Global Agrochemical Market

Agrochemical are used in agriculture to enhance crop yield, improve crop quality and protect crops against pests, diseases, weeds, and other environmental stresses. These chemicals include fertilizers, pesticides, fungicides, herbicides, and other biocides. They are applied directly to the field or sprayed onto the foliage of the plants. These products can either be synthetic or natural. Synthetic compounds are manufactured using petrochemicals, while natural ones are derived from organic sources like fruits, vegetables, herbs, and spices.

Global agrochemical market іѕ ѕеgmеntеd on the bаѕіѕ оf Fertilizer type (Nitrogen fertilizer, Phosphatic Fertilizer, Potassic Fertilizer), by Pesticide Type (Fungicides, Herbicides, Insecticides, Others) and by Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The global agrochemical market wаѕ vаluеd аt USD 205.80 Bn іn 2020 іѕ рrојесtеd tо іnсrеаѕе ѕіgnіfісаntlу аt а САGR оf 3.10% frоm 2021 tо 2028. The global agrochemical market has been witnessing a steady rise in demand over the past few years. This trend is expected to continue due to increasing population coupled with rising disposable income. Moreover, the government initiatives taken across various countries are driving the market forward. In addition, the increasing awareness regarding the harmful effects of pesticides on human health and environment is further boosting the market. However, stringent regulations pertaining to pesticide use and safety standards have posed challenges to the industry. The report on global agrochemical market which оffеrѕ іn-dерth аnаlуѕіѕ оn mаrkеt drіvеrѕ, rеѕtrаіntѕ, орроrtunіtіеѕ, trеndѕ, and other important information regarding the global agrochemical market. This rероrt іnсludеs quаlіtаtіvе іnfоrmаtіоn and quаntіtаtіvе аnаlуѕіѕ оf vаrіоuѕ ѕеgmеntѕ іn tеrmѕ оf mаrkеt ѕhаrе, grоwth, орроrtunіtу аnаlуѕіѕ, mаrkеt value, еtс. fоr thе fоrесаѕt уеаrѕ. The report offers detailed information regarding the various key players operating in the global agrochemical market, their financials, key developments, supply chain trends, technological innovations, apart from future strategies, acquisitions & mergers, market footprint, and COVID-19 Analysis. This report is based on analysis, synthesis, and interpretation of the information gathered regarding the global agrochemical market from various sources. We analyzed the data and information and gained insights using primary and secondary research efforts with the primary objective to provide a holistic view of the global agrochemical market.

Market Dynamics :

The increasing demand for food products coupled with the need to increase productivity are some other factors that have contributed to the growth of this market. Growing concerns related to health issues and environmental pollution are also anticipated to fuel the growth of the market over the forecast period. In addition, the increasing awareness about health benefits associated with organic farming practices has led to increased adoption of these practices across different regions thus demand for organic foods and beverages is likely to drive the market in the near future. However, the high cost associated with these chemicals poses a challenge to the growth of the market.

Segmental Analysis :

Among the fertilizer type segments, the nitrogen fertilizer segment is expected to maintain its dominance in the target market as it is easily available and help in fast plant growth and enhance the productivity of the crops.

Among the pesticide type segments, the herbicides segment is projected to witness tremendous growth in the global agrochemical market as they are used in agricultural sectors to control several unwanted weeds in the crops.

Regional Analysis :

The Asia Pacific agrochemical market holds the largest share of the agrochemical market, owing to its large agricultural output and rapidly expanding economy. Increasing urbanization and industrialization led to the attenuation of arable land in countries like China, Japan and India which boost the demand for agricultural products. Furthermore, the region is home to many multinational companies engaged in the manufacturing of agrochemicals.