Agrochemical Market Significant Profits Estimated to be generated by 2023 with Leading Company Profiles

Market Overview:
The market players are responding to new opportunities by expanding their service offerings/product lines, which has fueled up the share of agrochemicals in the global market. All such factors have opened new market opportunities for industrial players to tap the unexplored market horizons. Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures to develop new products. Traditional farming, conventional farming equipment and practices have reached their limits of effectiveness to increase agricultural yield. With monumental challenges in form of increasing food demand coupled with shrinking farmland, mounting labor costs and shortage of labor force, it becomes imperative to address such problems in agricultural sector and take necessary measures to improve the quantity and quality of agricultural produce. Research and development will lead to development of new product or technology/techniques which will improve the resistance of crops to pests and diseases, soil nutrient uptake and crop robustness.

With growing food demand due to rising global population, climate change and need of sustainable agriculture, easy availability and efficiency in agriculture production, the agrochemicals market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Agriculture sector among others, recently forecasted in its report on Global Agrochemicals Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR while achieving good growth rapidly in the forecast period.

In addition to the increasing population leading to growing demand for food, there have been efforts to augment crop production, increase soil efficiency, bring efficiency in land use, and high-quality yield are expected to drive the agrochemical market. Increased awareness about the agrochemicals due to government policies and rules towards the growth of agrochemicals has raised the bar for quality, which, in turn, increases the market share of agrochemicals globally.

For instance, key industrial players such as Arysta LifeScience which is a Platform Specialty Products company, invested in R&D in February 2017, added seven active substances to its product development portfolio in the last one year and five of them were obtained through in-licensing partnerships with other discovery-based companies. Also, BASF Group, in September 2016, focused on strategic investments for product innovation and offer customer-centric solutions. With this approach, companies will be able to create product differentiation and tap major market share.

Also, government has been taking initiatives and fund programs to strengthen economic development by training farmers, providing extension services in rural agricultural areas, training in underserved communities with marketable job skills, offer small businesses and micro-enterprises with greater market access, and working closely with city governments to implement green technologies.

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Latest Industry Updates:
March 2017 SUL4R-PLUS, LLC, a provider of innovative fertilizer products for the agricultural market, has announced the addition of another optimized micronutrient product SUL4R-PLUS B+Z fertilizer with .5% boron, 1.5% zinc, 18% calcium and 16% sulfur. The new product SUL4R-PLUS B+Z fertilizer combines the company’s existing boron and zinc options into one – delivering boron, zinc, calcium and sulfur in every granule to deliver immediate and complete nutrition to hungry crops

April 2017 Earth Alive Clean Technologies Inc., a leading Canadian Clean-Tech company, developer and manufacturer of state-of-the-art microbial technology-based products for sustainable agriculture and mining, has announced the commercial sales launch of Dr. Marijane, the Company's specially formulated cannabis bio-fertilizer

May 2017 Insecticides India (IIL) has launched a revolutionary biological product Kayakalp that will transform the health of soil and rejuvenate it organically to improve plant health and productivity. The launch of KayaKalp marks a major leap for IIL into the organic products sector. The company intends to expand this product into the Asian market.

June 2017 Sumitomo Corporation in collaboration with Roshni Crop Sciences Pvt Ltd. has launched Foliar Blend. It is a new generation technology, containing complex carbohydrates, essential plant micro-nutrients like Cobalt, Manganese, Zinc, Boron and Magnesium and nutritional supplements not found in ordinary N-P-K fertilizers.

October 2017 – BASF acquired significant share of seed and non-selective herbicide business of Bayer (a leading producer in agrochemicals). This acquisition would strengthen company’s agriculture solution segment. This opportunity will help the company to address the need of seed and row crop in the market

November 2017 –FMC corporation acquired part business of Dupont crop protection. The company must divest to comply with European Commission related to merger of The DOW chemical company and DuPont to form DOWDuPont. FMC corporation is fifth largest crop protection company with dense agrochemical portfolio and has more than 20 R&D sites worldwide.

November 2017 –Sumitomo Chemical acquired Botanical Resource Australia Pty Ltd and affiliated companies which major supplier of insecticidal compounds pyrethrin. Through this acquisition company aims to high business domain growth and contribution to resolving social issues.

December 2017 – The Dow AgroSciences subsidiary of Dow Chemical company now known as DowDuPont successfully divestment selective portion of corn seed business in Brazil to CITIC Agric Fund. With this divestiture, the agriculture solution division of DowDuPont can have concentrated business product offering across seed, crop protection and agriculture technology.

Major Key Players:
Agrochemicals market offers huge growth opportunities for the industrial players. The market is fragmented and marked by the presence of several large and small-scale vendors. The market participants are acquiring small players in the market and collaborating with distributors to meet the global demand. Market players are pouring in million dollars for product innovation.  With the increasing demand for agricultural products, the demand for agrochemicals as a potential crop protectant is experiencing a surge. Companies are targeting to capture a substantial share of the market segment by capturing huge consumer base. Strategic product launch and innovations in the existing product line is the key strategy followed by the manufacturers to create product differentiation among their product offerings. Huge investments in R&D sector are also adding fuel to this market based on the quality product launch which helps the players in promoting their product. Government certification and approval also plays a very significant role to mark their significance on a global level.

With manufacturers aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points from both supply and demand side. The key market players profiled in Agrochemicals are BASF SE (Germany), FMC Corporation (United States), Dow Agrosciences LLC. (United States), Agrium Inc (Canada), Bayer Cropscience AG (Germany), Yara International ASA (United States), Israel Chemicals Ltd. (Israel), Syngenta AG (Switzerland), PotashCorp (Canada), and Uralkali (Russia) among many others.

Market Segments:
The global agrochemicals market has been divided into type, crops, and region.

On The Basis Of Type: Fertilizers, Pesticides, Others

On The Basis Of Crops: Cereals & Grains, Oil seeds, Fruits & Vegetables, and Others

On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.

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Regional Analysis:
The global agrochemicals market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global Agrochemicals market is highly dominated by Asia-Pacific followed by North America and Europe. Asia-Pacific market is the largest market for Agrochemicals due to its major use in agricultural application. India and China are the largest country-level agrochemicals markets in the Asia-Pacific region in 2016. Increasing food demand in these highly populous countries resulted in huge demand for agrochemicals to increase the crop yield, leading to the overall increase in the agrochemicals market in these countries. Latin America is expected to be the forerunner in terms of CAGR in demand for agrochemicals.

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This release was published on openPR.