Agrochemicals Market : Report Highlights The Competitive Scenario With Impact Of Drivers And Challenges 2024

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. It includes broad range of pesticides, chemical growth agents, hormones and other synthetic fertilizers. It also includes synthetic fertilizers, hormones and concentrated stores of raw animal manure.

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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. Increasing government programs to educate farmers and provide them with the best possible methods to produce high quality crop yield, farms and livestock is another common trend in the agrochemicals market. In various countries such as India, the government provides agricultural subsidy in the form of financial aid to farmers to supplement their income and manage the supply of agricultural commodities.

Growing acceptance of genetically modified seeds by the farmers, along with government initiatives towards organic farming and integrated pest management (IPM) are some of the key challenges that are obstructing the growth of agrochemicals industry. Genetically modified seeds have self-immunity towards naturally adverse conditions which pose a challenge to the agrochemicals market.

In several countries of Asia-Pacific, registration of new products takes 3-5 years which discourages domestic manufacturers. Post-harvest losses of crops are estimated at 690.62 USD every year. Supply chain inefficiency and inadequate infrastructure are the major causes for such losses. Hence, longer period for registration of innovative products and high post-harvest losses are some other factors which act as restraints for the agrochemicals market.

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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. One of the major drivers for the market is the growth of agrochemicals in demand for food grains, due to to increasing global population along with decreasing per capita farm land due to sudden rise in urbanization and industrialization.

Some of the top competitors in the global agrochemicals market are Monsanto Company, Bayer AG, Syngenta, BASF SE, Sumitomo Chemical Co., Ltd., Agrium Inc., The Dow Chemical Company, Yara, and ICL among others

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