Agrochemicals Market to Record Study Growth by 2024

Agrochemicals include specialty chemical products such as synthetic fertilizers, pesticides, hormones, and chemical growth agents, which are used in agriculture, floriculture, and horticulture. Agrochemicals function to protect crops, improve crop yields, and maintain the food and soil quality. Another function of agrochemicals is to modify the growth process of plants.  Agrochemicals aid farmers in meeting the food demands of the growing population by increasing the per hectare cultivation, and this is subsequently leading to a higher return on investment.

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The agrochemicals market can be broadly categorized into fertilizers and pesticides. Fertilizers are further segmented into phosphatic, potassic, and nitrogenious. Similarly, pesticides are classified into bio-pesticides, herbicides, and insecticides. The agrochemicals market is considered to be one of the most important segments of agricultural-inputs as it helps in expansion of commercial cultivation, enabling the fulfilment of diversified food demand. 

The report is a comprehensive analysis of the market and gives a detailed information on the market dynamics such as drivers, restraints, trends, and opportunities. The revenue share of key companies operating in the global agrochemicals market is given in the report. The report includes information regarding the threat of new entrants, threat of substitutes, and bargaining power of buyers and suppliers have been included. It also discusses the value chain analysis and the impact of various government regulations.

Overview of the Agrochemicals Market

With scarcity of land and water, there has been an increased focus on the adoption of newer technologies that can help boost crop yield. As such, agrochemicals are witnessing a significant demand since farmers are striving to achieve nutritive and high quality crop production. One of the primary factors driving the growth of the global agrochemicals market is the increased demand for food grains on account of the growing population. The limited availability of arable land owing to urbanization has also led to the growth of the agrochemicals market.

There are a number of factors impeding the growth of the agrochemicals market. The development of safe alternatives such as organic pesticides and bio-farming are posing a threat to the market. It has been found the prolonged use of agrochemicals has adversely affected the health of consumers and also the environment. Cancer, diabetes, autism, Alzheimer’s, and asthma are some of the diseases linked to the prolonged use of agrochemicals. Additionally, agrochemicals get accumulated on the land surface and may even contaminate ground water.

Governments across countries have imposed various regulations to limit the use of harmful chemicals, hampering the growth of the global agrochemicals market. However, the high growth potential in emerging markets and untapped regions is expected to provide growth opportunities for players in the market.

On the basis of geography, Asia Pacific is expected to show significant growth in the market owing to a high demand for agrochemicals from China, Japan, and India. The Rest of the World will also witness growth in the market. On the other hand, North America and Europe are expected to witness sluggish growth in the coming years.

Players in the Global Agrochemicals Market

BASF SE, Haifa Group, Yara International ASA, Syngenta AG Bayer CropScience AG, Zuari Agro Chemicals Ltd., Dow AgroSciences LLC, and Gharda Chemicals Limited.

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