Agrochemicals Market 2019 | Regional Insights, Key Players, Trends & Growth Forecast To 2025
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Agrochemicals are specialty chemical products which include fertilizers, pesticides, soil conditioners, liming & acidifying agents and hormones, used in agriculture, floriculture and horticulture to enhance crop productivity. The product is used for increasing crop growth & yield, killing pests & weeds and controls parasites and infectious diseases in animals. Additionally, hormones are routinely administered in animals to upsurge their growth and productivity, for instance, bovine growth hormone is given to cows for enhancing milk production.
With the rising scarcity of land and water, there is a need for adoption of innovative technology that can help improve crop yield. Therefore, the product is witnessing significant demand as farmers are striving to achieve nutritive and high quality crop production. Further, growing cultivation of sugarcane and oilseeds owning to their usage in food, fodder, fuel, and other industries is projected to boost agrochemicals market size.
The agrochemicals market is consolidated with presence of many manufacturing companies worldwide. Some of the key players for agrochemicals market include, BASF SE, Yara International, Dow Agro Sciences, Gharda Chemicals, Haifa Group, Zuari Agro Chemicals, Crop Science, Bayer, Syngenta, Monsanto and Dupont.
The product is used on different crops which include cereals & grains, oilseeds & pulses, fruits & vegetable, plantation crops and hydroponics. Cereals & grains is expected to hold the largest market segment due to rising world population and food industries.
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Asia Pacific, led by China, Japan and India is anticipated to show significant growth owning to high demand for the product. With the growing population, there is a need for increased food production which will boost the agrochemicals market growth.
North America holds the largest share for agrochemicals market due to the most industrialization and commercialization region globally. In the U.S., all pesticides sold or distributed should be registered by EPA under the Federal insecticide, Fungicide and Rodenticide Act (FIFRA) to protect human health and environment. Training of workers is required in pesticide treated areas and certification for using pesticide.
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