According to MarketIntelReports’ “Global Agrochemical Industry Market Research Report”:
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Agrochemical products are used in agriculture, horticulture, and floriculture. They consist of pesticides, synthetic fertilizers, hormones, etc. The demand for food grains due to the increase in the population along with reduction in the per capita farm land due to urbanisation and industrialization drives the Agrochemical Market. Growth of horticulture, floriculture further boosts the demand for crop protection. Modern herbicides are used for crops like cereals, grains, vegetables. They can decompose in a short time after application. The increasing awareness about health benefits of green vegetables and fruits will drive the growth of organic agrochemicals. Synthetic agrochemicals threaten the state of the environment and are hence replaced by bio based fertilizers.
Scope & Regional Forecast of the Agrochemical Market
Research and development in bio pesticides spurs the growth of the Agrochemical Market. Growing acceptance of GM seeds by the farmers along with initiatives of the government towards integrated pest management is a restraint for the development of crop protection. Asia Pacific is the dominant region in the market followed by North America and Europe. The demand for food grains from the growing population along with export of food grains from India and China will push the growth of agrochemicals in Asia Pacific.
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The demand for pulse and oil seeds in terms of revenue will be the highest from 2017 to 2025. pulses like soyabeans, lupin beans, and red lentils have high amount of proteins. This has resulted in their consumption in meals everyday. The increasing demand for edible oil has resulted in growing demand for oil seeds. This catapults the growth of micro agro chemicals.
The growth potential in the emerging market provides plenty of chances for agriculture pesticides. The limited availability of arable land due to urbanisation propels the growth of crop protection chemicals.
The main drivers for organic pesticides are trade liberalisation, modernisation, and reduced cost of transport.
Segmentations & Key Players Involved in the Agrochemical Market
The Agrochemical Market can be broken down into various segments as follows:
Region- North America, Europe, China, Japan, Middle East & Africa, India, South America, and Others.
Some of the key players involved in the Agrochemicals Market are as follows:
Yara International ASA
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