(MENAFN Editorial) The Global Agrochemicals Market was worth 234.10 billion in 2016 and estimated to be growing at a CAGR of 3.40%, to reach 276.69 billion by 2021. With shortage of land and water, there has been an increased emphasis on the acceptance of innovative technologies that can help increase crop harvest. As such, agrochemicals are observing a substantial demand since farmers are determined to attain nutritious and high quality crop production.
Agrochemicals consist of specialty chemical products such as synthetic fertilizers, pesticides, Plant growth regulators, and adjuvants, which are employed in the agriculture industry. Agrochemicals' task is to safeguard crops, increase crop yields, and sustain the food and soil quality. Another important function of agrochemicals is to transform the growth progression of the plants.
The growth of the Global Agrochemicals market is majorly driven by factors such as growing awareness towards the use of fertilizers and pesticides in key crop producing countries, wide range of pest control applications of Agrochemicals, and decreasing arable land. Another major factor driving the market is the globally increasing population, which leads to the need for increase in crop yield. However, safer alternatives such as bio-farming and organic pesticides, volatile economies, and various environmental and health hazards linked with agrochemicals are the major restraining factors for the market.
The Global Agrochemicals market is segmented based on Type and Application. The market for Agrochemicals, on the basis of Type, is classified into Fertilizers, Pesticides, Plant Growth Regulators, and Adjuvants. Fertilizers are further segmented into Nitrogenous, Phosphate and Potassic Based Fertilizers, whereas Pesticides are further segmented into organophosphates, pyrethroids, biopesticides. Plant Growth Regulators are further classified into Auxins and Cytokinins, whereas Adjuvants are further classified into Activator djuvants and Utility Adjuvants. Nitrogenous fertilizers lead the global agrochemicals market on the basis of type. However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases. Currently, the Pesticides market is being spearheaded by herbicides products, trailed by fungicides and insecticides. On the basis of Application, the global Agrochemicals market is segmented into Crop Based and Non Crop Based. Crop Based segment is further sub-segmented into Oil seeds, Fruits & Vegetables, Grains & Cereals, whereas Non Crop Based segment is further sub-segmented into Turf & Ornamental Grass and others. By application, grains & cereals lead the global market for Agrochemicals and this trend is anticipated to remain during the forecast period.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific has been leading the global agrochemicals market and this trend is projected to stay in the near future. North America is the second major consumer of agrochemicals, followed by Europe. Demand for agrochemicals in North America and Europe is expected to grow at a slow rate mainly due to market maturity and regulatory restrictions. Growing demand for agrochemicals in South America is anticipated to offer huge growth prospect for the market.
The global market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, #Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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