Press release
Agrochemicals Market is estimated to grow at a CAGR of 3.7% during the forecast period
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Market Insights
The global agrochemicals market is estimated to grow at a CAGR of 3.7% during the forecast period of 2016-2021 and is projected to reach a market size of USD 260.1 billion by the year 2021.
Agrochemicals widely involve fertilizers, pesticides, hormones, and plant growth regulators (PGR) that enable plant and soil protection, improve the yield, maintain and improve the growth process of plants. Given the large operational area and the never ending need of agrochemical industry, many market players, and companies have entered this industry, which is concentrated within six major manufacturers covering 70-75% of market share; Bayer AG is the largest agrochemical producer in the world. Some of the key players include Yara International ASA, BASF, Bayer Crop Science, Makhteshim Agan Industries Ltd, Dow Agro Sciences, Monsanto, Syngenta, Agrium, etc. The key strategies followed by companies in the agrochemicals market include new product registrations and mergers and acquisitions to enter new markets.
Market Dynamics
In 2015, the total revenue of global agrochemicals industry was recorded at USD 212.7 billion. One of the main reasons for the growth in consumption is the increased pressure on dwindling farmlands, as a result of growing population and urbanization. The ambitious project of global food security is expected to generate a steady demand for the chemicals. The market is also expected to foresee innovations in improving the product performance and reducing production cost and also that of the final product. While the benefits of agrochemicals are commendable, and people are becoming aware of them, the toxicity of synthetic products acts as a major challenge for the industry.
Market Segmentation
The agrochemicals market is segmented by product, crop type, and geography. In the product segment, nitrogenous fertilizers form the largest share of the fertilizer market. The increased awareness among the farming community, need for high global production combined with the economic growth in countries, are helping in more fertilizer applications in the field. The demand for pesticides is growing at a high rate, given the increased occurrence of various pests and diseases. Pesticides market is currently lead by herbicides products (covering 41.5%), followed by fungicides and insecticides.
Further, the market is segmented by crop and non-crop; grains and cereals tend to consume most of the agrochemical products, followed by oilseed crops. Plant growth regulators provide a more natural way of managing and enhancing the growth process of agricultural plants. The increasing popularity of GM crops and the high regulatory constraints regarding the usage of agrochemicals act as major constraints for the industry.
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China, France, Germany, India, Japan, and the US represent the largest agrochemicals markets. Markets in Western Europe and North America are the established consumption points for agrochemicals and are expected to show below average growth, due to market maturity and regulatory constraints. Currently, China is leading the market with its developing agricultural sector, along with the need for its ever-growing population. Globally, China is not only the largest producer but also the largest consumer of fertilizers. South America, particularly Brazil, is the world leader in pesticide consumption. Africa also registers a good potential in the agrochemicals market.
Major companies in the sector include:
Bayer Crop Science
BASF
Agrium
CF Industries Holdings
Potash Corporation of Saskatchewan
The Mosaic Company
Yara International
Bunge (BG)
Monsanto Company
E.I. Du Pont De Nemours & Company
Dow AgroSciences LLC
Syngenta AG.
Sumitomo Chemical
Adama Agricultural Solutions
Converted Organics
Intrepid Potash
Indian Farmers Fertilizer Cooperative
Nufarm Ltd.
Israel Chemicals Ltd.
Haifa Group
Sociedad Quimica Y Minera De Chile Sa
Recent Industry Insights
“In September 2016, Bayer and Monsanto declared their agreement on merger to create global agrochemical leader.â€
Key Deliverables in the Study
Market analysis for the global agrochemicals market with competition analysis.
Market overview and identification and analysis of the macro and micro factors that affect the global agrochemicals market.
Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.
The report holds importance for the following stakeholders-
Producers and manufacturers
Agricultural input companies
Enterprises operating in the industry
Traders and stakeholders operating in the sector
Investors/research institutions interested in the market
Customization Options:
Supply chain analysis
Regulatory framework
Trade analysis
Trend analysis
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