Agrochemicals Market share, applications, segmentations & Forecast by 2024
Posted: Jun 14, 2017
Agrochemicals Market size is projected to witness dynamic growth owning to rise in demand for food grains. This is due to increase in global population coupled with reduced per capita farm land which is a result of surging industrialization and urbanization.
Moreover, growth of floriculture and horticulture, increasing literacy rate of farmers coupled with rising awareness towards fertilizers and pesticides usage in major crop producing countries is further driving the global agrochemicals market size.
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Increasing research and development in field of bio pesticides and evolving integrated pest management in developing countries worldwide is expected to boost the global agrochemicals market.
With the rising scarcity of land and water, there is a need for adoption of innovative technology that can help improve crop yield. Therefore, the product is witnessing significant demand as farmers are striving to achieve nutritive and high quality crop production. Further, growing cultivation of sugarcane and oilseeds owning to their usage in food, fodder, fuel, and other industries is projected to boost agrochemicals market size.
Agrochemicals are specialty chemical products which include fertilizers, pesticides, soil conditioners, liming & acidifying agents and hormones, used in agriculture, floriculture and horticulture to enhance crop productivity. The product is used for increasing crop growth & yield, killing pests & weeds and controls parasites and infectious diseases in animals. Additionally, hormones are routinely administered in animals to upsurge their growth and productivity, for instance, bovine growth hormone is given to cows for enhancing milk production.
Prolonged use of these chemicals adversely affects environment and health of consumers. Alzheimer, cancer, diabetes, autism and asthma are some diseases linked to the continued use of product. Additionally, the product gets accumulated on land surface which contaminates ground water with nitrate, rendering it unfit for human consumption. Excess nitrate can cause eutrophication in water bodies, causing extensive fish mortality.
Agrochemicals exists in three forms named, liquid, powder and granular. The product can be categorized into pesticides and fertilizers. Fertilizers are divided into bio and synthetic fertilizers. Synthetic fertilizers are further categorized into nitrogenous, potassic and phosphatic fertilizers. Based on pesticides, they are divided into insecticides, herbicides and fungicides, which include bio based and synthetic. Nitrogenous fertilizers are projected as the fastest growing segment as they balance the nitrogen content in soil.
The product is used on different crops which include cereals & grains, oilseeds & pulses, fruits & vegetable, plantation crops and hydroponics. Cereals & grains is expected to hold the largest market segment due to rising world population and food industries.
Asia Pacific, led by China, Japan and India is anticipated to show significant growth owning to high demand for the product. With the growing population, there is a need for increased food production which will boost the product market growth.
North America holds the largest share for agrochemicals market due to the most industrialization and commercialization region globally. In the U.S., all pesticides sold or distributed should be registered by EPA under the Federal insecticide, Fungicide and Rodenticide Act (FIFRA) to protect human health and environment. Training of workers is required in pesticide treated areas and certification for using pesticide.
Europe agrochemicals market will register sluggish growth due to strict government regulations. European countries do not allow use of phosphate based fertilizers owing to its adverse effects on environment which will product market growth in the region.
The agrochemicals market is consolidated with presence of many manufacturing companies worldwide. Some of the key players for agrochemicals market include, BASF SE, Yara International, Dow Agro Sciences, Gharda Chemicals, Haifa Group, Zuari Agro Chemicals, Crop Science, Bayer, Syngenta, Monsanto and Dupont.
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