Global Agrochemical Market to Record Substantial Growth Over 2019-2024

July 08, 2020

According to the research report titled ‘Global Agrochemical Market - World Market Review By Product Type, By Chemical Type, By Crop Type (2019 Edition): Opportunities and Forecast (2019-2024)’, available with Market Study Report LLC, global agrochemical market was worth USD 64,038 million in 2018 and is expected to record considerable growth through 2024.

Agrochemical market growth is primarily driven by the growing population and declining availability of land for agricultural purposes. Agrochemical products like insecticides, fungicides, and herbicides help farmers produce crops on smaller piece of land, which further improves crop availability to consumers at a lower price. Favorable government support to the farmers regarding use of pesticide for efficient utilization of land is further aiding the market expansion.

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Based on product type, global agrochemical market is categorized into insecticides, fungicides, herbicides, bio & other agrochemicals, and non-crop protection chemicals. Speaking of crop type, the market is bifurcated into cotton, sugarcane, soybean, fruits & vegetables, corn, cereals, and others.

Based on chemical type, global agrochemical market is divided into non crop and crop protection chemicals. Crop protection chemicals segment is predicted to expand significantly during the forecast period. These chemicals assists farmers in growing more crop in a smaller area with low tillage, thereby decreasing deforestation, preventing soil erosion, and conserving natural resources. Pesticides play a vital role in controlling noxious weeds and invasive species.

From a regional point of view, global agrochemical market is fragmented into Asia Pacific, North America, Europe, and Rest of the World. The report cites that Asia Pacific holds a substantial share in global agrochemical market, owing to high presence of agro-based countries including China, Sri Lanka, and India. These countries majorly depend on agriculture and other related industries for the growth of their economies.

The leading organizations in global agrochemical market are Sumitomo Chemicals Co. Ltd., Dow DuPont, Nissan Chemicals Corp., Nufarm Australia Ltd., UPL Ltd., ADAMA Ltd., FMC Corp., BASF SE, Bayer AG, and Syngenta AG among others.

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