Global AgrochemicalsMarket is predicted to reach USD 308.92 billion by 2025 owing to the increase in demand for crop protection chemicals like herbicides, fungicides, and insecticides. The use of agrochemicals are the inorganic fertilizers and pesticides, which has rapidly increased with green revolution. Each fungicide, fertilizer, hormone, insecticide or soil treatment that improves crop production is listed as an agrochemical. Agrochemicals primarily manage the agricultural ecosystem. They also support crop production to satisfy the ever-increasing population demand. However, few chemicals cause substantial ecological damage that may significantly reduce their benefits.
Agrochemicals
can be produced in biological and chemical methods, both. The synthetic
agrochemicals are threat for the environment and hence biological fertilizers
and pesticides are progressively replacing them. The rising population and the
subsequent increase in the demand for food, limited agricultural land, soil
degradation, and increase in awareness of consumers about the benefits of
agrochemicals are the factors driving the growth of agrochemicals industry. In
addition, the implementation of (IPM) integrated pest management; a new method
of crop production is yet another major improvement in the market that is sure
to gain traction in the forecast period.
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Integrated
pest management is a prevention method that includes systematic resistance and
suitable operation design to create an unfriendly environment for pests. IPM
comprises assessment, monitoring, and reporting since it is an integration of
several control methods. The method includes the application of pesticide when
it is most effective in a pest’s life cycle. Nevertheless, the pollution caused
by the synthetic agrochemicals is predicted to hinder the market in the near
future. To sustain the intense competition in agrochemicals market, the key
players are adopting several strategies like expansions, collaborations,
partnerships, product launches, and patents.
At
present, the agriculture sector is required to undergo technological
transformations and adopt improved methods that reduce dependency on monsoons
and guarantee more productive use of the available resources, that can serve
the economy effectively. These factors highlight the importance of
agrochemicals for improving food and nutrition security for the economy.
Furthermore, low yield per hectare as compared to the global average and the
increasing pest attacks reinforce the need for crop protection with the help of
agrochemicals. Also, the decreasing per capita farm land due to upsurge in
urbanization and industrialization is another dominant driver of agrochemicals
industry. Additionally growth of floriculture & horticulture,
increasing farmers’ literacy rate and the increasing awareness of fertilizers
and pesticides in major crop producing economies is stimulating the market.
Extensive research and development in the fields of bio-pesticides to compete
with organic farming and IPM (integrated pest management) is the latest trends
in the agrochemicals market.
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In
spite of multiple benefits, agrochemicals come with certain environmental and
health issues. Excessive use of fertilizers contaminates the ground water with
toxic chemicals like nitrate that reduces oxygen supply, immobilization of
hemoglobin in blood, etc. The pesticides also have significant impact on
environment. The harmful impact of these pesticides and others are major
challenge in the agrochemicals industry. This effect also demands extra efforts
by the manufacturers and regulatory bodies to develop non-toxic herbicides and
pesticides. Such developments are further supported with rising consumer
inclination towards organic foods.
Agrochemicals
market is categorized on the basis of product type, application and geography.
On the basis of product type, the market is divided into pesticides and
fertilizers. In terms of application, the industry is segmented as Cereals and
Grains, Oilseeds and Pulses, Vegetables and Fruits, etc. Geographically, the
market is segmented as North America, Latin America, Europe, Asia Pacific, and
Middle East & Africa.
The
prominent agrochemicals industry players comprise American Vanguard
Corporation, ADAMA Agricultural Solutions Ltd., ArystaLifescience Corp., Cf
Industries, Inc., Drexel Chemical Co., PotashCorp, FMC Corporation, Israel
Chemicals Ltd., K+S AG, Uralkali, Nufarm Ltd., IFFCO, SQM, Haifa Group, Gharda
Chemicals Limited, Valent USA Corp., United Phosphorus, Ltd.,
RotamCropsciences, Inc., Qatar Fertiliser Co., Ltd., Koch Minerals Co., LLC,
and Zuari Agro Chemicals Ltd.
Market Segment:
Agrochemicals Product Outlook
(Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
• Fertilizers
• Crop Protection Chemicals
• Plant Growth Regulators
• Others
Agrochemicals Application Outlook
(Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
• Cereals & Grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Others
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