The growth of this market can be attributed to the growing focus on increasing agricultural production, increase in focus on the reduction of post-harvest losses, and growing usage of fumigants for the production and storage of cereals.
The global agricultural fumigants market is estimated to be valued at USD 1.59 Billion in 2017, and is projected to grow at a CAGR of 4.10% by 2022. The key players in the agricultural fumigants market include BASF (Germany), Syngenta (Switzerland), ADAMA (Israel), Dow Chemicals (US), and FMC (US).
Other players include UPL (India), Degesch (US), Nufarm (Australia), American Vanguard (US), Nippon (Japan), Arkema (US), and Rentokil (UK).
Key strategies such as new product launches, acquisitions, expansions & investments, and agreements were adopted by the prominent players to expand their global presence and increase their share in the market for agricultural fumigants.
The leading players are focusing on strengthening their R&D capabilities to offer diversified product portfolios for different sectors of the crop protection industry
Innovative new product launches, strategic acquisitions, and organic expansions were the core strengths of the leading players of the agricultural fumigants market; these strategies were adopted by the players to increase their market presence. They helped the players diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios.
Market leaders such as BASF SE (Germany), Syngenta AG (Switzerland), ADAMA Agricultural Solutions Ltd. (Israel), The Dow Chemical Company (US), and FMC Corporation (US) successfully tapped the potential markets through new product launches, expansions, and acquisitions.
BASF is a manufacturer of chemical products and has its operations in chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The company offers products such as petrochemicals, intermediate chemical products, dispersions & pigments, care chemicals, nutrition & health, paper chemicals, performance chemicals, catalysts, construction chemicals, coatings, performance materials, monomers, crop protection, and oil & gas.
BASF is one of the major providers of agricultural fumigation solutions and offers its agricultural fumigants through its agricultural solutions segment.
It operates globally through its subsidiaries in more than 80 countries through the functioning of six integrated production sites and 380 other production facilities in Europe, Asia, Australia, the Americas, and Africa. The company has a wide range of agricultural solutions in its product offerings, comprising major crop protection products for various applications.
BASF is a leading player in the agricultural fumigants market, with a diversified business portfolio, which helps the company to minimize risk and dependency on any business. It has a wide product portfolio of agricultural solutions.
The company focuses on the expansion of its business revenue through organic growth such as expansions and acquisitions. For instance, in January 2017, BASF expanded its presence of its crop protection solutions in India to enhance the productivity of rice by expanding its operational base in the region.
This expansion would help the company to capitalize on multiple opportunities and strengthen its presence in India.
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Syngenta is a leading company engaged in offering crop protection products, which are designed to protect crops from attack by pests, weeds, and diseases. The company is a result of a merger between the agribusinesses of Novartis (Switzerland) and AstraZeneca (Switzerland).
It is involved in the development, production, and marketing of various products to improve crop yield and food quality. The company operates through three business segments, namely, crop protection, seeds, and lawn & garden.
It offers fumigation products through its crop protection segment.
The company has adopted The Good Growth Plan as one its strategies to maintain sustainability in the environment. Syngenta operates globally through its subsidiaries and markets its products and solutions in over 90 countries.
The company has around 107 production and supply facilities and 119 R&D sites across the globe. The company has three business segments, of which the crop protection segment is its prime focus, since a major share (74%) of its revenue is generated from this segment.
Syngenta has a strong global presence but needs to diversify its product line considering the changing trends and demands to achieve a competitive edge in the agricultural fumigants market. It has adopted strategies such as new product launches, mergers, and acquisitions (of companies involved in the manufacturing of agricultural fumigants).
For example, in October 2016, Syngenta strengthened its production by increasing its production capacity in its sites in Brazil and Switzerland. The company invested a total of USD 240 million in these capacity expansion projects to meet the growing demand for crop protection products.
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