New York, USA, Sept. 13, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global agrochemicals market is anticipated to generate a significant revenue of $328.0 billion at a CAGR of 4.1% during the forecast period, 2018-2026.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Increasing global population is the main driving factor of the global market of agrochemicals. Demand of food supplies is also rising at par with the global population rate. Agrochemicals help in producing better yields, which are rich in nutrients, leading to supply and store enough food for generations. This is the main attributor behind the growth of the market during the forecast period.
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Restraint: Agrochemical products bear significant risk to human health as well as the environment if stored for a prolonged period of time. Therefore, farmers never purchase these products in bulk. This is expected to be one of the major restraining factors behind the market.
Key Segments of the Market
The report has divided the market into different segments based on type and geographical outlook.
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Type: Fertilizers Sub-Category Expected to be the Most Lucrative
Fertilizers sub-segment is expected garner the highest revenue in upcoming years at a significant CAGR of 3.5% during the forecast period. Fertilizers provide necessary nutrients for the proper growth of the crops. Some of the most used fertilizers include potassium fertilizers, nitrogen fertilizers, and phosphorous fertilizers. These fertilizers can be bought in different forms like powder, granular, and liquid.
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Geography: Asia-Pacific to Dominate the Market
Asia-Pacific regional market size is predicted to grow at a CAGR of 4.1% by generating a revenue of $176.8 billion by the end of 2026. The main attributor of this growth is that most of the countries such as India and China are greatly involved in agriculture. These countries have the most amount of arable land and are using the best farming techniques.
Leading Market Players & Strategies
1. Bayer AG
2. Dow AgroSciences LLC
3. Monsanto Company
4. Syngenta AG
5. Yara International ASA
6. Agrium Inc
7. BASF
8. E.I. DuPont Nemours and Company
9. Sumitomo Chemical Company
10. The Mosaic and Co
Recent development
In January 2018, Nutrien Ltd, a Canada-based fertilizer company, announced the successful completion of the merger of equals between Agrium Inc. and Potash Corporation of Saskatchewan Inc. Agrium is a major retail supplier of agricultural products and services in North America, South America, and Australia and PotashCorp, was an agriculture company based in Saskatoon, Saskatchewan. This merger has created the world's premier provider of crop inputs and services. Nutrien has the largest crop nutrient production portfolio combined with a matchless global retail distribution network that consists of more than 1,500 farm retail centers.
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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