Agrochemicals are the prime elements used in modern-day agriculture for better plant growth. The international market of agrochemicals is speculated to earn massive revenue of $300 US by the year 2024. This growth is expected to be achieved at a CAGR of 4% between the forecast period of 2019 and 2024. A whole range of benefits that these agrochemicals provide to the crops is the reason behind their grown demand all across the globe. Not just production, it is useful for crop protection as well.
Agriculture becoming the prime part of the economy in many nations is one of the crucial reasons behind the growth of the agrochemical market. It is evident that the land size for horticulture crops has grown in most of the countries with the increasing market size. There are many lucrative opportunities that have been discovered, encouraging the manufacturers and marketers of agrochemical products. It has witnessed significant growth in non-traditional markets like South America going beyond Asian markets is an encouraging sign for the investors.
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Innovation is touted to be an equally prominent factor in enriching the agrochemical market. With the availability of advanced research facilities, the scope of innovation has increased. This has provided scope for the marketers to introduce new products, which in turn enriches the market. Especially, the availability of environment-friendly product segments has been high on demand, thus establishing the market overall. Marketers are obviously more interested in investing in this segment of the market. The equal emphasis towards agriculture, along with industrialisation, has made agrochemical market so much established.
Syngenta AG (Switzerland), Bayer CropScience (Germany), BASF SE (Germany), Corteva (US), Monsanto (US), United Phosphorus Limited (India), China National Chemical Corp (China), ADAMA Agricultural Solutions (Israel), Nufarm Limited (Australia), Sumitomo Chemical (Japan), The Mosaic Company (US), Arysta LifeScience Corporation (Japan), Crystal Crop Protection Pvt. Ltd. (India), Yara (Norway), and Murugappa Group (India) are some of the key players in the Global COVID-19 Impact on Agrochemicals Market.
Business Wire predicts the growth rate of international agrochemical market. The report estimates the market to be worth 300 billion dollars in 2020. It analyses the various factors associated with the growth of the market and identifies its key markets. At the same time, it provides an outlook of the market by the year 2028.
International COVID-19 Impact on Agrochemicals Market can be segmented in terms of its type, application mode, type of crop, and demography. To start with product type, the market can be divided into fertilizers, pesticides, and others. To be specific about pesticide, it can again be segmented into herbicides, insecticides, fungicides, and others. In terms of applications, the international market for agrochemicals can be divided into foliar, fertigation, and others. Based on the type of crop, the global market of agrochemical is divided into cereals, grains, pulses, vegetables, fruits, and others. It can be divided on a regional basis as well, including North America, Europe, Asia-Pacific, and the rest of the world.
When it comes to regional analysis, the COVID-19 Impact on Agrochemicals Market for agrochemicals can be divided into four key domains, including, North America, Europe, Asia-Pacific, and the rest of the world. To be specific about North America, the market can be segmented further into the US, Canada, and Mexico. Coming to the European domain, it can be divided into prime nations like the UK, Germany, France, Italy, Spain, and the rest of Europe. However, Asia-Pacific is indeed the most dominant of all, with India and China being the leading nations. Japan and Australia have shown great prospect as well in this market segment in recent years.
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