Makreo Research has published a study on agrochemicals industry, report titled “Global Agrochemicals Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities” is a detailed study that offers the reader to understand the market from different perspective covering economy, food demand, demography, government initiatives, impact of external factors such as inflation, COVID-19 and others. The study helps the reader to gain insights on market growth opportunities in agrochemical sector and assess the performance of industry segmentation. The report discusses market revenue and forecast and also helps to understand the industry challenges and future growth opportunities.

Despite the virus outbreak, the global agrochemicals market saw positive growth in 2020 due to the rising need for food. Global agrochemicals market has been growing through time but due to the unexpected increase in food demand, oversupply of food, and concern regarding additional lockdowns, there was a little uptick in growth in 2020, which led to a 4.11% increase in agrochemicals revenue in the year over the previous year. Worldwide, the demand for fertilizer is increasing which is fueled by growing agricultural trends, increasing population and crop demand. As a result, Asia Pacific region holds major market share in global agrochemicals market owing to many factors supporting the growth, including, a large consumer base and the presence of major businesses in the region, increasing end users developing countries such as China, Australia, and India and also availability of low cost of labour which decreases production cost.

Impact of COVID-19
The world economy was significantly impacted by COVID-19 spread, and several business sectors experienced output disruptions. The agricultural sector was also affected by these interruptions. Agricultural productivity decreased in several areas as a result of the passing of planting season and the implementation of restrictions, placing fieldworkers in danger of receiving inadequate earnings. As a result, farmers suffered the most from the economic effects of the pandemic. The agricultural labour has been significantly impacted by COVID-19 and the limitations placed on its dissemination, which has jeopardized food security. Due to disturbances in global trade, farmers faced a lack of agricultural inputs like seed, fertilizer, and pesticides.


Key Findings in Global Agrochemicals Market

 Developing Organic Farming Practices: Around the world, about 187 countries practices organic agriculture with at least 3.1 million farmers are managing 72.3 million hectares of organic agricultural land. Demand for biopesticides is shooting up due to the rapidly growing rate of life-threatening diseases caused by the use of pesticides, particularly synthetic pesticides with that the organic framing trend is also witnessing immense growth. Learning the correct technique is also important, therefore education plays a vital role, as farmers are learning farming practices and developing new methods of producing healthy crops.

 Green Fertilizer Commercial Agreement: To bring fossil free fertilizers to market, Yara and Lantmannen are the first companies to sign a commercial agreement. These green fertilizers are produced with renewable energy and are very important for decarbonizing the food chain and offering more sustainable food choices to the customers.

 Increased use of Bio-Based Agrochemical: The global bio-pesticides market is witnessing a growth by 10% to 15% however the industry is still at a growing stage. Office of Pesticide Programs with the Office of Chemical Safety and Pollution Prevention (OCSPP), are working with 10 Regional Offices in North America on a wide range of pesticide issues and adopting biopesticides. The European Commission has set a goal of 30% reduction of non-renewable resources in fertilizer production.

 Drone Technology and Artificial Intelligence in Pest Management: The upgradation in technology in the agrochemical industry has been on an increasing trend. With the invent of drones in the sector, it has been very easy to track the health of the crops and plants. With introduction of artificial intelligence, the sector can keep a direct track of the climatic changes as it has a strong influence on the pests. AI is now in tremendous use within the agrochemical sector and has led to the boom of it.

 Increase in Number of Agrochemicals Going Off Patent: As per the reports of the “New Off-Patent/Generic Agrochemicals 2017-2022”, 26 agrochemicals AIs will lose their patent protection between 2017-2022. This includes 13 herbicides, 4 insecticides, 8 fungicides and 1 safener as patents to be expired.
Key areas discussed in the report:


COVID-19 Impact Assessment The report helps to reader to understand the shifts happening in the food demand and supply along with agrochemical industry performance during pre-covid and post covid period.
Market Assessment: The report examines the global agrochemicals market in terms of various parameters including market revenue and forecast, market segmentation by Fertilizers and Crop protection chemicals and production and consumption of agrochemicals.


Market Segmentation Report also covers Fertilizer market in detail covering its sub-segmentation by Type (Nitrogen (N), Phosphorus pentoxide (P₂O), Potassium oxide (K₂O)) and by region (Asia Pacific, Latin America, North America, Europe, Africa). Crop protection chemicals are segmented by Type (Herbicides, insecticides, Fungicides and Others); by Synthetic and bio-based Crop protection chemicals; by region (Asia Pacific, South America, Europe, North America, Middle East and Africa).
Company’s Mentioned Syngenta, Bayer Crop Science, BASF, FMC, Corteva Agriscience, Nufarm, UPL, Sumitomo Chemicals, ADAMA


Key Questions Answered
How agrochemicals market is performing in the global market and what is the future outlook?
How regional markets are performing in terms of production and consumption?
What are the key segments of the industry that are driving the demand of global agrochemicals market?
What elements are contributing to the global agrochemicals market growth?
What all challenges are restricting the market growth?
What is the present state of global crop protection chemicals market?
Which country is dominating the global agrochemicals market in terms of consumption?
Which country is dominating the global agrochemicals market in terms of production?
What are the key players in the market and what is their present financial status?
How global trade is fairing up for pesticides exports and imports?


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Makreo Research and Consulting is one of the best market research company in India that is known for its unique approach in conducting research study. Recently Makreo Research has published a research study on Global Agrochemicals Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities that helps to identify the challenges present in the market and future opportunities to grab. To review the coverage, please click here https://www.makreo.com/report/global-agrochemicals-market-future-outlook-to-2027-covid-19-impact-assessment-and-growth-opportunities

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