Agrochemicals Industry Overview & Potential Growth Opportunities 2023 | Key Players: Bayer Cropscience AG, Agrium, BASF SE, Dow Agrosciences, Syngenta AG, & Drexel Chemical: Radiant Insights, Inc.
SAN FRANCISCO, May 21, 2019 /PRNewswire/ -- The global Agrochemicals Market is expected to display higher growth rate over the next five years. Rapid surge in market is credited to the rising demand for fungicides, herbicides, and insecticides. Growing importance towards crop protection chemicals is expected to drive the growth of market over the forecast period.
Reducing arable land owing to rapid industrialization and rising population demands has led to intensified use of agrochemicals, further advancing the market growth in the past few years. Globally, market is predicted to generate massive revenue over the next five years, providing numerous opportunities for industry participants to invest in research and development of agrochemicals.
Furthermore, growing preference towards adoption of the agrochemicals by farmers because of its ability to foster growth of the plants under uncontainable and unprecedented atmospheric conditions are boosting the growth of agrochemicals market in recent years. The key factors driving industry expansion include the rising adoption of crop protection chemicals and limiting heavy losses caused due to frequent outbreaks of pest attacks on crops.
Development of advanced food processing, production and packaging techniques has led in flourishing of food & beverage sector across the globe. Market advancement in food & beverage sector results in increased demand for agricultural products including food grains, oilseeds, vegetables, and fruits. In addition, expansion of animal husbandry sector has resulted in increased the demand for animal feed, thus propelling agrochemicals market growth over the next five years.
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Increasing preference towards organic food products by consumers due to rise in health awareness among individuals, environment impact and animal welfare are escalating the demand for gibberellins market in the forecast period. Though, rising competition limits the market potential.
The agrochemicals market is broadly categorized into three major segments based on the product type such as fertilizers, crop protection chemicals and plant growth regulators. Fertilizers segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of fertilizers segment is attributed to the rising demand to improve agriculture yield, higher product penetration and easy availability. Crop protection chemicals segment has also witnessed substantial growth owing to the increasing number of distribution channels.
Agrochemicals market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in agriculture sector, surge in number of research & development activities and existence of well-established manufacturing infrastructure in the region. In European region, Germany, France and United Kingdom are projected to witness slow growth due to the rise in number of regulator compliances and shifting trend towards organic farming.
Asia-Pacific region is estimated to hold a major share in the agrochemicals market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rapid advancement in agriculture sector, growing requirement to improve overall agriculture yield to sustain ever-increasing population demands, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the agrochemicals market are Bayer CropScience AG, Agrium, Inc., BASF SE, Dow AgroSciences LLC, Syngenta AG, Rotam Cropsciences, Inc., Qatar Fertiliser Co., Arysta Lifescience Co., Drexel Chemical Co., and E. I. du Pont de Nemours and Co.
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Market Segmentation:
- Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Agrochemicals in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
- Global Agrochemicals market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- Syngenta
- Bayer Crop Science
- BASF
- Dow Agro Sciences
- Monsanto
- DuPont
- Adama
- Nufarm
- FMC
- Sumitomo Chemical
- UPL (Formerlay United Phosphorus)
- Arysta Lifescience
- Wynca Chemical
- Kumiai Chemical
- Ishihara Sangyo Kaisha
- On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
- Herbicide
- Fungicide
- Insecticide
- Plant Growth Regulator
- Other
- On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Agrochemicals for each application, including
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Turfs & Ornamentals
- Other
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