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Agrochemicals Market report categorizes global market by product type, application, and geography. The report is segmented by Industry Trends, Outlook, Regulatory Bodies & Regulations and Key Market Players
Agrochemicals Market - Global Industry Insights, Trends, Outlook,
and Opportunity Analysis, 2018–2025
Agrochemicals is the generic name of chemical products used in the agricultural field. These
include pesticides, insecticides, fungicides, herbicides, nematicides, synthetic fertilizers, bio
fertilizer, and chemical growth agents, among others. Increasing population and surging
urbanization in turn puts additional pressure on the already diminishing farmlands.
Agrochemicals help to effectively cultivate and manage crops to increase production. Thus,
these factors greatly support growth of the global agrochemicals market. Various
government and non-governmental organizations are focusing on addressing this global
concern by increasing funding for programs related to the agricultural sector.
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The World Bank implemented 146 projects during 2014–2016, which provide agricultural
services and assets to 17 million farmers, in turn augmenting growth of the market. The U.S.,
China, and Japan are the largest producers of agrochemicals, while North America, followed
by Asia Pacific are the largest consumers in the global agrochemicals market. Population
explosion in countries such as India and China, along with rapid economic growth in these
countries is expected to position Asia Pacific as the fastest growing market for
agrochemicals in the foreseeable future.
Agrochemicals Market Outlook – Surge in Food Grains Demand Augmenting Market
The global agrochemicals market is expected to be mainly fueled by increasing global
population and the subsequent increasing demand for food grains. Moreover, rampant
urbanization over the last couple of decades has led to a steep decline in farmlands. For
instance, total farmland in the U.S. decreased from 1,151 million acres in 1949 to 921 million
acres in 2002 (Pfeffer et al. 2006). This increases adoption of duel cultivation, wherein
various fertilizers are used to maintain the fertility of the soil and pesticides help improve
crop yield. According to Food and Agriculture Organization (FAO) of the United Nations
forecast, world cereal production in 2016 was pegged at around 2,543 million tonnes, 0.6
percent higher than in 2015 and only 0.7 percent below the 2014 record high. At that level,
production was 17.3 million tonnes higher than that expected in May, reflecting upward
revisions for wheat production in Argentina, the EU and the Russian Federation, as well as
for maize in Argentina, Canada, the EU, and the U.S. This creates a highly conducive
environment for growth of the agrochemicals market.
Agrochemicals Market Challenges – Environmental and Health Impact
Despite its numerous advantages, agrochemicals are also associated with certain
environmental and health issues. Excessive use of fertilizers has led to ground water
contamination with toxic chemicals such as nitrate. Drinking of nitrate-contaminated water
causes certain diseases such as immobilization of hemoglobin in blood, reduced oxygen
supply, among others. Moreover, the pesticides used for pest control such as DDT, dieldrin,
aldrin, among others, also have significant impact on environment and living beings. In the
U.S., numerous wild birds die every year due to the use of an agricultural pesticides
carbofuran. Carbofuran granules resemble the size and shape of grain seeds, which are the
staple diet of most birds. The detrimental impact of insecticides and pesticides on the
environment is expected to be the key challenge in the global agrochemicals industry. This
has in turn led to increasing efforts by manufacturers and regulatory bodies alike to develop
non-toxic natural pesticides and herbicides. This trend is further supported with increasing
consumer inclination towards organic food products, which necessitate use of organic
pesticides and insecticides. This is a perceived threat to the market, as most natural
pesticides are homemade.
Key players in the market include Agrium, BASF SE, BAYER AG, Dow AgroSciences,
DuPont, Monsanto Company, Sumitomo Chemical Co., Syngenta AG, The Mosaic Co., Yara
International, Gharda Chemicals Ltd., Drexel Chemical Company, Qatar Fertilizer Company,
Cf Industries, Israel Chemicals Ltd., American Vanguard Corporation, Rotam Corpsciences,
FMC Corporation, and Zuari Agro Chemicals Ltd.
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