The global agrochemicals market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Agrochemicals is a category of chemicals which function to protect crops, improve crop yields, and maintain the soil quality. They include chemical products such as synthetic fertilizers, pesticides, hormones, and chemical growth agents, which are used in agriculture and horticulture.
The agrochemicals market can be broadly categorized into fertilizers, pesticides and plant growth hormones. Fertilizers are produced in continuous production and exactly follow the same process used for bulk chemicals. Whereas pesticides and growth hormones are pure chemical substances that are produced in minimal amounts and based on accurate requirements for their supposed application. Furthermore, production associated with pesticides and growth hormones requires transformation of basic chemicals into complex ingredients.
Agrochemicals are segmented into three main categories. They are:
- Plant growth hormones
Fertilizers are further segmented into
- Potassic and
- Nitrogenous fertilizers
Pesticides are further segmented into
- Herbicides and
As agrochemicals are products used in promoting plant growth, control disease and improve soil fertility, demand from agriculture industry is expected to increase the growth of this market. Demand from agriculture and horticulture markets are actually increasing because of growing world population.
Drivers and Restraints of Agrochemicals Market
Growing investments in the agriculture industry in regions like Asia, Europe, and the Americas are likely to offer tremendous possibilities for agrochemicals market in the future. As agriproducts for every individual is a necessity and growing population increases the number of individuals in need of food, many multinational businesses are investing in the market.
Agrochemicals are exposed to immense domestic and international competition. Agrochemicals have stringent regulations when it comes to approvals. Existing and future regulations concerning the use of certain agrochemicals in few countries are likely to hinder the market growth.
Agrochemicals Market by Region
Asia was the largest consumer of agrochemicals and this pattern is anticipated to continue to be identical over the following few years. Consumption in China and India is showing upward trend because of increase in population and demand for agriproducts. Growing demand for agriculture industry will drive agrochemicals market in Asia. With major production capacities in China, the region is likely to grow in terms of global supply capability. Consumption of agrochemicals in the USA and Europe is likely to grow at a significant rate.
Top players in this market include Syngenta, Bayer, Monsanto, Israel Chemicals, Yara International ASA, The Mosaic Co., BASF SE, and Dow Chemical Limited and others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth