The North America Agrochemicals Market was worth $53.60 billion in 2016 and estimated to be growing at a CAGR of 2.94%, to reach $61.96 billion by 2021.
The agrochemicals market is estimated to be one of the most crucial segments of agro-inputs, owing to the intensifying commercial farming of high value crops to meet the growing diversified food demand.
As such, agrochemicals are witnessing a significant demand since farmers are resolute to attain nutritious and high quality crop production.
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Agrochemicals’ job is to defend crops, boost crop yields, and sustain the food and soil quality.
Another vital role of agrochemicals is to alter the growth progression of the plants. Agrochemicals are therefore seen as those products, which boost the return on investment and also help in meeting farmer’s as well as customer demands, from the economical and health standpoint with growing per hectare production of quality agricultural crops.
The growth of the North America Agrochemicals market is majorly driven by factors such as wide range of pest control applications of Agrochemicals and decreasing arable land. This market is also propelled by factors such as meticulous research & partaking of intellectual property rights and increasing R&D investments.
However, it has been discovered that the continued use of agrochemicals has harmfully affected the health of users and also the environment. Cancer, autism, and Alzheimer’s are some of the ailments associated with the extended use of agrochemicals.
Furthermore, agrochemicals get amassed on the land surface and may even pollute ground water.
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The North America Agrochemicals market is segmented based on Type and Application. The market for Agrochemicals, on the basis of Type, is classified into Fertilizers, Pesticides, Plant Growth Regulators, and Adjuvants.
Fertilizers are further segmented into Nitrogenous, Phosphate and Potassic Based Fertilizers, whereas Pesticides are further segmented into organophosphates, pyrethroids, biopesticides. Plant Growth Regulators are further classified into Auxins and Cytokinins, whereas Adjuvants are further classified into Activator Adjuvants and Utility Adjuvants.
Nitrogenous fertilizers lead the agrochemicals market on the basis of type. However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases.
Currently, the Pesticides market is being spearheaded by herbicides products, trailed by fungicides and insecticides. On the basis of Application, the Agrochemicals market is segmented into Crop Based and Non Crop Based.
Crop Based segment is further sub-segmented into Oil seeds, Fruits & Vegetables, Grains & Cereals, whereas Non Crop Based segment is further sub-segmented into Turf & Ornamental Grass and others. By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
The North America market, which is the second major consumer of agrochemicals has been geographically segmented into segmented into US and Canada. This region has the highest per hectare intake of Agrochemicals globally.
Development of crops such as oilseeds and sugarcane is mainly anticipated due to the broadening applications such as feed, fuel, and other industrial applications, which in turn drives the market in this region.
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The market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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