Agrochemicals Market

The agrochemicals market is estimated to register a CAGR of 3.7% during the forecast period of 2019 - 2024 and is projected to reach a market size of USD 269.7 billion, by the year 2022.

Agrochemicals widely involve fertilizers, pesticides, hormones, and plant growth regulators (PGR) that enable plant and soil protection, improve the yield, maintain and improve the growth process of plants. Given the large operational area and the never-ending need of the agrochemical industry, many market players and companies have entered this industry, which is concentrated within six major manufacturers covering 70-75% of market share. Bayer AG is the largest agrochemical producer in the world. Some of the key players include Yara International ASA, BASF, Bayer Crop Science, Makhteshim Agan Industries Ltd, Dow Agro Sciences, Monsanto, Syngenta, Agrium, etc. The key strategies followed by companies in the agrochemicals market include new product registrations and mergers and acquisitions to enter new markets.

Agrochemicals Market Dynamics

In 2016, the total revenue of the agrochemicals industry was recorded at USD 220.9 billion. One of the main reasons for the growth in consumption is the increased pressure on dwindling farmlands, as a result of growing population and urbanization. The ambitious project of global food security is expected to generate a steady demand for the chemicals. The market is also expected to foresee innovations in improving product performance and reducing production cost and also that of the final product. While the benefits of agrochemicals are commendable, and people are becoming aware of them, the toxicity of synthetic products acts as a major challenge for the industry.

Agrochemicals Market Segmentation

The agrochemicals market analysis is segmented by product, crop type, and geography. In the product segment, nitrogenous fertilizers form the largest share of the fertilizers market. The increased awareness among the farming community, need for high global production combined with the economic growth in countries, are helping in more fertilizer applications in the field. The demand for pesticides is growing at a high rate, given the increased occurrence of various pests and diseases. The pesticides market is currently lead by herbicides products (covering 41.5%), followed by fungicides and insecticides. Further, the market is segmented by crop and non-crop. Grains and cereals tend to consume most of the agrochemical products, followed by oilseed crops. Plant growth regulators provide a more natural way of managing and enhancing the growth process of agricultural plants. The increasing popularity of GM crops, harmful agrochemicals effects and the high regulatory constraints regarding the usage of agrochemicals act as major constraints for the industry.

China, France, Germany, India, Japan, and the United States represent the largest agrochemicals markets. Markets in Western Europe and North America are the established consumption points for agrochemicals and are expected to show below-average growth, due to market maturity and regulatory constraints. Currently, China is leading the market with its developing agricultural sector, along with the need for its ever-growing population. Globally, China is not only the largest producer but also the largest consumer of fertilizers. South America, particularly Brazil, is the world leader in pesticide consumption. Africa also registers a good potential in the agrochemicals market.

Agrochemicals Market Major Players:

• BASF SE
• Agrium Inc.
• CF Industries Holdings Inc.
• Potash Corporation of Saskatchewan
• Yara International ASA
• Monsanto Company
• E.I. Du Pont De Nemours & Company
• Dow AgroSciences LLC.
• Syngenta AG.

Recent Industry Insights

“In September 2016, Bayer and Monsanto declared their agreement on a merger to create a global agrochemical leader.”

Key Deliverables in the Agrochemicals Market

• Market analysis for the agrochemicals market with competition analysis.
• Market overview and identification and analysis of the macro and micro factors that affect the agrochemicals market.
• Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.
• Market share of agrochemical companies and agrochemical industry attractiveness matrix.

The report holds importance for the following stakeholders-

• Producers and manufacturers
• Agricultural input companies
• Enterprises operating in the industry
• Traders and stakeholders operating in the sector
• Investors/research institutions interested in the market

Agrochemicals Market Report Customization Options:

• Supply chain analysis
• Regulatory framework
• Trade analysis
• Trend analysis