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Agrochemicals Market - Global Industry Analysis and Forecast to 2023
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Growth of horticulture & floriculture, increasing awareness towards the use of fertilizers and pesticides coupled with the increasing literacy rate among farmers in major crop producing countries is boosting the global agrochemicals market.
Agrochemical is a general term for the different kinds of chemical products used in agriculture. Agrochemicals refer to the broad range of pesticides, including herbicides, fungicides, insecticides and nematicides. Agrochemicals are specialty chemical products used, particularly in horticulture, agriculture and floriculture.
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 huge export potential of agrochemicals is a major opportunity by which the agrochemical market is expected to expand in the next few years. With approximately 40% of the total farmland under crop production, there is a significant unserved market to tap into by various countries.
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Some of the top competitors in the global agrochemicals market are Monsanto Company, Bayer AG, Syngenta, BASF SE, Sumitomo Chemical
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