Global Statistics Representing Agrochemical Market Scenario
Agrochemical is a specially engineered chemical products use in agriculture to improve crop productivity and protect crops from insects, pests, fungi, weeds, and others. It can be produced in both, chemical as well as biological methods. It is involving in pesticide, fertilizer, hormones, and plant growth regulators (PGR).
Crop protection chemical has become fastest growing market across the globe with a rapidly increasing population. For instance, the Indian population currently stands at 1.3 billion and is projected to cross 1.7 billion by 2050. Keeping in pace with these growing number, the Country will not only have to raise their agriculture production but also productivity. Increasing demand to ensure the availability of food to meet the demand of rising population worldwide is a primary factor to start increasing utilization of crops protection chemicals. Additionally, a significant drop in amount of land being used for farming in emerging economies, and which will create a problem on agriculture sector in another region to a noteworthy rise in crop protection.
The global agrochemical market is segmented into type, and application.
On the basis of type, agrochemical market is segmented into pesticides, fertilizers, liming and acidifying agents, soil conditioners and others.
Depending on the application, the agrochemical market is segmented into agriculture, forestry operations, animal husbandry, gardens and others. Agriculture segment is expected to witness a considerable growth during the forecast period 2019–2026. This is attributed to implementation of (Integrated Pest Management) IPM is a holistic approach to sustainable agriculture which focuses on managing weeds, insects, and disease through a combination of cultural, biological, chemical and physical method. The crop protection chemical is driven by increasing demand for bio pesticides along with increasing acceptance for Integrated Pest Management by the farmers, and high opportunities in developing countries. Additionally, IPM is an effective and environmentally sensitive approach to pest management which relies on a combination of normal practices. The IPM approach can be applied to agriculture and non-agriculture such as the house garden, farm, and workplace. IPM will help to more regular crop quantity and quality, healthier plants, reduce risk of farmer from contamination with chemicals, reduce contamination of the environment, and decrease the initial costs.
Geographically, the global agrochemical market is classified into major four region: North America, Asia Pacific, Europe, and Latin America and Middle East & Africa.
Asia Pacific is expected to witness a considerable growth in agrochemical market followed by North America and Europe. This is attribute to growing demand of food grain for ever growing population coupled with increasing export of food grains from emerging economies such as China, and India. The large share of farm land and good soil fertility, agriculture is one of the largest industries in this region.
North America and Europe are expected to hold the largest share in global agrochemical market during the forecast period 2019-2026. The U.S. is the largest producer of agrochemicals in North America and owing to high agricultural activities in this region. Additionally, France is the largest market in Europe. However, the country is expected a slowdown in agrochemical sales over the forecast period owing to the stringent policies on the use of synthetic pesticides.
LAMEA is expected to witness a noteworthy growth owing to the increasing demand for food productivity and land management make it essential for the farming community to use more agrochemical. Mechanized farming in the region is also making agrochemical usage popular. Additionally, most of the crop are export oriented farming sector in the region is responsible for the high agrochemical market growth in the Latin America.
Some of the leading players in the global agrochemical market includes Agrium Inc., Bayer A.G., E.I. Du Pont De Nemours & Company, Indian Farmers Fertiliser Cooperative, Makhteshim Agan Industries Ltd, Mosaic Company, and Potash Corp. SAS. Inc., Sumitomo Chemical, BASF S.E., Dow Agrosciences LLC., Israel Chemicals Ltd., K+S AG, Monsanto Company, Nufarm Ltd., and Sociedad Quimica Y Minera De Chile SA
Agrochemical Market Segmentation