published Date SEP 2018

China Agrochemicals Industry Size is expected to reach USD 39.5 billion by 2023 | CAGR of 3.5%

According to the report published by Mordor Intelligence, the China agrochemicals market has witnessed prominent growth recording a CAGR of 3.5% during the forecast period, 2018-2023. The China agrochemicals market was valued at USD 31.6 billion in 2017 and it is expected to reach a value of USD 39.5 billion by 2023.

The report involves segmentation of the China agrochemicals market on the basis of type and application. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.  

To know more about the coverage of the China Agrochemicals Market report, click the below link:

https://www.mordorintelligence.com/industry-reports/china-agrochemicals-market

By the type, market is segmented into fertilizers, pesticides, adjuvants, and plant growth regulators. The fertilizer segment occupied the largest share of 67% in 2016. Based on the application, market is segmented into crop-based and non-crop based. In the last decade, demand for agrochemicals declined by 20% for oil crops, soybean, and tobacco, while it increased rapidly for vegetables, sugar crops, and cotton. In the Chinese agrochemical industry, the grain & cereal segment is the largest consumer of fertilizer, by crop-based application, with a share of 44%. This segment is followed by the fruit & vegetable segment (with 30% consumption) and the oilseed crop segment, including primarily soybean and rapeseed (with 8% consumption).

China Agrochemicals Market Dynamics

Increased food demand due to high population growth, need for increased land productivity, and soil health improvement are the key factors driving the market. However, low per capita use, shrinking farm land, and low farmer awareness are some of the factors which are expected to constrain the market. Developing regions are witnessing faster demands and this acts as an opportunity for the existing companies in this market to grow and expand and other companies to enter this market.

According to Mordor Intelligence research and analysis, key players present in the Chinese agrochemical market are Chemchina, Sinofert Holdings Ltd., National Chemical Fertilizer Public Company, Bayer, and  Yara International are the leading players of the China agrochemicals market. In  China,  companies are not only competing  on  new  product  launches,  but  are also focusing  on  strategic  moves  to  acquire  greater  market  share. In the domestic market, companies tend to replicate existing foreign products after patent expiry; this has led to a shortage of high quality R&D products as most Chinese agrochemical companies have a low R&D capability in relation to their international counterparts.

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