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Agrochemicals Market Outlook
Agrochemicals are specially designed products used to enhance the productivity of crops and to protect them from insects, fungi, weeds, and pests. Agrochemicals include acidifying and liming agents, fertilizers, pesticides, and soil conditioners. Increasing pressure on farm yield improvement and declining farmlands is the major reason for the growth in consumption. Agrochemicals help farmers to fulfil... View more
Agrochemicals Market Outlook
Agrochemicals are specially designed products used to enhance the productivity of crops and to protect them from insects, fungi, weeds, and pests. Agrochemicals include acidifying and liming agents, fertilizers, pesticides, and soil conditioners. Increasing pressure on farm yield improvement and declining farmlands is the major reason for the growth in consumption. Agrochemicals help farmers to fulfil demand from the rising population by increasing the amount of cultivation, which subsequently leads to higher returns on investment. Farmers are striving to achieve high quality and nutritive crop production as a result of which there has been a considerable increase in demand for agrochemicals. Growth of the population has led to higher demand for food grains which, in turn is expected to fuel growth of the agrochemicals market. However, the prolonged use of agrochemicals causes ecological and environmental damage, thus reducing its benefits. Agrochemicals can adversely affect the health of consumers, causing diseases such as cancer, autism, asthma, Alzheimer’s, and diabetes. Furthermore, these chemicals may contaminate ground water by accumulating on the land surface. Increasing agricultural and non-agricultural application of agrochemicals is propelling its demand from end-use industries. The key factors fueling growth of the market include the growing population, soil degradation, and high demand for food grains across the globe. The lower price of agrochemicals (pesticides and chemical fertilizers) compared to bio-pesticides and bio-fertilizers is a major reason for its increasing use among farmers. However, availability of various alternatives to agrochemicals such as organic pesticides made from minerals, low toxicity pesticides, bio-pesticides, and bio-fertilizers are is expected to hinder growth of the market.
According to the India Brand Equity Foundation (IBEF), a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the agrochemical market in India is expected to grow at 7.5% annually due to domestic demand, and reach US$ 6.3 billion by 2020. In India, the consumption of crop protection products in 2016 was below the global average of 3kg per hectare. However, the rapidly expanding population of the country is expected to propel demand for agriculture and create immense growth opportunities for players operating in the agrochemicals market. Asia Pacific is expected to hold a dominant position in the agrochemical market owing to the population growth, the rising demand for food production, as well as rapid economic growth in the region.
Application of Agrochemicals:
These chemicals are manufactured for agricultural and industrial use. Commodity chemicals are usually used in farming and have corrosion action on the exposed part of the human body. These chemicals include by-products and industrial waste such as acidic solutions or dilute caustic.
Pesticide is a substance used for destroying or controlling insects or other organisms that cause harm to cultivated plants. These include insecticides, herbicides, nematicides, rodenticides, insect repellants, animal repellants, and fungicides.
Fertilizers are any substance of natural or synthetic origin which are applied to plant tissues or soil to supply nutrients necessary for the growth of plants.
These products are used to nurture animals, which are applied to the skin or administered orally or through injection.
Key Challenges of the Global Agrochemicals Market
The Environmental Protection Agency (EPA) is responsible for regulating pesticides under the FQPA (Food Quality Protection Act) and FIFRA (Federal Insecticide, Fungicide and Rodenticide Act). Agrochemical products need to adhere to stringent regulatory standards to prevent any side effects on the environment and human health.
The farmers in remote areas still practice subsistence agriculture and sell their output in local markets. Availability of land for agriculture is decreasing due to growing urbanization and the increasing number of infrastructural projects. This has created awareness among farmers, regarding the use of agrochemicals to help in efficient farming.
The manufacturing plant location of agrochemicals is significant in reducing the transportation costs from the plants to clearing and forwarding agents. If the plants are strategically located, supply delays can be avoided and transportation costs of raw materials can be reduced.
The agrochemicals market in India has focused on manufacturing common agrochemicals instead of investing on research and development of new products. The demand for agrochemicals is increasing steadily and hence resulting in the need to manufacture products that benefit the local farmers.
Key Conferences on Agrochemicals:
The objective of these conferences is to offer high quality of education to the participants about latest research related to agrochemicals and newly developed products. The global conferences for agrochemicals held between 2016 and 2017 are listed below:
Key Players in the Agrochemicals Market:
Mergers, acquisitions, partnerships, collaborations, and joint ventures are the most commonly implemented strategies among manufacturers of agrochemicals. For instance, FMC Corporation, a chemical manufacturing company, acquired a significant portion of DuPont Crop Protection business to be divested with the European Commission’s ruling related to its merger with The Dow Chemical Company. In 2017, FMC Corporation generated a revenue of US$ 1.5 billion through this acquisition.
The manufacturers of agrochemicals are focusing on the development of products and implementing new innovations and technology to achieve a better position in the global agrochemical market. In 2016, Syngenta AG, a producer of agrochemicals and seeds, made an investment of US$ 1.3 billion in research and development and launched 16 new crop protection products.
Some of the key players in the global market for agrochemicals include Haifa Group, BASF SE, Syngenta AG, Yara International ASA, Bayer CropScience AG, Zuari Agro Chemicals Ltd., Gharda Chemicals Limited, and Dow Agro Sciences LLC.View less
Published Date : Sep 2024
The global specialty pesticides market is estimated to be valued at USD 24.27 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031. The global specialty pesticides market is projected to witness significant growth during the forecast p... View more
Published Date : Aug 2024
Mango seed oil is extracted from the kernels or seeds of mangoes through a mechanical or chemical extraction process. It is a natural oil that has wide applications in cosmetics, personal care, and pharmaceuticals due to its nourishing and moisturizing properties. The... View more
Published Date : Aug 2024
Plant phenotyping involves monitoring and quantifying phenotypic traits of plants under field or controlled environment conditions. It allows for the rapid analysis of multiple parameters including plant size, color, and morphology to gain physiological and biochemica... View more
Published Date : Jul 2024
The global household insecticides market has been witnessing steady growth over the past few years. Insecticides play a pivotal role in protecting households from the menace of insects like mosquitoes, houseflies, cockroaches, and others. Rapid urbanization, coupled w... View more
Published Date : Jul 2024
The complex fertilizers market is estimated to be valued at USD 38.83 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031. Complex fertilizers refer to fertilizer products containing two or more plant nutrients in definitive proportio... View more
Published Date : Jul 2024
The global soil treatment market has been witnessing steady growth over the past few years. Factors such as growing concerns regarding soil health, depletion of key nutrients in soil, and the needs for increased agricultural productivity have been driving the adoption... View more
Published Date : Jun 2024
With rising global population and increased demand for food, micro-fertilizers have emerged as an essential part of sustainable agriculture. Micronutrients are chemical elements required by plants and animals in trace amounts for proper growth and development. Micronu... View more
Published Date : Jun 2024
The soil active herbicides market is estimated to be valued at USD 7.30 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. Soil active herbicides are crop protection chemicals applied to soils before or during planting to control we... View more
Published Date : Jun 2024
The organic fertilizer market is estimated to be valued at USD 12.31 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. The organic fertilizer market has been witnessing significant growth in recent times due to the rising awareness... View more
Published Date : May 2024
The nanopesticides market is estimated to be valued at USD 0.76 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 13% from 2024 to 2031. Nanopesticides are formulated by incorporating nanotechnology in conventional pesticides to enhance their efficacy and... View more
Published Date : Mar 2024
The hydroponics market is estimated to be valued at USD 47.38 Bn in 2024, growing at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2031. Hydroponics is a subset of hydro culture, which is a method of growing plants without soil, instead of using mineral n... View more
Published Date : Mar 2024
Global agricultural biologicals market is estimated to be valued at USD 7.82 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031. With people becoming more aware about health and environmentally-friendly practices, demand for agricult... View more
Published Date : Feb 2024
Potash fertilizers refer to fertilizers containing potassium in water-soluble form. These play a vital role in the production of various food crops and improves the nutritional quality and yield of agricultural produce. Rising population levels have increased the dema... View more
Published Date : Feb 2024
Global seed treatment market size is projected to grow significantly in the near future owing to the rising demand for high-quality crops and the need for sustainable agricultural practices. Seed treatment refers to applying biological or chemical agents on seeds to p... View more
Published Date : Feb 2024
Foliar sprays refer to applications of liquid fertilizers or agricultural chemicals directly to plant leaves through spraying. This targeted method of delivery allows for the efficient absorption of nutrients and other substances by leaves. As growing environmental and economic pressures drive th... View more
Published Date : Feb 2024
Integrated Pest Management (IPM) is an effective and environmentally sensitive approach to pest management that relies on a combination of common-sense practices. IPM programs use current, comprehensive information on the life cycles of pests and their interaction wit... View more
Published Date : Jan 2024
Organic sesame seeds have gained immense popularity in the last few years due to their numerous health benefits and versatility in culinary applications. Sesame seeds are tiny and flat seeds that come from the sesamum indicum plant. These seeds are highly valued... View more
Published Date : Jan 2024
Quinoa, a pseudo-cereal, is known for its high nutritional value, gluten-free nature, and rich content of essential amino acids, vitamins, and minerals. It is also a good source of dietary fiber and antioxidants, thus making it a popular choice among health-conscious ... View more
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