Global Agrochemicals Market Booms Amid Rising Demand for Sustainable Agriculture and Technological Advancements

The Global Agrochemicals Market has been evolving over time and the market has witnessed a positive growth during the year 2020 despite the outbreak of the virus, owing to the increasing demand for food. In 2021, the market was valued at USD 244.8 billion registering a growth rate of 3.7% from 2020. There was a minor uptake in growth in 2020 due to the sudden rise in food demand, overstocking of food and fear of further lockdowns that resulted in 4.11% growth in agrochemicals revenue in the year as compared to previous year. Given the rising demand for sustainably produced food, the growing need to maintain crops and raise yields, the role of agrochemicals in battling climate change, and the future of the global agrochemicals market, it is encouraging.

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■ Demand Trend by Region: Multinational corporations and several small-scale firms produce fertilisers and pesticides based on the crops cultivated in Asia Pacific, which has a diverse Global agrochemicals industry. Via mergers and acquisitions or strategic alliances, more international companies are attempting to penetrate the Asia-Pacific area. The Asia-Pacific market is crucial for the growth of the agrochemicals industry.

The US holds the largest market share for crop protection in North America. Herbicides were the crop protection chemical that were used the most, followed by fungicides and insecticides. The expansion of crop protection chemicals is being driven by the rise in difficult-to-control and resistant weeds, which are predicted to infest more than 80 million acres of cropland. Weed control is a major concern for the Global agrochemicals industry.

With ideal moist conditions for spreading fungicides, especially septoria tritici blotch, France is the highest consumer of fungicides among the European nations. Among the major factors affecting consumption patterns are changes in crop acreage, pest resistance, pesticide use, and technological advancement. Fungicides are a significant product segment for the agrochemicals industry.

■ Rising Demand for Organic Fertilizers: The global demand for organic fertilizers is increasing due to continued soil erosion. Organic farming serves a variety of purposes. It is a key instrument for agricultural 'green production. Nitrogenous fertilizers account for the majority of fertilizer use because they are commonly accessible, help plants grow quickly, and improve the quality of the soil. India has shown a significant increase in aggregate fertilizer production in recent years.

■ Drone technology and Artificial Intelligence in Pest Management: The upgradation in technology in the Global agrochemical industry has been on an increasing trend. With the invention of drones in the sector, it has been very easy to track the health of the crops and plants. With introduction of artificial intelligence the sector can keep a direct track of the climatic changes as it has a strong influence on the pests. AI is now in tremendous use within the agrochemical sector and has led to the boom of it. Pest management is an important aspect of the agrochemicals industry.

Key Highlights from the Report
► Around 79 million people became vegan as of January 2021. Veganism is becoming more popular, yet it still accounts for 1% of the global population. However, if the diet continues to develop at its current rate, it is expected to reach one in ten people within the next ten years. As a result, demand for fruits and vegetables is continually increasing, resulting in increased demand for fertilisers and crop protection.
► Nitrogenous fertilizers account for the majority of fertilizer use because they are commonly accessible, help plants grow quickly, and improve the quality of the soil.
► In India, Aggregate fertilizer production reached 37 million metric tones in the first ten months of FY2021, up 3% from 36 million in the first ten months of FY2020.
► In 2018, arable land (as a proportion of total land area) in the US was roughly 17.24%, according to the World Bank. In addition, there is some room for arable land expansion in the next years. These factors have increased the country's demand for fertilizers.
► Among the most often utilized active Herbicides chemicals are glyphosate, atrazine, and 2,4 D. Recent advances in the creation of non-selective herbicides have increased their demand for weed control in wastelands, as well as industrial and construction regions.

Scope of the Study
Makreo Research has published a study on agrochemicals industry, report titled "Global Agrochemicals Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities" is a detailed study that offers the reader to understand the market from different perspective covering economy, food demand, demography, government initiatives, impact of external factors such as inflation, COVID-19 and others. The study helps the reader to gain insights on market growth opportunities in agrochemical sector and assess the performance of industry segmentation. The report discusses market revenue and forecast and also helps to understand the industry challenges and future growth opportunities.

► Fertilizer Market Segmentation
■ By Type - Nitrogen (N), Phosphorus pentoxide (P₂O), Potassium oxide (K₂O)
■ By region - Asia Pacific, Latin America, North America, Europe, Africa).
Crop protection chemicals Market Segmentation
■ By Type - Herbicides, insecticides, Fungicides and Others
■ By Synthetic and bio-based Crop protection chemicals
■ By region - Asia Pacific, South America, Europe, North America, Middle East and Africa

► Company's covered
■ Syngenta
■ Bayer Crop Science
■ BASF
■ FMC
■ Corteva Agriscience
■ Nufarm
■ UPL
■ Sumitomo Chemicals
■ ADAMA

► Key Questions Answered
1. How agrochemicals market is performing in the global market and what is the future outlook?
2. How regional markets are performing in terms of production and consumption?
3. What are the key segments of the industry that are driving the demand of global agrochemicals market?
4. What elements are contributing to the global agrochemicals market growth?
5. What all challenges are restricting the market growth?
6. What is the present state of global crop protection chemicals market?
7. Which country is dominating the global agrochemicals market in terms of consumption?
8. Which country is dominating the global agrochemicals market in terms of production?
9. What are the key players in the market and what is their present financial status?
10. How global trade is fairing up for pesticides exports and imports?

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This release was published on openPR.