Agrochemicals Market to Witness Huge Demand Surge by 2023 Globally | Million Insights

The market is projected to witness a significant rise in world population by 2023 that will create a tremendous demand for food. To sustain the massive demands, emerging economies will have to raise the food production resulting into more yield. In order to serve this purpose, farmers will double the use of agrochemicals in some or the other form. On a commercial level, marketing activities seem to quadruple depending on socio-economic and socio-political policies in respective countries.

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Agrochemicals market is driven by growing awareness among farming communities in the developing nations coupled with pursuit of innovative farming practices. Rise in population and food demands are moreover supplementing the market growth during the forecast period. Cultivation of perennial and seasonal crops are more likely to contribute to the market growth during the forecast period.

The market is bifurcated as fertilizer agrochemicals and pesticide agrochemicals. Pesticide segment entails organophosphates, neonicotinoids, organophosphates and pyrethoids. Fertilizer segment comprises nitrogenous, phosphatic and potassic. Agrochemicals market is categorized into crop type such as oilseeds, cereals and grains, pulses, plantation crops, fruits, vegetables and hydroponics.

Geographical segmentation for the market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. Europe accounts for a significant market share in the global scenario due to stringent policies and regulatory framework for using agrochemicals in the agriculture sector.

Asia-Pacific regions are more likely to witness a robust CAGR during the forecast period due to vast presence of agricultural infrastructure, favourable climatic conditions and agricultural practices at large. Use of agrochemicals for improving per hectare yield by modern techniques of cultivation is more likely to propel the market growth during the forecast period. North America regions are likely to witness a highly moderate growth owing to stringent policies and approvals for organic pesticides and fertilizers for crop production.

The key players profiled in the agrochemicals market report are Sumitomo Chemical, Dow Agrosciences LLC, BASF SE, Israel Chemicals Ltd, Makhteshim Agan Industries Ltd, Agrium Inc, Mosiac Company, E.I. Du Pont De Nemour & Company, Sociedad Quimica Y Minera De Chile SA, Yara International ASA, Monsanto Company, Indian Farmers Fertiliser Cooperative, Potash Corp, and SAS Inc.

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