Global Agrochemicals Market: Market Research by Knowledge Sourcing Intelligence

August 14, 2019

The agrochemicals market is expected to reach a decent CAGR during the forecast period. The chemicals such as pesticides and fertilizers that aid in the crop cultivation in order to meet the global food demand are known as agrochemicals. The growing global population and the steady reduction in the arable land are driving the agrochemical market. Simultaneously, the relative improvement in the farm income over the years along with the favorable agriculture policies is further supplementing the growth of the market. However, the growing awareness regarding the environmental concerns of excessive use of fertilizers is likely to positively impact the market growth over the forecast period.

Geographically, the use of agrochemicals in the Americas and Europe has been prevalent on account of relatively high farm income in the two regions. However, the Asia Pacific is projected to grow significantly with growing government support, rending fertilizers affordable to even small farmers.

global agrochemicals market: market research by knowledge sourcing intelligence

Global Agrochemicals Market Forcast

Global Agrochemicals Market by Type:

Agrochemicals market has been segmented by applications into fertilizers and pesticides with the former accounting for the major share in 2016 at X.XX% with an estimated value of $XXX.XX billion. Pesticides market was worth $XX.XX billion in 2016 and will grow at a CAGR of 2.78% to reach a total market size of $XX.XXX billion by the end of the forecast period.

Fertilizers account for the major share of Agrochemicals market with its huge contribution to the transformation of the agriculture sector across the world. It has helped the countries which were dependent on imports of food grains to become self-sufficient. Government policies and initiatives by enterprises manufacturing fertilizers in terms of creating awareness and technological innovation further boosted the demand for fertilizers across the globe. The market research of the global agrochemicals market provides a detailed analysis on the basis of the various segment like- by geography, by type, etc.

Global Agrochemicals Market by Geography:

Geographically, the agrochemicals market is segmented as Americas, Europe Middle East, and Africa and the Asia Pacific. Americas is further segmented as North America and South America. Americas held a significant market share of the agrochemicals market owing to increasing expenditure on agriculture activities and rising use of herbicides in the region. Rising population in the Asia Pacific region will drive the demand for food products, which in turn will boost the demand for agrochemicals to increase the yield per hectare while protecting the food products during the crop lifecycle. Environmental regulations concerning the use of pesticides in the European region might impede on the growing demand for these chemicals over the forecast period.

Americas region agrochemicals market is projected to grow at a CAGR of X.XX%, rising from US$XX.XX billion in 2016 to US$XX.XX billion in 2022. The region is further segmented into North America and South America markets. North America held a major market share and is expected to grow at a moderate rate in the coming years owing to the increasing use of herbicides and a rise in agricultural spending. Politica,l stability in the South American region will boost the agriculture industry as it is one of the major industries and a source of employment. Increasing focus on improving the yield per hectare and farm income in Brazil will augment the demand for agrochemicals over the forecast period.