|Study Period:||2016 - 2026|
|Fastest Growing Market:||North America|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global agrochemicals market is projected to register a CAGR of 4.0% during the forecast period (2021-2026).
The COVID-19 has affected the production and supply of the agrochemicals market. The global pandemic has impacted the proper functioning of various industries across the world, and it affected the functioning of the agrochemicals market. In terms of supply, a short-term shortage of migrant laborers amid distribution bottlenecks created a wide gap between the number of workers required for the production of agrochemicals and the ones available. The production of crops also decreased due to the unavailability of laborers in large-scale plantations, which has reduced the demand for agrochemicals during the pandemic.
The rising population across the world, accompanied by rising affluence, is seeing a shift in consumption patterns. There is a need to not just increase production to meet demand, but also to ensure that the nutritional needs of an increasingly affluent population are met. Shrinking arable land and loss of crops due to pest attacks lead to wastage, posing a critical challenge to ensuring food and nutritional security. The agrochemical market is an important agriculture support industry, which boosts the agriculture output. These factors are supporting the growth of the market.
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.
Scope of the Report
Agrochemicals are used for preventing the deterioration of crops from insects and pest infestation and disease. The global agrochemicals market report offers the latest trends, growth factors, industry competitiveness, investment opportunities, and detailed profile of the top players for the market during the forecast period. The global agrochemicals market is segmented by product type (fertilizers, pesticides, adjuvants, and plant growth regulators), application (crop-based and non-crop based), and geography (North America, Europe, Asia-Pacific, South America, and Africa).
|By Product Type|
|Plant Growth Regulators|
Key Market Trends
Increasing Adoption of Biopesticides
With rising awareness regarding the impact of chemical insecticides on the health of humans, the gradual shift toward the usage of biopesticides by farmers has been observed. Therefore, biopesticides are gaining popularity in the market. The segment is likely to witness a significant growth rate over the forecast period. This kind of growth is supported by the fact that most countries amended their policies to minimize the use of chemical pesticides and instead promote the use of biopesticides. Owing to a smaller number of regulations on product approvals and the low cost of product development, biopesticides are being largely adopted by the agriculture industry. It takes nearly USD 250.0 million and 10 years to develop new pesticide products. Additionally, it takes 12-13 years and roughly USD 130.0 million for the development of GM crops. However, a biopesticide or biological can enter the market in 3-5 years, with roughly USD 3.0-5.0 million development cost, which is impacting a positive trend of the biopesticides market across the world.
To understand key trends, Download Sample Report
Asia-Pacific Dominates the Market
China accounts for the largest share among other countries in the global fertilizer market. Chinese consumption of inorganic N, P, and K fertilizers is reducing due to reducing cropland area. The cropland area under fruits and vegetables is increasing, while the area under cereals is decreasing. The Chinese fertilizer market is growing at a very slow and steady rate, owing to the government regulation of zero residues of inorganic fertilizer in the food crops since 2013. The large production of cereal crops, like rice and wheat in India, is the major factor supporting market growth. Consumption of pesticides is rising steadily in India. In 2018-2019, 72,515 metric ton of pesticides were used by farmers all over the country. Data reveals that only eight states account for more than 70.0% of the total pesticide consumption in India. With a growing emphasis on the environment and sustainability, various governments in the region are enforcing clean production and environment-friendly agriculture policies, which may lead to a decline in synthetic pesticide usage in the country. However, the government has encouraged the use of microbial pesticides, which is expected to grow rapidly in the coming years.
To understand geography trends, Download Sample Report
The agrochemicals market is fragmented, with major players, including Bayer CropScience, Adama Agricultural Solutions, Yara International ASA, BASF SE, Corteva Agriscience and Nufarm, and many others. New product launches, mergers and acquisitions, and partnerships are the major strategies adopted by these leading companies in the market. Additionally, these companies are focusing on making an investment in innovations, collaborations, and expansions to increase their market share.
In January 2020, Corteva Agriscience launched the Cerefit fungicide in Canada. Cerefit is a dual mode-of-action fungicide that targets leaf diseases, which ultimately provides farmers increased yield potential.
In September 2019, Bayer Cropscience Ag launched the latest fungicide innovation, Iblo technology. This technology is based on the active ingredient, Isoflucypram, a member of a new subclass in the family of the highly valued SDHIs.
In June 2018, BASF SE expanded its global insecticide portfolio. The companies Inscalis insecticide received registration in prominent markets throughout the globe. It has received the first global registrations in Australia and India for the Inscalis insecticide. This insecticide is likely to be used for controlling piercing-sucking pests, including hemiptera, like aphids, whiteflies, psyllids, scales, and leafhoppers.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.4 Plant Growth Regulators
5.2 By Application
5.2.1 Crop Based
188.8.131.52 Grains and Cereals
184.108.40.206 Pulses and Oilseeds
220.127.116.11 Fruits and Vegetables
5.2.2 Non-crop Based
18.104.22.168 Turf and Ornamental Grass
22.214.171.124 Other Non-crop Based
5.3 By Geography
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.3 Asia Pacific
18.104.22.168 Rest of Asia Pacific
5.3.4 South America
22.214.171.124 Rest of South America
126.96.36.199 South Africa
188.8.131.52 Rest of Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Bayer CropScience AG
6.3.2 BASF SE
6.3.3 Corteva Agriscience AG
6.3.4 Archer-Daniels-Midland (ADM)
6.3.5 FMC Corporation
6.3.6 Adama Agricultural Solutions
6.3.7 Potash Corporation of Saskatchewan
6.3.8 Nufarm Ltd
6.3.9 Nutrien Ltd
6.3.10 Yara International ASA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Agrochemicals Market market is studied from 2016 - 2026.
What is the growth rate of Agrochemicals Market?
The Agrochemicals Market is growing at a CAGR of 4% over the next 5 years.
Which region has highest growth rate in Agrochemicals Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Agrochemicals Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Agrochemicals Market?
Bayer Crop Science, BASF SE, Corteva Agriscience , Yara International ASA, Adama Agricultural Solutions are the major companies operating in Agrochemicals Market.