Global Agrochemical Market Research Report By Type [Fertilizers (Potassic, Nitrogenous, Phosphatic), Pesticides (Fungicides, Insecticides, Herbicides, Bio-Pesticides)], Crop Type (Food Grains, Cash Crops, Horticulture Crops) Region – Forecast Till 2023
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Agrochemicals Market Overview:
Market Research Future (MRFR) reports that the global agrochemical market could have a profitable run at a robust CAGR during the forecast period (2018-2023).
Growth Boosters and Key Barriers:
With a shortfall of water and land, the focus on adopting newer technologies that can elevate crop yield has risen at a fast rate. As a result, agrochemicals are experiencing a substantial demand as farmers are trying to achieve high-quality and nutritive crop production. One of the growth-inducing drivers includes the surging demand for food grains in response to the expanding worldwide population. The low availability of arable land due to rising urbanization has also stimulated market growth in recent years.
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Agrochemicals Market Competitive Scenario:
Agrochemical industry is inundated with tier 1 and tier 2 players. The industry vendors’ main strategy is to acquire small players, in addition to entering collaborations with distributors to cater to the worldwide demand. Acquisition remains one of the primary strategies that the leading players adopt in order to sustain their market position. Surge in research and development (R&D) activities to develop easy and efficient cultivation of agriculture products boost the competition in the market. To illustrate, BASF made an investment of USD 2 billion in R&D activities in the year 2016. In addition, most companies are shifting their business on account of favorable climatic condition, easy availability of resources, and lenient import-export policies.
The leading players in the worldwide agrochemicals market include BASF SE (Germany), Crystal Crop Protection Pvt. Ltd. (India) The Dow Chemical Company (the U.S.), Nufarm Limited (Australia), The Mosaic Company (the U.S.), Syngenta AG (Switzerland), Adama Agricultural Solutions Ltd (Israel), Arysta LifeScience Corporation (Japan), Monsanto Company (the U.S.), Bayer CropScience Limited (Germany), among others.
Agrochemicals Market Segmental Analysis:
The global agrochemicals market has been segmented on the basis of type and crop type.
Type-based segments covered by the report are fertilizers and pesticides. The fertilizers product types are potassic, nitrogenous, phosphatic. The pesticides product types are fungicides, insecticides, herbicides, bio-pesticides.
Depending on the crop type, the market has been considered for food grains, cash crops, plantation crops, horticulture crops.
Agrochemicals Market Regional Analysis:
The main markets for agrochemical are Asia Pacific, Latin America, Middle East & Africa, North America, and Europe.
Asia Pacific has been identified as the leading agrochemicals market on account of the presence of the highest cultivable land as well as population. Evolving countries like India, China, and South Korea are expanding at the fastest pace and could maintain their growth rate during the review period as well. Elevating living standards coupled with the booming agriculture sector has a big hand in the regional market growth.
In North America, the United States (U.S.) and Mexico contribute the most to the regional market backed by the extensive cash crops cultivation combined with increasing innovations. Countries in Latin America like Colombia, Brazil, and Argentina are projected to note considerable growth as a result of the mounting demand for food supply as well as the use of new technologies.
Europe stands as a critical market for agrochemicals as it is one of the quickly rising exporters of food grains. Russia, Germany, and Spain are touted to display a robust growth in the near future with the strong demand for agrochemicals due to presence of less cultivable land. Rising need for food safety coupled with significant government support aid in elevating use of agrochemicals. Germany and France represent the biggest agrochemicals markets in the region.
Agrochemicals Market Table of Content to be Continue…….,
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