Agrochemicals are the result of modern technology that depends on inorganic fertilizers and pesticides. Agrochemicals Market (pesticides and fertilizers) are looked upon as a vehicle for improved crop production technology. Balance use, optimum doses, correct method and right time of application of agrochemicals ensures increased crop production. Growing global population, reducing land and water resources, the world will not only have to raise its agricultural production but also the productivity to ensure food and nutrition security. Thus, agrochemicals are expected to have become necessity for meet ever increasing food demand.
High efficiency of agrochemicals, ease of use of agrochemicals, rapid growth in greenhouse vegetable production, limited availability of arable land and shifting R&D investments is expected to drive agrochemicals market in near future. While, increasing environmental concerns, strict government regulations and availability of eco-friendly alternatives may restrain growth of agrochemicals market.
In terms of revenue, global agrochemicals market in 2016 stood at around USD 220.0 Bn and is expected to reach USD 265.5 Bn by 2022 growing at a CAGR of 4.5% from 2017 to 2022. In terms of product, fertilizer segment held the largest market share followed by pesticides. Cereals & grains application segment is the largest application segment of the agrochemicals market and it accounted for approximately 30% share of the total market in terms of revenue. Fruits & vegetables application segment is expected to grow at a fastest growth rate of during the time period of 2017 to 2022.
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Asia Pacific dominated the global agrochemicals market due to the large number of customers and huge demand in the region. In addition, high production of agrochemicals in Asia Pacific helps to grow the market in coming years. Asia pacific region accounted for more than 35% of global agrochemicals market. North America was the second largest market followed by Europe. South America is expected to grow at fastest growth rate during the forecast period.
Monsanto Company, Israel Chemicals Limited, BASF SE, The DOW Chemicals Company , E. I. Du Pont De Nemours and Company, Yara International ASA, Sociedad Química Y Minera S.A., The Mosaic Company, Syngenta AG, Bayer Cropscience AG are some leading vendors of this market.
The global agrochemicals market is segmented as follows:
Global Agrochemicals Market: Product Analysis
Global Agrochemicals Market: Crop Analysis
• Cereals & grains
• Oilseeds & pulses
• Fruits & vegetables
• Others (includes plantation crops and hydroponics)
Global Agrochemicals Market: Region Analysis
• North America
• Asia Pacific
• South America
• Middle East & Africa
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