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 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 tonnes 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.
“Global Agrochemicals Market was valued at US$ 2.37 bn in 2018 and it is expected to reach more than US$ xx bn by 2025, likely to grow with the CAGR of 3.8% during the forecast period”
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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 tonnes 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.
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.
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.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
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