Agrochemicals Market Size, Industry Analysis Report Competitive Market Share & Forecast, 2017 – 2024
Moreover, growth of floriculture and horticulture, increasing literacy rate of farmers coupled with rising awareness towards fertilizers and pesticides usage in major crop producing countries is further driving the global agrochemicals market size.
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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.
The major restraints for the agrochemicals market are development of organic pesticides and bio farming, increasing acceptance of genetically modified seeds by farmers and government initiatives towards integrated pest management. Further, various health and environmental hazards linked with the product is impeding agrochemicals market growth.
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Prolonged use of these chemicals adversely affects environment and health of consumers. Alzheimer, cancer, diabetes, autism and asthma are some diseases linked to the continued use of product. Additionally, the product gets accumulated on land surface which contaminates ground water with nitrate, rendering it unfit for human consumption. Excess nitrate can cause eutrophication in water bodies, causing extensive fish mortality.
Agrochemicals exists in three forms named, liquid, powder and granular. The product can be categorized into pesticides and fertilizers. Fertilizers are divided into bio and synthetic fertilizers. Synthetic fertilizers are further categorized into nitrogenous, potassic and phosphatic fertilizers. Based on pesticides, they are divided into insecticides, herbicides and fungicides, which include bio based and synthetic.
Reasons to Buy This Report:
1. Agrochemicals Market size & share forecast by product & application 2017-2024
2. Growth drivers, pitfalls & industry challenges
3. Agrochemicals Market growth opportunities & emerging business models
4. Competitive benchmarking with market share analysis company profiles
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.
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 product 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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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.
Companies operating in agrochemicals market have adopted different business strategies to capture this market which includes agreements, product launches, expansions, collaborations and partnerships. In November 2017, BASF SE opened a new production plant of worth USD 22 Million in Spain. The new facility will help the company to increase fungicide production by 25% with 60 different formulations manufactured in same plant and exported to different countries.
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