BANGALORE, India, July 26, 2021 /PRNewswire/ -- The Agrochemicals market is segmented by Product Type - Insecticide, Fungicide, Herbicide, Molluscicide, Others, Application - Rice, Banana and Pineapple, Other Fruit, Vegetables, Others. It is published in Valuates Reports under Chemicals Industry Category.
The global Agrochemicals market size is projected to reach USD 302.9 million by 2026, from USD 242.3 million in 2019, at a CAGR of 3.2% during 2021-2026.
Major factors driving the growth of the Agrochemicals Market are:
Increasing demand for food supply due to the rapid growth in the human population is expected to drive the agrochemical market.
Rising awareness regarding the advantages of agrochemicals such as higher crop yields, higher crop quality, lower labor costs resulting in more affordability is expected to propel the adoption of agrochemicals throughout the forecast period.
TRENDS INFLUENCING THE GROWTH OF AGROCHEMICALS MARKET:
Shrinking arable land and loss of crops due to pest attacks lead to wastage, posing a critical challenge to food and nutritional security. As a result, agrochemicals (fertilizers and a variety of pesticides) are widely utilized in agriculture, ensuring not only food and nutritional security but also bridging the gap between food production and consumption. Agrochemicals, such as insecticides and fertilizers, play a vital role as they have been shown to be a valuable resource for farmers all over the world.
Increasing R&D activities and cutting-edge advancements in farming technologies, as well as expanding farmer awareness of proper pesticide use, are creating profitable market potential.
However, the agrochemicals market might be hampered by rising environmental concerns caused by prolonged use of synthetic chemicals, increased health hazards produced by high toxicity of such chemicals, and worsening air, water, and soil quality caused by excessive use of synthetic agrochemicals.
Based on type, the market for herbicides in the pesticide type segment is expected to be the most lucrative. Herbicides are being more widely used around the world. As millions of people migrate from rural to urban regions, many developing countries (India, China, Bangladesh) are experiencing labor shortages. Herbicides are significantly cheaper and more commonly available in these nations than manual weeding labor.
Based on region, the market is dominated by Asia-Pacific, with North America expected to develop at the highest rate. In the agrochemical sector, price premiums and innovative environmentally friendly production processes are progressively growing. There is a growing need to strike a balance between using the greatest chemicals wisely and reducing their impact.
Asia-Pacific dominates the market, while North America is anticipated to be the fastest-growing market. Price premiums and innovative eco-friendly production methods are emerging steadily in the agrochemical market. There is an increasing need to balance the judicious use of the best chemicals and minimizing the impact of that use.
Agriculture's growth in emerging countries in South America, Africa, and the Middle East is paving the way for a slew of lucrative prospects for industry players. Furthermore, agrochemical producers' significant focus on product innovation is projected to give them a competitive advantage over their competitors.
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- Global Insecticides in Agriculture Sales Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product-Type: Weed Control, Control of Insects and Other Pests, Disease Control, Others, Application: Household Use, Public Health, Nurseries and Ornamental Crops, Industrial Weeding, Forestry, Lawn, Wood Treatment, Animal Health.
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