Agrochemicals Market Estimated to Grow at a CAGR Of 3.83% to Reach a Value of US$323.825 billion by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on "Agrochemicals Market - Forecasts from 2019 to 2024" to their offering. Chemicals such as pesticides and fertilizers that aid in crop cultivation to meet the global food demand are known as agrochemicals. Government policies with initiatives in terms of creating awareness and innovation are driving the market.

According to the report, the agrochemicals market is projected to expand at an impressive CAGR of 3.83% over the forecast period 2018-2024. The Agrochemicals market is expected to surge during the forecast period which can be attributed to the growing global population and declining arable land. Global population has increased from 6.841 billion in 2009 to 7.594 billion in 2018, also, it is anticipated that the global population will increase to 8.6 billion by 2030 (Source: The World Population Prospects, United Nation). Simultaneously, the global trend of urbanization is steadily reducing the arable land available for cultivation. In fact, it is projected that the arable land in the European Union will fall from 106.5 million ha in 2017 to 104 million ha in 2030 (Source: EU Agriculture Outlook, European Commission) and in the United States arable land area has decreased from 175,400 thousand hectares in 2001 to 152,262.5 thousand hectares in 2016 (Source: The World Bank). Besides, the relative improvement in the farm income over the years along with the favorable agriculture policies in developing countries like India, China and Brazil are further supplementing the growth of the market during the forecast period.

By crop type, cereals hold a significant market share in the agrochemicals market accounting for nearly fifty percent of the market share owing to the increasing expenditure on agriculture activities for harvesting cereal crops. Fruits and vegetables is the second-largest segment by crop type. In addition to this, the market is also witnessing a rise in the adoption and cultivation of genetically modified oilseeds has also increased the consumption of the agrochemicals for the oilseeds segment.

Geographically, the agrochemicals market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America held a significant share in the agrochemicals market owing to the increasing expenditure on agriculture activities and the rising use of herbicides in the region. The rising population is becoming a prime driving factor for the growth of the market in the Asia Pacific region. Growing environmental regulations concerning the use of pesticides in the European region might impede on the growing demand for these chemicals over the forecast period.

Furthermore, the agrochemical industry currently is facing multiple challenges such as land productivity, reduction in arable land, water contamination (due to excess chemical usage) and in-effective irrigation facilities in developing countries among many others.

Major companies profiled as a part of this study include BASF SE, the Dow Chemical Company, Yara International ASA, Bayer AG, the Mosaic Company, Syngenta Crop Protection AG, Israel Chemicals Limited, Nutrien Ltd., Sumitomo Chemicals, and ADAMA Ltd. among others. Other players have been discussed in different sections such as competitive intelligence and market dynamics.

This report segmented the agrochemicals market on the basis of the following terms
o By Type
o Fertilizers
o Nitrogenous Fertilizers
o Phosphatic Fertilizers
o Potassic Fertilizers
o Pesticides
o Organophosphates
o Pyrethroids
o Biopesticides
o Neonicotinoids
o Others

o By Crop Type
o Oilseeds
o Cereals
o Fruits and Vegetables
o Others

o By Geography
o North America
o USA
o Canada
o Mexico

o South America
o Brazil
o Argentina
o Others

o Europe
o United Kingdom
o Germany
o France
o Spain
o Others

o Middle East and Africa
o Saudi Arabia
o Israel
o South Africa
o Others

o Asia Pacific
o China
o India
o Australia
o Japan
o Others

View a sample of the report or purchase a complete study at https://www.knowledge-sourcing.com/report/agrochemicals-market

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Knowledge Sourcing Intelligence is a market research and consulting firm based out of India. Driven by industry experts, the company provides syndicated reports, custom research, and consulting services. Our proprietary data analytics model blended with quality primary and secondary research data assists in generating quality reports providing crucial insights to managers and decision-makers. The services offered by us help companies to gain the required competitive edge. Our expertise across 10 industries such as ICT, Chemicals, Semiconductors, Healthcare among others caters to diverse client needs.

This release was published on openPR.