Agrochemicals consist of specialty chemical products such as synthetic fertilizers, pesticides, Plant growth regulators, and adjuvants, which are employed in the agriculture industry.
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According to the report Agrochemicals Market, published by Market Data Forecast, the Global market is projected to reach USD 277.02 billion by 2022, at a CAGR of 3.4% from 2017 to 2022.
Rising urbanization has resulted in decreasing land for agriculture. So these days greater emphasis is laid on increasing land productivity and so innovative tools to bring that about are cropping up at a rapid pace in the market.
This is also happening in agrochemicals market.
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Specialty chemical products like pesticides, fertilizers (synthetic), adjuvants and plant growth regulators are blended together to produce agrochemicals.
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Agrochemicals Market: Drivers & Restraints
Growing use of fertilizers due to increase awareness in several developing countries, useful applications of agrochemicals and their wide ranging usage, and steadily reducing the area under acreage are the primary factors driving the growth of this market. Augmenting global population resulting in higher crop yield from lower acreage areas is the secondary factor driving market growth.
However, organic pesticides and bio-farming which are both safer and eco-friendly alternatives along with volatility in the world economy is the primary restraint of this market. Several health hazards associated with the continuous usage of these agrochemicals is another factor hampering market growth.
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Agrochemicals Market: Segmentation
- o Potassic Based Fertilizers
- o Organophosphates
- o Prethroids
- o Biopesticides
- o Others
- Plant Growth Regulators
- o Auxins
- o Cytokinins
- o Others
- o Activator Adjuvants
- o Utility Adjuvants
- Crop Based
o Oil seeds
o Fruits & Vegetables
o Grains & Cereals
- Non Crop Based
o Turf & Ornamental Grass
- North America
o United States
o South Korea
- Latin America
o Rest of Latin America
- Middle East & Africa
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Agrochemicals Market: Overview
In 2016, by type in the fertilizers market category nitrogenous fertilizers is the market leader and is expected to retain its lead in the aforementioned forecast period. However, pesticides are predicted to grow with the highest CAGR due to rapidly rising demand in the aforementioned forecast period.
Herbicides products are the segment leaders. In 2015, if we go by application, grains & cereals lead the global market and are predicted to retain their lead at the end of the forecast period.
Asia Pacific is currently the global market leader and is predicted to retain its lead in the aforementioned forecast period. North America is the second largest market by consumption closely followed by Europe.
Regulatory restrictions and maturing markets are slowing down the growth in these regions. Growth in South American countries is predicted to pick up in the next few years.
Agrochemicals Market: Key Players
Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company are the key players in the market. Other players in the market include Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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