Agrochemicals are pesticides, herbicides, or fertilizers used for the management of ecosystems in agricultural sectors. Rudimentary variations on agrochemicals have been used for millennia to improve crop yields and control the populations of agricultural pests. The increasing adaption for agrochemicals, increasing population, rapid urbanization, rise in investment in the agriculture sector has led to the adoption of Agrochemicals across the forecast period. As rising in population leads to high demand for food in the market so to yield high production demand for agrochemicals increases. For Instance: as per IBEF (India Brand Equity Foundation) the agrochemicals market in India is expected to reach US$ 3.7 billion by FY22 and US$ 4.7 billion by FY25 and as per IBIS world in the US Pesticide Industry revenue is expected to fall at an annualized rate of 1.4% to $15.9 billion over the five years to 2021. However, the growth of the organic fertilizer industry impedes the growth of the market over the forecast period of 2020-2027. Also, the production of sustainable bio-based agricultural products and the adoption & demand for Agrochemicals are likely to increase the market growth during the forecast period.
Global Agrochemicals Market is valued at approximately USD 208.6 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 3.3 % over the forecast period 2021-2027 and is estimated to reach USD 261.83 billion by 2027.
Global Agrochemical’s market is considered for the key regions, Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the significant region across the world in terms of market share owing to investment in research & technologies in the Agri industry, rise in the number of agrochemicals companies. While Asia-Pacific is anticipated to exhibit the highest growth rate over the forecast period 2020-2027. Factors such as rising disposable income, increasing population, urbanization would create profitable growth prospects for the Agrochemicals market across the Asia-Pacific region.
Major market players included in this report are Bayer, BASF SE. Syngenta Ag, UPL, Compass Minerals, Eurochem Group, OCP Group, K+S Aktiengesellschaft, Sociedad Química Y Minera De Chile, and Sumitomo Chemicals
The detailed segments and sub-segment of the market are explained below:
By Pesticide Type: Insecticides, Herbicides, Fungicides, Other pesticide types
By Fertilizer Type: Nitrogenous fertilizers, Phosphatic fertilizer, Potassic fertilizer
By Crop Application Type: Cereals & grains, Oilseed & pulses, Fruits & vegetables, Other crop applications
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