Agrochemicals Market
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.
Agrochemicals is an important agricultural support industry and boosts agriculture, while preventing, reducing and eliminating the impact of disasters to increase food output and safety. Agrochemical consists of herbicides, insecticides, bactericides, and plant growth regulators. The importance of agrochemicals is majorly for enhancing food and nutrition security for the population. Moreover, low per hectare yield as compared to the global average and increasing pest attacks further strengthen the need for crop protection via use of agrochemicals.
Agrochemicals Market has witnessed an impressive growth over the last few years. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Agrochemicals Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR % while achieving good growth rapidly in the forecast period.
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Agrochemicals Market Key Players:
Agrochemicals Top Key Players Market are: The Mosaic Company (the U.S.), Bayer Crop Science 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 Life Science 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 used in fertilizers, plant growth regulators and crop protection chemicals are dominating in the market. This is attributed to increasing pest attacks on crops which results in loss of nutritional and quality of food crop. Fertilizer accounts for majority of share in global agrochemical market due to ongoing projects of increasing animal husbandry sector further generating demand for animal feed. Moreover, rising demand for micro-nutrient in crop plants has boosted the fertilizer demand in the global agrochemical market.
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.
Plant growth regulators are projected to grow at highest CAGR followed by crop protection chemicals. This plant growth regulator helps the crop to reduce harvesting time and enhance the growth of crops plants. Additionally, nitrogenous fertilizers are expected to grow significantly as its aid plant growth and most abundantly applied fertilizer found across the globe. These products improve the quality of soil and helps in nourishing nutritional value of food.
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Agrochemicals Market Regional Analysis:
Agrochemicals Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific holds the highest share in the global agrochemicals market. The economies of emerging nations in this area, including India and China, are mostly subjected to farming and agro-based industries. Food grain market is the key segment for this region. Additionally, India & China are the largest importers and exporters. A majority of the global population is in the Asia Pacific region and changing diet are the key factors for this market growth rate. It is anticipated that the demand for food grains in this region is the major driver for the agro-based chemical industries market to grow in the forecast period.
The Middle East & Africa has emerged as the leading market region for agrochemicals followed by North America and Europe. North American agrochemicals market is predicted to witness a tremendous growth on account of high consumption bio-pesticides, increasing food demand, and eco-friendly pesticides awareness. In North American region, the U.S. is predicted to be the major contributor in the regional growth of agrochemicals market and is expected to see a significant demand for bio-pesticides during the forecast period, 2018 to 2023. As of 2017, the U.S accounts for the largest market share and is followed by Mexico and Canada in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth. In Europe, the demand for agrochemicals is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing demand for food supply to expanding population as well as involvement of new technologies and chemical free crops use bio-pesticides awareness in agrochemicals market.
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 Billion in R&D activities in 2017a. Companies are relocating business owing to easy availability of resources, favourable climatic condition and balance import-export policies.
Agrochemicals Market Table of Content:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining Power of Buyers
4.1.3 Threat of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain of Global Agrochemicals Market
5 Industry Overview of Global Agrochemicals Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
Agrochemicals Market Table of Content to be Continue…….,
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