Growth 2020: Forecast Demand Analysis with Current Market Situation of Agrochemicals Market
Pune, New York, USA, November 17 2020 (Wiredrelease) Research Dive –:Research Dive has added a new report to its offerings titled, “Agrochemicals Market, by Type (Fertilizers and Pesticides), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA), Global Opportunity Analysis and Industry Forecast, 2018-2026.”
The global agrochemicals market accounted for $237.8 billion in 2018 and is projected to surpass $328.0 billion by 2026, growing at a CAGR of 4.1% from 2018 to 2026.
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The increase in usage of advanced pesticides and growing population all across the globe are the major factors fuelling the growth of global agrochemicals market. The demand for food supplies is also rising owing to the increase in population. Also, the crops get additional nutrients by using advanced pesticides, which helps in improvement of crop yields. However, bulk storage issues and stringent government regulations are likely to hamper the market growth during the period of forecast. Many governments of various countries have imposed strict and hard rules related to the use of agrochemicals as they can adversely impact on the environment and the person handling it while using.
Key segment findings of the market:
The global agrochemicals market is segmented on the basis of Type and Region.
Among type, the global agrochemicals market is segmented into fertilizers and pesticides. The fertilizers segment accounted for $171.4 billion in 2018 and is estimated to hold the largest share in the market throughout the forecast. This is mainly because fertilizers are great source for plant nutrients and are thus, widely used by farmers to improve the yield of crops. In fertilizers, the most important elements used are nitrogen fertilizers, phosphorous fertilizers, and potassium fertilizers. Regionally, the global market for agrochemicals is segmented into North America, Asia Pacific, LAMEA, and Europe. The Asia Pacific region registered for the highest market share in the agrochemicals market in 2018 and is projected to grow at a CAGR of 4.1% during the forecast period. India and China are the major agriculture-based countries contributing to subjugated share in the market. In addition, the farmers use the best farming techniques and this region holds the most arable land all over the world, which is anticipated to propel the regional market growth.
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Prominent Industry Players
The major players operating in the global agrochemicals market include Agrium Inc., Bayer AG, Dow AgroSciences LLC, Sumitomo Chemical Co, Monsanto Company, BASF, Yara International ASA., E. I. du Pont Nemours & Company, Syngenta AG, The Mosaic Co. and many others. Among these, Bayer AG, BASF, and Syngenta AG are increasingly investing in research & development for advancing technologies and developing new products. Whereas, other players are adopting several strategies such as geographical expansion and product launches to strengthen their position in the global industry.
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