SEATTLE, Sept. 03, 2021 (GLOBE NEWSWIRE) -- The global agrochemicals market was valued at US$ 67,854.6 million in 2020 and is expected to exhibit a CAGR of 6.2% during the forecast period (2021-2027).
Key Trends and Analysis of the Global Agrochemicals Market:
With rising awareness regarding the impact of chemical insecticides on the health of humans, the gradual shift toward the usage of biopesticides by farmers has been observed. Therefore, biopesticides are gaining popularity in the market. The product type segment is likely to witness a significant growth rate over the forecast period. This kind of growth is supported by the fact that most countries amended their policies to minimize the use of chemical pesticides and instead promote the use of biopesticides. Owing to a smaller number of regulations on product approvals and the low cost of product development, biopesticides are being largely adopted by the agriculture industry. It takes nearly US$ 250.0 million and 10 years to develop new pesticide products. Additionally, it takes 12-13 years and roughly US$ 130.0 million for the development of genetically modified (GM) crops. However, a biopesticide or biological can enter the market in three-five years, with roughly US$ 3.0 – US$ 5.0 million development cost, which is impacting a positive trend of the biopesticides market across the world.
Frequent incidences of new pests, pathogens, and weeds in farming, plantation, and residential gardening discovered in the past decade. Significantly, there is a huge requirement of effective agrochemicals for reducing economic and crop loss. Moreover, the application of chemical growth agents such as adjuvants and hormones help in healthy crop yields. Consequently, the global agrochemical market experiences huge demand thereby gaining a lucrative economy.
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Key Market Takeaways:
The global agrochemicals market is expected to exhibit a CAGR of 6.2% over the forecast period (2021-2027). The large production of cereal crops, like rice and wheat in India, is the major factor supporting market growth. Utilization of pesticides is rising steadily in India. In 2018-2019, 72,515 metric ton of pesticides were used by farmers all over the country as per Agriculture department survey. Data reveals that only eight states account for more than 70.0% of the total pesticide utilization in India.
Agrochemicals play a vital role in crop growth, showing improved performance and noticeable results. Pesticides enable farmers to produce safe, quality foods at affordable prices. They also help farmers provide an abundance of nutritious, all-year-round foods, which are necessary for human health. Fruits and vegetables, which provide essential nutrients, are more abundant and affordable.
The Asia Pacific agrochemicals market was valued at US$ 21,509.9 Mn in 2020 and is expected to grow at a significant rate of 7.1% during the forecast period, due to increasing population, rising demand of agriculture produce for direct consumption and processing. Asia-Pacific dominates the agrochemicals market, followed by Europe and North America. Price premiums and innovative eco-friendly production methods are emerging steadily in the agrochemical market. There is an increasing need to balance the judicious use of the best chemicals and minimizing the impact of that use.
Competitive Landscape:
Major players operating in the global agrochemicals market include ADAMA Ltd., Arysta Life Science, Bayer AG, Isagro Spa, K+S Aktiengesellschaft, Nufarm, Nutrien Ltd, OCI Nitrogen, Sociedad Quimica Y Minera De Chile, and The Mosaic Company.
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Key manufacturers in the market are focusing on strategies such as new product launches and expansions to gain a larger market share in the global agrochemicals market. For instance, in March 2020, Ascenza, also known as Sapec Agro, announced the launch of its Sea4CS project that aims at producing sustainable microencapsulated formulations from marine resources. The project intends to utilize renewable sources of co-formulants, to develop innovative formulations of insecticides and herbicides. R&D investment for developing innovative techniques and products also complying with the environmental sustainability and government regulations are key to the success of these market leaders.
Market Segmentation:
- Global Agrochemicals Market, By Origin:
-
- Synthetic
- Organic
- Global Agrochemicals Market, By Product Type:
-
- Insecticides
- Fungicides
- Herbicides
- Others (Rodenticides, etc.)
- Global Agrochemicals Market, By Crop Type:
-
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Others (Ornamental, etc.)
- Global Agrochemicals Market, By Application:
-
- Foliar Treatment
- Soil Treatment
- Seed Treatment
- Others (Hydroponics, etc.)
- Global Agrochemicals Market, By Region:
-
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Sub-Region:
- Middle East
- Africa
- By Sub-Region:
- North America
-
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