The global agrochemicals market was USD 223.24 Billion in 2016 and is estimated to reach USD 265.04 Billion by 2022 at a CAGR of 4.51%.
North America is expected to witness growth prospects due to increased use of biobased agrochemicals over other substitute products like chemical pesticides and fertilizers. On the other hand, Europe is likely to have declining growth for the forecasted period, due to government regulations and bans on certain chemical pesticide products.
APAC leads agrochemicals market, followed by Latin America, North America, Europe, and MEA. APAC is also expected to be the largest market for the forecasted period due to increasing demand from China and India. Increasing demand of agrochemicals from emerging countries of APAC, along with rapidly expanding population drive the demand for the market.
Factors like growing demand for food and consumer awareness, changing agrochemicals usage patterns, advantages of fertilizers and pesticides in crop production, increasing horticulture industries are the drivers for the market. On the other hand, the increasing environmental concerns and availability of substitutes that are environment friendly are the factors that are limiting the market growth.
Added to this, changes in cultivation rules in the European Union during early 2015, made companies like Monsanto, Syngenta, DuPont, and Dow Agrosciences abandon GM crops in certain countries of Europe thereby restricting the growth. Agrochemicals market is fragmented in nature. Stringent environmental regulations in North America and Europe are making it difficult for the manufacturers to sell in these regions. Hence, they are currently focusing on new products that are as per the norms. Technological developments boost the farm production along with increasing government investments to increase the yield provides huge opportunities.
Syngenta leads the Agro chemicals market in 2016 followed by Bayer Crop Science, BASF, Dow, Monsanto, and DuPont.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Market Dynamics
4. Agro Chemicals Market Segmentation, Forecasts and Trends - by Revenue