Agrochemicals Market – Market Overview

Agrochemicals belongs to group of speciality chemical which includes fertilizer, herbicides, fungicides, hormones and other growth agents in chemical synthesis. The basic function of agrochemicals is to protect the crop and improve quality of soil and crop. Agrochemicals also used acts as growth agent in plants. The growing need for processed food and advanced packaging technique has improved the food & beverage sector, thereby, increasing the demand for food grain, oilseeds and vegetables. This in turn drives the Agrochemical Market growth.

Agrochemicals used in fertilizers, plant growth regulators and crop protection chemicals are dominating in the market. This is attributed to increasing pest attacks on crops which results in loss of nutritional and quality of food crop. Fertilizer accounts for majority of share in global agrochemical market due to ongoing projects of increasing animal husbandry sector further generating demand for animal feed. Moreover, rising demand for micro-nutrient in crop plants has boosted the fertilizer demand in the global agrochemical market. Plant growth regulators are projected to grow at highest CAGR followed by crop protection chemicals. This plant growth regulator helps the crop to reduce harvesting time and enhance the growth of crops plants. Additionally, nitrogenous fertilizers are expected to grow significantly as its aid plant growth and most abundantly applied fertilizer found across the globe. These products improve the quality of soil and helps in nourishing nutritional value of food.

Agrochemicals are widely used in fruits & vegetables, cereals, food grains and oilseeds & pulses among others. The growing demand of food grains and oilseeds & pulses due to rich in nutrition content such as carbohydrates, proteins and fibers are expected to drive the product demand over the forecast period. Cereals segment witnessed rise in demand owing to huge spending by multinational players in brand building through emphasizing on nutritional content of products which in turn, has increased the penetration of agrochemicals. Pulses are on growth stage cycle owing to high rich protein content, which has increased the consumption in daily dietary products. All these factors are exoected o drive the global agrochemicals market.

Asia Pacific is leading in global agrochemical market. Rising population coupled with increasing disposable income drives the demand for agriculture products in these regions. China and India is dominant countries owing to easy trade liberalization, adoption of modern technique in food industry and potential growth of untapped market. North America is closely followed by Europe region. U.S. is leading country due to high agriculture output with favourable conditions.

Key Players:

BASF SE (Germany), FMC Corporation (United States), Dow Agrosciences LLC. (United States), Agrium Inc (Canada), Bayer Cropscience AG (Germany), Yara International ASA (United States), Israel Chemicals Ltd. (Israel), Syngenta AG (Switzerland), PotashCorp (Canada) and Uralkali (Russia) among others are some of the prominent players at the forefront of competition in the Global Agrochemicals Market and are profiled in MRFR Analysis.

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Agrochemicals Market – Competitive Analysis

Agrochemical market is high fragmented market with tier 1 and tier 2 players. The market participants are acquiring small players in the market and collaborating with distributors to meet the global demand. Acquisition is the key strategies adopted by significant players to maintain their market share. Increasing R&D activities to develop efficient and easy cultivation of agriculture products is major focus by key players in market. For instance, BASF had invested USD 2 billion in R&D activities in 2016. Companies are relocating business owing to easy availability of resources, favourable climatic condition and balance import-export policies.