Agrochemicals Market Size – Market Overview
Agrochemicals belongs to group of speciality chemical which includes fertilizer, herbicides, fungicides, hormones and other growth agents in chemical synthesis. The basic function of agrochemicals is to protect the crop and improve quality of soil and crop. Agrochemicals also used acts as growth agent in plants. The growing need for processed food and advanced packaging technique has improved the food & beverage sector, thereby, increasing the demand for food grain, oilseeds and vegetables. This in turn drives the agrochemical market growth.
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Agrochemicals used in fertilizers, plant growth regulators and crop protection chemicals are dominating in the market. This is attributed to increasing pest attacks on crops which results in loss of nutritional and quality of food crop. Fertilizer accounts for majority of share in global agrochemical market due to ongoing projects of increasing animal husbandry sector further generating demand for animal feed. Moreover, rising demand for micro-nutrient in crop plants has boosted the fertilizer demand in the global agrochemical market. Plant growth regulators are projected to grow at highest CAGR followed by crop protection chemicals. This plant growth regulator helps the crop to reduce harvesting time and enhance the growth of crops plants. Additionally, nitrogenous fertilizers are expected to grow significantly as its aid plant growth and most abundantly applied fertilizer found across the globe. These products improve the quality of soil and helps in nourishing nutritional value of food.
Agrochemicals are widely used in fruits & vegetables, cereals, food grains and oilseeds & pulses among others. The growing demand of food grains and oilseeds & pulses due to rich in nutrition content such as carbohydrates, proteins and fibers are expected to drive the product demand over the forecast period. Cereals segment witnessed rise in demand owing to huge spending by multinational players in brand building through emphasizing on nutritional content of products which in turn, has increased the penetration of agrochemicals. Pulses are on growth stage cycle owing to high rich protein content, which has increased the consumption in daily dietary products. All these factors are exoected o drive the global Agrochemicals Market Size.
Asia Pacific is leading in global agrochemical market size. Rising population coupled with increasing disposable income drives the demand for agriculture products in these regions. China and India is dominant countries owing to easy trade liberalization, adoption of modern technique in food industry and potential growth of untapped market. North America is closely followed by Europe region. U.S. is leading country due to high agriculture output with favourable conditions. The various factors affecting the growth of regions are low borrowing rates, rich in modern agriculture activities and low availability of arable land. Moreover, products based on organic technique can hamper the chemical synthesized fertilizer market which in turn, hamper the agrochemical market.
Key Players:
BASF SE (Germany), FMC Corporation (United States), Dow Agrosciences LLC. (United States), Agrium Inc (Canada), Bayer Cropscience AG (Germany), Yara International ASA (United States), Israel Chemicals Ltd. (Israel), Syngenta AG (Switzerland), PotashCorp (Canada) and Uralkali (Russia) among others are some of the prominent players at the forefront of competition in the Global Agrochemicals Market Size and are profiled in MRFR Analysis.
Agrochemicals Market Size – Competitive Analysis
Agrochemical market is high fragmented market with tier 1 and tier 2 players. The market participants are acquiring small players in the market and collaborating with distributors to meet the global demand. Acquisition is the key strategies adopted by significant players to maintain their market share. Increasing R&D activities to develop efficient and easy cultivation of agriculture products is major focus by key players in market. For instance, BASF had invested USD 2 billion in R&D activities in 2016. Companies are relocating business owing to easy availability of resources, favourable climatic condition and balance import-export policies.
Industry/ Innovation/ Related News:
October 13, 2017 – BASF acquired significant share of seed and non-selective herbicide business of Bayer (a leading producer in agrochemicals). This acquisition would strengthen company’s agriculture solution segment. This opportunity will help the company to address the need of seed and row crop in the market
November 02, 2017 –FMC corporation acquired part business of Dupont crop protection. The company has to divest in order to comply with European Commission related to merger of The DOW chemical company and DuPont to form DOWDuPont. FMC corporation is fifth largest crop protection company with dense agrochemical portfolio and has more than 20 R&D sites worldwide.
December 04, 2017 – The Dow AgroSciences subsidiary of Dow Chemical company now known as DowDuPont successfully divestment selective portion of corn seed business in Brazil to CITIC Agric Fund. With this divestiture, the agriculture solution division of DowDuPont can have concentrated business product offering across seed, crop protection and agriculture technology.
November 23, 2017 –Sumitomo Chemical acquired Botanical Resource Australia Pty Ltd and affiliated companies which major supplier of insecticidal compounds pyrethrin. Through this acquisition company aims to high business domain growth and contribution to resolving social issues.
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