, the expansion of gardening & flower gardening, increasing acquisition rate among farmers as well as the growing awareness towards the employment of fertilizers and pesticides in major crop-producing countries is additional boosting the world agrochemicals market. The increasing analysis and development (R&D) within the fields of bio-pesticides so as to contend with organic farming and integrated pest management (IPM) is also another trend which is being observed.
The adoption of recent technologies that will increase crop production through the best use of scarce resources resembling land, water, and fertilizers is gaining attention within the field of agriculture. The high growth potential in rising markets and untapped regions provides new growth opportunities for the market players.
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Regional Overview
The Asia Pacific is that the largest marketplace for agrochemicals followed by North America and Europe. Per area unit consumption (4.5kg/hectare) of Agrochemicals in North America is highest among all regions. However, with the big share of farmland and smart soil fertility, agriculture is one of the biggest Industries within the Asia Pacific, with statistics showing around 40% of India’s population working in the field of agriculture
The major market contributors for the global Agrochemicals Market are Bayer Crop science. Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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