Constant growth in the food demand along with technological advancement further supported by research & development activities are key drivers for Global Agrochemicals Market.
Agrochemicals Market is valued around USD 239.85 Billion in 2019 and expected to reach USD 365.16 Billion by 2030 with the CAGR of 3.8% over the forecast period.
Agrochemical is a combination of different chemicals which is used in agriculture industry to increase the production & quality of crops. Agrochemicals protect the loss of crop yield caused by various organisms such as insects, pest, weeds & disease and also provide additional required nutrients to the crops. Agrochemicals can be synthetic & biological, synthetic agrochemicals have raised the environmental concerns from its long-term side effects which can disrupt the normal food chain.
Global Agrochemicals Market report is segmented on the basis of type, application, crop type and by regional. Based upon type, the agrochemicals market is fragmented into Fertilizers, Pesticides, Herbicides, Insecticides, fungicides and others. On the basis of application, the market is categorized into foliar, Fertigation and others. Based on crop type, the market is categorized into Cereals & Grains, Oil Seed & Pulses, Fruits & Vegetables, and others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The agrochemicals market is mainly driven by the constant rising demand of food owing to the large population base. There has been constant development of technology as well as infrastructure along with the use of modern techniques is also likely to support market growth. In addition, growing awareness among farmers and shrinking of cultivation areas ahs also boosted the pressure on lands and farmers to fulfill the food demands. Rising research & development activities led to the further development of agrochemicals along with surge in government initiatives which is further expected to contribute the market growth. However, rising environmental concerns as well as patent infringements issues are likely to inhibit the market growth in near future.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of advanced technology along with the surge in research & development activities. Moreover, shrinking of cultivation area along with the rapid growth in food demand is projected the market growth. Asia Pacific is expected to dominate the agrochemicals market in terms of growth rate owing to the rapid growth in population base led to the growing demand of food. Moreover, fast developing agriculture industry along with rising government initiatives & subsidies as well as growing awareness among farmers are further expected to propel the market growth.
The major market players profiled in the agrochemicals market includes Bayer AG, Agrium Inc., BASF SE, Dow AgroSciences LLC, Monsanto Company, E. I. du Pont Nemours and Company, Syngenta AG, Sumitomo Chemical Co., Yara International ASA and The Mosaic Co. among others.
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