Agrochemical Market: Fertilizer is expected to hold the largest share in the global agrichemical market during the forecast period 2019-2026

Introduction

The chemical product which are used in agriculture such as pesticide or fertilizer are agrochemical. The factor which is accountable for rising agrochemical market are rapidly growing population, shrinking land, and increasing construction activities for the residential, industrial and infrastructural sector has led to reducing the arable land worldwide. Due to the limited land, insect, pest, potential disease, and rodent attacks, it is important to ensure the certain standard solution is taken to protect the crops for maximum output. Moreover, the growing use of biofuel crops in various emerging countries such as U.S, Germany, Brazil, and India are clubbed with the need to protect their crops are few major factors expected to drive the growth of the market. As, biofuel is sourced from energy crops such as soybean, corn, rapeseed, sugarcane, etc. to reduce dependency on conventional fuel.

Segmental Insights

The global agrochemical market is segmented into type and application.

On the basis of type, the segmented into pesticides, fertilizers, liming and acidifying agents, soil conditioners and others. In the type segment, fertilizer is expected to hold the largest share in the global agrichemical market during the forecast period 2019-2026. This is attributed to the growing awareness among the farming community, need for high rate, given the growing occurrence of various disease and pest. Decreasing soil fertility and plant nutrients is likely to augment global demand for fertilizer. For instance, by the opinion of Queensland Government, the main responsible factors for decreasing soil fertility are continuous growing crops, soil erosion, leaching and overwatering irrespective of their requirements.

Regional Insights

Geographically, the agrochemical market is majorly divided into four regions North America, Asia Pacific, Europe, and Latin America and Middle East & Africa.

Europe and North America is expected to hold the largest share in the global agrochemical market during the forecast period 2019–2026. This is attributed to the increasing consumption is the increased pressure on decreasing farmlands, as a result of growing population and urbanization. Additionally, growing population is noticeable most in developing countries such as U.S., Canada, France, Germany, Italy the farming difficulties are far common as compared to these parts. Through sustainable use of agrochemicals, developing countries would able to upsurge the food productivity, making food affordable to a larger portion of its population. For instance, the European Union “Common Agricultural Policy” promotes the use of bio pesticides along with organic farming and offers 30% of the budget as direct green payment to farmers complying with sustainable agriculture practices. In Addition, the U.S Department of Agriculture has launched the plan to promote the bio pesticides based farming the National Organic Program objectives to execute and advancement of standard for the naturally grown agricultural products. According to the U.S., the world population is expected to rise by 250,000 every day and reach 9 billion by 2050. In term of imports of agrochemical, U.S. imports approx. 50% of nitrogen and 85% of potash supplies, as nitrogen and potash play vital role in the crop productivity.

Asia Pacific is expected to witness considerable growth in the global agrochemical market during the forecast period 2019–2026. This is attributed to the represent the largest agrochemical market in emerging countries such as India, China, and Japan. China is leading the Asia Pacific market owing to the developing agriculture sector, along with the need for its ever-growing population.

Latin America and Middle East & Africa is expected to witness noteworthy growth during the forecast period 2019–2026. Brazil is one of the world leaders in pesticides consumption. Additionally, Africa is also registering a good potential ion the agrochemical market.

Competitive Players

1. Stepan Company
2. ADAMA Ltd.
3. Croda International Plc
4. Evonik Industries AG
5. Nufarm
6. Clariant AG
7. The DOW Chemical Company
8. Huntsman International LLC
9. Bayer Aga
10. BASF SE
11. Solvay
12. Helena Agri-Enterprises
13. LLC Land O’ LakesInc.
14. Ashland, Inc.
15. FMC Corp.

Recent Developments

Recent Developments

• June 2022 - Azolla Ventures I and Chrysalix Venture Capital's Carbon Neutrality Fund are two sustainability funds in which Evonik Venture Capital has invested. Both businesses are researching CO2 reduction technology, with Azolla focusing on North America and Chrysalix on the rest of the world. This is the first investment made by Evonik's venture capital arm with the new €150 million Sustainability Tech Fund. The amount of the investment has been agreed upon by all parties.
• May 2022 - New revolving credit facility (the "Credit Facility") for Huntsman International LLC of $1.2 billion has been announced by Huntsman Corporation, which replaces an existing senior unsecured revolving credit facility of that same amount that expires in May 2023.

Segmentation

1. By Product
   1. Fertilizers
   2. Plant Growth Regulators
   3. Pesitsides
   4. Others
2. By Pesticides Type
   1. Insecticides
   2. Herbicides
   3. Fungicides
   4. Nematicides
   5. Other Pesticide Types
3. By Crop Type
   1. Cereals & Grains
      1. Corn
      2. Wheat
      3. Rice
      4. Other Cereals & Grains
   2. Oilseeds & Pulses
      1. Soybean
      2. Sunflower
      3. Other Oilseeds & Pulses
   3. Fruits & Vegetables
      1. Apples
      2. Cucumbers
      3. Grapes
      4. Pears
      5. Potatoes
      6. Bananas
      7. Avocado
      8. Tomatoes
      9. CucurbitsOther 
   4. Other Crop Types
4. By Applications 
   1. Cereal & Grains
   2. Oilseeds And Pulses
   3. Fruits & Vegetables
   4. Others