July 30, 2019
Global agrochemicals market size is anticipated to reach $301.56 billion by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
For the uninitiated, agrochemicals are excessively used in agricultural activities, most commonly for crop protection and related uses. Factors that drive the demand for agrochemicals include rapid growth in the need for agricultural products. Another factor that boosts agrochemicals demand as crop protection chemicals is the heavy loss endured by farmers and companies because of pest attacks. To ensure optimal crop protection, different agrochemicals such as pesticides, insecticides, and fertilizers are used, whose demand will proliferate the agrochemicals market.
As per the report, the shifting consumer preference for various types of food products has surged consumption of crops and food production. This trend is attributable to numerous social, economic, technological, and environmental factors. Increase in consumer’s disposable income, rapid urbanization mainly in middle-income nations, and economic growth in developing nations are some of the important factors increasing the consumption and production of agricultural products and agrochemicals.
According to the report, favorable regulatory outlook for improved production of agricultural crops have also had an important role in the development of agrochemicals industry. Developing nations have observed optimum growth in their agricultural industry over the past decade with strong government support. For example, India has one of the world's most competitive agricultural market comprising favorable policies such as the National Mission on food processing, advancement in seeds supported by 100 % FDI under the automatic route, and promotional validation of tariffs. Such initiatives have had a strong impact on the consumption of agrochemicals.
Advancement in technology has also significantly contributed to the growth of the industry. Development in the formulation of pesticides for the production of sustainable and eco-friendly vegetables are the consequence of material and technical developments. However, not all agrochemicals are eco- friendly and are known to contribute to environmental degradation, which could impede agrochemicals market growth.
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In terms of geographical growth, Asia Pacific is deemed as the most popular and successful market for agriculture and agrochemicals. The region is home to two of the world's most populous nations, India and China, that are lured by the burgeoning consumer expenditure. Meanwhile, North America, Central & South America, and Europe are also anticipated to experience commendable growth over the foreseeable years, cites the report.
The well-known players active in the competitive landscape of the global agrochemicals market include Bayer CropScience, BASF, Agrium, Dow Agrosciences LLC, Monsanto Company, and Syngenta AG. These companies launch innovative solutions and often join forces with other market leaders to innovate new products that meet the rising end-user demands, thereby augmenting the market size.