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Agrochemicals market worth 250.5 billion USD by 2020

Agrochemicals market worth 250.5 billion USD by 2020

The agrochemicals market is projected to grow at a CAGR of 3.2% from 2015 to reach a projected value of USD 250.5 Billion by 2020. The market growth is driven by increasing population demanding more food supply, rising technological advancement in the agricultural industry, limited availability of arable land, rising environmental concerns, and advances in plant breeding and management expertise all over the globe, leading to increased use of agrochemicals.

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The report Agrochemicals Market by Type (Fertilizers & Pesticides), Fertilizer Type (Nitrogenous, Potassic, & Phosphatic), Pesticide Type (Organophosphates, Pyrethroids, Neonicotinoids, and Bio-Pesticides), Sub-types & Crop Type - Global Trends & Forecast to 2020”, defines and segments the global agrochemicals market with analysis of current demand and forecasted consumption in terms of volume (KT) and value (USD Million). It also identifies the driving and restraining factors for the global agrochemicals market with analysis of trends, opportunities, and challenges.

The market is segmented on the basis of type, sub-type, and crop type. The market is segmented and market size by value and volumes are forecasted for the major regions such as North America, Latin America, Europe, Asia-Pacific, and Rest of the World (RoW).

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Browse 132 market data tables and 60 figures spread through 201 pages and in-depth TOC on “Agrochemicals Market by Type (Fertilizers & Pesticides), Fertilizer Type (Nitrogenous, Potassic, & Phosphatic), Pesticide Type (Organophosphates, Pyrethroids, Neonicotinoids, and Bio-Pesticides), Sub-types & Crop Type - Global Trends & Forecast to 2020” 

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The agrochemicals market is considered to be one of the most important segments of agri-inputs, due to the expanding commercial cultivation of high value crops to meet the rising diversified food demand. Agrochemicals are consequently seen as those products, which improves the return on investment and also aid in meeting farmer’s as well as consumer demands, from the economical and health perspective with increasing per hectare production of quality agricultural products.

The adoption of new technologies that increases crop production through the optimal use of scarce resources such as land, water, and fertilizers is gaining attention in the field of agriculture. The high growth potential in emerging markets and untapped regions, provides new growth opportunities for the market players.

The growth of this market is driven by growing farmer’s attention towards superior quality agrochemicals, which should be balanced and nutritive.

Growing population and declining arable land to feed the resultant population are driving the overall agrochemicals market. Increasing pest concerns and emergence of a variety of agrochemicals are expected to drive the demand for agrochemicals in the near future.

The agrochemicals market is also driven by factors such as rigorous research & sharing of intellectual property rights and shifting R&D investments. Expansion in crops such as oilseeds and sugarcane is mainly expected due to the widening applications such as food, feed, fuel, and other industrial uses, which in turn drive the agrochemicals market.

Development of safe alternatives such as bio-farming and organic pesticides is restraining the growth of the agrochemicals market.

The global market for agrochemicals was valued at USD 207.5 billion in 2014. It is projected to reach USD 250.5 billion by 2020, at a CAGR of 3.2% from 2015 to 2020.

Asia-Pacific dominated the global market with a share of around 36.7%. The European region is expected to be the fastest-growing market in the near future, for the growing concentration of farmers towards technology driven agriculture practices.

Market for agrochemicals is being driven by increasing awareness among the farmers across developing nations with the technology driven farm practices. The regional government supports to increase the agricultural crop output with minimized use of agrochemicals.

High-value crops such as cereals & grains and fruits & vegetables and protected cultivation of crops are driving the demand for the agrochemicals market. Increase in protected cultivation of crops has been attracting growers across the globe as it offers handful returns on investment.

More number of growers have ventured into the greenhouse system of agriculture production industry, for higher rates of return for the product. The use of agrochemicals is highly seasonal and improved, protected crop production is driving the year-round demand for agrochemicals products, especially pesticides and- fertilizers.

Major players such as Israel Chemicals (Israel), Yara International ASA (Norway), The Mosaic Co. (U.S.), BASF SE (Germany), and Dow Chemical Limited (U.S.) account for around 70% of the global agrochemicals market, with respect to the developments in the market from 2015-2020.

Agreements, partnerships, joint ventures & collaborations were found to be the most preferred growth strategies in the agrochemicals market.

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