With its high agricultural base dependency, Asia-Pacific forms the most important market for fertilizer consumption around the world. The Australian fertilizer market is estimated to grow at a rate of 3.5% from 2015-2020.
Australia Agrochemicals Market Dynamics
Globalization of agrochemical industry has a huge impact on the Asian markets. With the highest rate of population growth, increasing the need for food production and economic growth, the market for agrochemicals gets pushed ahead. While the demand for food products is increasing, the available land mass for agriculture is shrinking due to increased effect of urbanization that propels farmers to use various agrochemicals to maintain soil health and increase land productivity. However, the major drawbacks in the region are low awareness among farming community and their low acceptance level to the modern day farming practices in some countries. Integrated farming practices and the positive trend in developing nations would drive the future market demand.
In terms of spending per unit of arable land, Australia is near the bottom of the major global economies list. So land productivity requirement while maintaining the soil health are the essential drivers for Australian agrochemicals industry. Low per-capita use and shrinking farmland are the major factors hindering the future growth. Export potential and integrated farming practices would drive the future market demand.
Australia Agrochemicals Market Segmentation
Pesticides market is currently lead by herbicides products followed by fungicides and insecticides. The market is further segmented application wise as crop-based such as cereals, grains, oilseeds, and vegetables and non-crop-based applications.
Key Players in the Australian Agrochemicals Market
Nufarm Ltd. and Bayer Crop Science Pvt. Ltd. are the dominant industry players in Australia. Some of the big names include Yara International ASA, BASF, Bayer Crop Science, MakhteshimAgan Industries Ltd, Dow Agro Sciences, Monsanto, Syngenta, Agrium, Megafert, Summit Fertilizers, Superfert, Ravensdown and Landmark are some of the famous Australian based agrochemicals companies.
