As the population is increasing worldwide, with this the demand for agricultural products is also increasing. For instance, according to Food and Agricultural Organization, the world population is expected to increase to 10 billion by 2050. The increase in population will create a high demand for food. However, the availability of the landmass for the production of crops and farm products is decreasing due to urbanization and industrialization. Besides, people are becoming health conscious, thereby there is an expansion in demand for natural food, fresh fruits, vegetables, and flowers which requires an extremely controlled environment and precise nutritional content in the soil. These aforementioned factors have compelled the farmers to use different types of agrochemical products for enhancing crop production and improve soil quality. Due to high concern towards agricultural sustainability, soil quality, and environmental safety, the agrochemical products are rapidly used by farmers along with organic manure to improve soil fertility and the health of crops and plants.
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According to UnivDatos Market Insights (UMI)’ research report “Global Agrochemical Market” is likely to showcase a growth of around 3% during the forecast period. The large base of the agricultural sector and growing demand for agrochemicals are some of the key attributable factors to the growth of the market.
Based on type, the market is categorized into fertilizers and pesticides. Of both, pesticides captured a considerable share in the market owing to their usage in a large number of application areas. Pesticides are majorly used in the agriculture sector for controlling weeds, insect infestation, and plant diseases. Furthermore, they are used in non-agricultural areas like public, urban green areas, and sports fields to control various pests and disease carriers, such as mosquitoes, ticks, rats, and mice. There are many different types of pesticides; each is meant to be effective against specific pests. Some pesticides include disinfectants, fungicides, herbicides, insecticides, algaecides, insect growth regulators, wood preservatives, and rodenticides.
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Based on crop, the market is categorized into cereals and grains, fruits and vegetables, and others. Among these, cereals and grains held a prominent market share. Cereals and grains are the largest consumed class of crops, mostly in the Asia Pacific. Moreover, cereals and grains cover a vast area of cultivation in the world. It has become prominent to use fertilizers for cereals and grains production. The increasing consumption of cereals and grains, such as rice, wheat, rye, corn, oats, sorghum, and barley, in various other regions is driving the demand for agrochemicals in this segment.
Asia-Pacific accounted for a considerable share of the agrochemical market
The large base of the agriculture sector of the Asia-Pacific region helped the region to obtain a dominating position in the market. Regional demand for agrochemicals due to agriculture consumption is needed in order to feed the growing and already higher population. Additionally, In countries, such as India and other southeast Asian countries, the arable land per person is decreasing at an alarming rate as the population is increasing here the use of pesticides can play an important role in increasing the average crop yields per hectare. Further, improving per-capita income and disposable income is encouraging consumers to purchase large numbers of products, thereby increasing the demand for agrochemicals from agriculture sector.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global agrochemical market include BASF SE, Bayer AG, Sumitomo Chemical Co. Ltd., Syngenta AG, Corteva Inc., United Phosphorus Limited, Adama Agricultural Solutions, Jiangsu Yangnong Chemical Group Co. Ltd., Nufarm Ltd. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Agrochemical Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type [Fertilizers (Nitrogen, phosphatic, and Potassic) and Pesticides (Fungicides, Herbicides, Insecticides, and Others)]
- By Crop (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others)
- By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
- By Company (BASF SE, Bayer AG, Sumitomo Chemical CO. Ltd., Syngenta AG, Corteva Inc., United Phosphorus Limited, Adama Agricultural Solutions, Jiangsu Yangnong Chemical Group Co. Ltd., Nufarm Ltd.)
Key questions answered in the study:
- What are the current and future trends of the global agrochemical industry?
- How the industry has been evolving in terms of type and crop?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global agrochemical industry?
- What are the customer orientation, purchase behavior, and expectations from the global agrochemical suppliers across various region and countries?
