New York, USA, June 28, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global agrochemicals market is anticipated to generate a revenue of $328.0 billion and rise at a CAGR of 4.1% during the analysis timeframe from 2018 to 2026.
As per our analysts, the increasing use of agrochemicals by farmers to increase food production for the rapidly increasing population worldwide is predicted to foster the growth of the agrochemicals market during the forecast period. Moreover, the increasing use of fertilizers to provide additional nutrients to the crops which could result in improving the crop yields is expected to uplift the growth of the market over the estimated timeframe. However, the stringent government regulations along with the bulk storage issues may impede the growth of the market throughout the analysis period.
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Segments of the Agrochemicals Market
The report has divided the market into segments based on type and region.
Type: Fertilizer Sub-Segment to be Most Productive
The fertilizer sub-segment accounted for $171.4 billion in 2018 and is expected to grow at a CAGR of 3.5% during the forecast timeframe. The increasing use of fertilizers containing important elements, such as nitrogen, phosphorus, and potassium to improve crop production with enhanced quality is expected to augment the growth of the market sub-segment during the analysis timeframe.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the agrochemicals market is expected to generate a revenue of $176.8 billion and rise at a CAGR of 4.1% during the estimated timeframe. The presence of major agriculture-based countries with arable land and the increasing use of best farming techniques in this region is predicted to boost the regional growth of the market during the forecast period.
Check out Post COVID-19 Impact on Agrochemicals Market. Get in touch with Expert Analyst
Key Players of the Market
The major players of the agrochemicals market include E. I. du Pont Nemours and Company, Monsanto Company, Syngenta AG, BASF, Sumitomo Chemical Company, Dow AgroSciences LLC, Yara International ASA, Agrium Inc., The Mosaic Co., Bayer AG, and many more. These players are widely working on the development of new business tactics and strategies, such as product development, mergers, and acquisitions, partnerships, and collaborations to procure a leading position in the global industry.
For instance, in July 2021, Enko, a leading developer and provider of sustainable solutions for farmers to protect their crops from diseases and pests, announced its collaboration with Bayer AG, a renowned German multinational pharmaceutical and life sciences company. With this collaboration, the companies aimed to develop diverse chemistries for crop protection. These developed new chemistries helped farmers to protect their crops from several types of weeds and fight against various problems in crop production which are created due to rapid climate changes.
In addition, the report also presents other crucial aspects such as SWOT analysis, the financial performance of the key players, product development, and the latest strategic development.
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More about Agrochemicals Market:
- Agrochemicals and Their Importance in Agriculture
- Agrochemicals Market: Witnessing Growth despite the Coronavirus Crisis
