Increase in population and subsequent surge in demand for food, limited agricultural land, soil degradation, and rise in awareness regarding benefits of agrochemicals drive the growth for the global agrochemicals market.
PORTLAND, Oregon, Nov. 26, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Agrochemicals Market by Type (Fertilizers and Pesticides): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global agrochemicals industry garnered $241.6 million in 2018, and is estimated to reach $336.4 million by 2026, growing at a CAGR of 4.2% from 2019 to 2026.
Prime determinants of market
Increase in population and subsequent surge in demand for food, limited agricultural land, soil degradation, and rise in awareness drive the growth of the global agrochemicals market. However, potential harms related to usage of synthetic pesticides including 2, 4-D, and atrazine herbicide restrain the market growth. Usage of agrochemicals in higher concentration results in surface water pollution and adversely affects the environment. Thus, manufacturing of bio-based fertilizers and pesticides offer numerous opportunities in coming years.
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Detailed segmentation
The report segments the global agrochemicals market into type and geography. Based on type, the fertilizers segment garnered the highest revenue and contributed to the largest share in terms of volume of the market in 2018. This is due to the issues raised from soil degradation and high population. The research also analyzes the pesticides segment.
Based on region, Asia-Pacific held the highest market share in 2018, accounting for more than half of the global agrochemicals market, and is estimated to maintain its lead status during the forecast period. This is due to huge percentage of land available to carry out agricultural activities and a large number of ongoing agricultural activities in highly populated regions including India and China. Moreover, LAMEA is expected to grow at the fastest rate, portraying a CAGR of 5.4% from 2019 to 2026. North America would register the highest growth rate with a CAGR of 3.5% during the forecast period. The research also analyzes the European region.
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Leading market players
- Agrium Inc.
- Bayer AG
- BASF SE
- Dow AgroSciences LLC
- E. I. du Pont Nemours and Company
- Monsanto Company
- Sumitomo Chemical Co.
- Syngenta AG
- The Mosaic Co.
- Yara International ASA
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