Agrochemicals Market Global, regional and country-level analysis 2024Posted by Prashanth on November 25th, 2019 Market Overview: Agrochemical Market was at US$ 250.29 billion in 2019 and is projected to garner a CAGR of 3.40%, reaching US$ 295.83 billion by 2024. With the shortage of land and water, greater emphasis was placed. The adoption of innovative technologies helps to increase crop yields. Therefore, agrochemicals are in high demand as farmers are determined to achieve nutritious and high-quality crops. Agrochemicals consist of select chemicals such as synthetic fertilizers, pesticides, plant growth regulators and auxiliaries used in the agricultural industry. The task of agrochemicals is to protect crops, increase crop yields and maintain the quality of food and soil. Another essential function of agrochemicals is the transformation of plant growth. Market Drivers and Restraints: The growth of the global agrochemical market depends mainly on factors such as increased awareness of the use of fertilizers and pesticides in farming-based countries, the full range of agrochemical pest control applications and the reduction of arable land. Another critical factor that drives the market is the growing world population, which leads to the need to increase efficiency. However, safer alternatives such as organic agriculture and organic pesticides, unstable economies and the various environmental and health risks associated with agrochemicals are the most critical factors that limit the market. Report segmented as By Type:
By Application:
Geographical Analysis: The market has also been geographically distributed in North America, Europe, Asia-Pacific and the rest of the world. Asia-Pacific is a leader in the global agrochemical market and this trend is expected to continue in the near future. North America is the second largest consumer of agrochemicals, followed by Europe. The demand for agrochemicals in North America and Europe is expected to grow at a slow pace, mainly due to market maturity and regulatory constraints. The growing demand for agrochemicals in South America is expected to provide a great prospect for growth in the market. Important Market Players: The international market for agrochemicals is tremendously consolidated and rationalized owing to the domination of the market by a handful of corporations. Some of the major companies controlling 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. The Scope of the report: This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors. About Us: Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients. For more information: Abhishek Shukla Sales Manager at Market Data Forecast Email: abhishek@marketdataforecast.com Tel: +1-888-702-9626 Like it? Share it! More by this author |