Global Agrochemicals Market anticipated to reach $ 328 Billion by 2026Download Sample Reports Overview
The agrochemicals market size is expected to grow at a CAGR of 4.1% by generating a revenue of $328.0 billion by 2026, increasing from $237.8 billion in 2018.
Agrochemicals are the chemicals which is used to improvise the crop yields with respect to their quality and quantity. These chemicals are mostly used in farming to kill the insects and the unhealthy bacteria and also to enhance the crop productions. These chemicals provide all the vital nutrients to the plants which helps to fast growth. As farming is increasing day to day, the challenges in keeping the crop free from damage have also increased. Owing to this, the use of agrochemicals increased significantly.
The increasing population, coupled with the rising use of advanced pesticides are expected to drive the agrochemicals market growth. As there is a rise in the population, there will be a significant rise in the food supply too. To meet the demand, the farmers are adopting the agrochemicals at the higher rate for the fast pollination in the farms. Not all the agrochemicals are ecofriendly. But most of them cause environmental degradation.
According to the World Health Organization (WHO), it has been estimated that around 20,000 people die yearly due to the effects of the pesticides. Without proper attire, if the person uses these chemicals in the farmlands, there are high chances of facing severe consequences. Due to this, in many countries the governments have imposed various rules and regulation with regards to the use of harmful chemicals, as they harm the user and the environment as well. The government regulations are considered to be the biggest restraints to the agrochemicals market.
Depending on the type, the agrochemicals market is divided into Fertilizer and Pesticides. Fertilizer held a share of nearly 72% in 2018. The agrochemicals market size for fertilizers was $171.4 billion in 2018 and is predicted to generate a revenue of $225.4 billion by 2026. These fertilizers are used to improvise the crops production and quality. The pesticides are mainly used for killing or destroying the harmful insects in the farmland. Agrochemicals market size for pesticides is expected to grow at a CAGR of 5.6% by generating a revenue of $102.6 billion by 2026.
Asia-Pacific held the largest market share of over 53% in the global market. India and China are the major contributors to the agriculture sector in this region. In this region, most of the lands are arable, and prefer best techniques for farming. The Asia-Pacific regional market is predicted to be witness major profits in the coming years. Asia-Pacific agrochemicals market was $128.3 billion in 2018, and is expected to grow at a CAGR of 4.1% during the forecast period.
Major players in the agrochemicals industry are Bayer AG, E. I. du Pont Nemours and Company, Monsanto Company, Yara International ASA. Sumitomo Chemical Co, The Mosaic Co., Syngenta AG, Dow AgroSciences LLC, BASF and Agrium Inc., among many other.