Agrochemicals Market Overview:
Agrochemicals refer to inorganic fertilizers and pesticides. Each fertilizer and pesticide that improves the production of crop is considered as an agro chemical. The function of agrochemicals is to manage an agricultural ecosystem. Agrochemicals as the name suggests has widespread use in the agriculture industry. Most of the applications of the agrochemicals revolve around agriculture.
The major driver is that the global population is currently at more than 7 Billion and still increasing. It is possible that the food demand increases in the forecast period. Additionally, scarcity for land and water is allowing the people to use fertilizers and pesticides which will help to grow multiple crops in a certain area. In contrast, due to the rising environmental hazards from these fertilizers and pesticides it is anticipated that it is possible to foresee a decline in the usage of fertilizers and pesticides in the forecast period. By over using the land for agricultural productivity, land loses essential nutrients which are pivotal in the growth of a crop. This is the key driver for nitrogenous fertilizers market increasing growth rate.
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Agrochemicals Market Key Players:
Agrochemicals Market are: The Mosaic Company (the U.S.), Bayer CropScience Limited (Germany), The Dow Chemical Company (the U.S.), BASF SE (Germany), Monsanto Company (the U.S.), Syngenta AG (Switzerland), Adama Agricultural Solutions Ltd (Israel), Nufarm Limited (Australia), Arysta LifeScience Corporation (Japan) and Crystal Crop Protection Pvt. Ltd. (India) among others.
Agrochemicals Market Segmentation:
Agrochemicals Market is categorized on the basis of type, product type, and region. On the basis of type, the market is bifurcated into fertilizers and pesticides. On the basis of fertilizers product type the market is segmented into potassic, nitrogenous, phosphatic. On the basis of pesticides product type the market is segmented into fungicides, insecticides, herbicides, bio-pesticides. On the basis of crop type, the market is segmented into food grains, cash crops, plantation crops, horticulture crops. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Agrochemicals Market Application:
Agrochemicals Market offers lucrative opportunity for the major manufacturers of agrochemical products. However, the global agrochemical market is fragmented owing to the presence of small & regional players in the developing & under developing economies. The major players are acquiring small & regional players to enhance the volume sales. Also, the manufacturers are collaborating with distributors to increase the customer base. Manufacturers are investing millions of dollars for new product development. Strategic product development is one of the recent trends which is gaining traction in the global agrochemicals market during the forecast period. Manufacturers are launching new products with added value of the competitors’ products. Government certification also considered to be the significant factors for the rising growth of global agrochemicals market during the forecast period.
Agrochemicals belongs to group of speciality chemical which includes fertilizer, herbicides, fungicides, hormones and other growth agents in chemical synthesis. The basic function of agrochemicals is to protect the crop and improve quality of soil and crop. Agrochemicals also used acts as growth agent in plants. The growing need for processed food and advanced packaging technique has improved the food & beverage sector, thereby, increasing the demand for food grain, oilseeds and vegetables. This in turn drives the agrochemical market growth.
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Agrochemicals Market Regional Analysis:
Asia Pacific is estimated to be the largest agrochemicals market followed by North America and Europe due to the presence of highest cultivable land and population. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for agrochemicals owing to presence of less cultivable land. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for agrochemicals and is estimated to grow with the same pace over the forecast period. Improving living standards along with the flourishing agriculture sector is predicted to contribute to the regional market growth. In North America, U.S. and Mexico are among the major contributors in the regional market growth due to the cash crops cultivation as well as increasing innovations. In Latin America, Mexico is expected to register strong growth due to robust presence of agrochemicals manufacturers.
Agrochemicals Market Competitive Analysis:
Agrochemical Market is high fragmented market with tier 1 and tier 2 players. The market participants are acquiring small players in the market and collaborating with distributors to meet the global demand. Acquisition is the key strategies adopted by significant players to maintain their market share. Increasing R&D activities to develop efficient and easy cultivation of agriculture products is major focus by key players in market. For instance, BASF had invested USD 2 Bllion in R&D activities in 2017. Companies are relocating business owing to easy availability of resources, favourable climatic condition and balance import-export policies.
Agrochemicals Market Table of Content to be Continue…….,
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