New York City, 09 February 2019: The Global Agrochemicals Market size is
estimated to reach USD 301.56 Billion by 2026 according to a new report
published by Polaris Market Research. Agrochemicals are used in the
agricultural field for crop protection and related applications. The demand for
agrochemicals is driven by rapidly growing need for the agricultural products.
Agrochemicals growth has grown as crop protection chemicals due to heavy loss
that the farmers and companies encounter in case of pest attacks. In order to
protect crops different types of agrochemicals such as insecticides,
pesticides, and fertilizers are used.
The changing consumer preference for
different types of food products has led to increased consumption of food and
crop production. This trend is a result of different economic, social,
environmental, and technological factors. Rising disposable income of
consumers, increasing urbanization especially among the middle-income families,
and economic growth of several emerging nations are some of the crucial factors
that have led to increased consumption of agricultural products and
agrochemicals.
Governmental policy support for
enhanced production of agricultural products have also played a significant
role in the agrochemicals industry. Emerging nations have witnessed higher
growth in the agricultural industry since past a decade where government has
supported the industry strongly. For instance, India has one of the world’s
most competitive agricultural industry and includes policy supports such as
National Mission on food processing, development of seeds backed by 100 % FDI
under automatic route, and promotional rationalization of tariffs. Such
phenomenon has strongly driven the consumption of agrochemicals.
Technological advancements have also contributed
significantly to the continuous growth of the industry. Advances in the
pesticides formulations for sustainable and eco-friendly vegetable pest
management are the result of technical and material developments. The global
agrochemicals industry also includes a crucial restraint of stringent
regulatory framework as not all agrochemicals are environment friendly and are
known to cause environmental degradation.
Competitive Landscape and Key Vendors:
Asia Pacific is the most popular and
lucrative market for the agricultural industry and agrochemicals. The region
contains two of the world’s most populous countries, China and India, that are
lured by the size and increasing consumer expenditure. North America,
Europe, and Central & South America are also expected to witness considerable
growth during the forecast period. The United States, Germany, France, China,
India, and Japan are the among the most significant countries for the
agrochemicals.
The global agrochemicals market is
highly competitive and constitutes of numerous vertically integrated major
players from the raw material to distribution stage of the values chain. Some
of the major agrochemicals market players include BASF, Bayer CropScience, Dow
Agrosciences LLC, Agrium, Syngenta AG, and Monsanto Company.
No comments:
Post a Comment