The global agrochemicals market was valued at US$ 67,854.6 million in 2020, according to Global Agrochemicals Market report, by Origin (Synthetic and Organic), by Product Type (Insecticides, Fungicides, Herbicides, and Others (Rodenticides, etc.)), by Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others (Ornamental, etc.)), by Application (Foliar Treatment, Soil Treatment, Seed Treatment, and Others (Hydroponics, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East, and Africa), published by Coherent Market Insights.
The global agrochemicals market is expected to surpass US$ 103,383.4 million by 2027, exhibiting a CAGR of 6.2% during the forecast period (2021-2027). Growing demand for food supply due to the rapid increase in the human population has triggered agricultural intensification during the last few decades. For addressing the growing food demands, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which accomplishes the gap between food production and consumption. However, concurrently unbalanced use of agrochemicals also causes environmental deterioration and poses severe challenges to aquatic and terrestrial ecosystems. Various research studies have indicated that fertilizers and pesticides used in agriculture have been substantially increased in recent years for attaining maximum yields of crops. Considering the current global population scenario, it is of extreme importance to increase the production of crops within the present arable land in order to feed the global population. Thus, agrochemicals play an important role in the agriculture industry, assisting farmers in enhancing their crop quality as well as quantity.
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Global Agrochemicals Market - Impact of Coronavirus (Covid-19) Pandemic
The crop protection sector is in huge demand in recent years, with its increasing importance on the growth of the crops. This is because it has a lot to do with the well-being of the plants and the consumers. The components that are used in the production of agrochemicals are sometimes chemicals and sometimes biological species, which ultimately help in controlling the pests from damaging the crops or help to improve soil fertility. This results in healthy crop production with no health issues. With these concerns, farmers have started the usage of various agrochemicals to prevent damage and hence, increase productivity. Due to the emergence of the COVID-19 pandemic, there has been a supply chain disruption because of which the agricultural sector had to face problems such as labor unavailability, transportation barriers, restriction for market access, and lack of inventories in some regions. Several fertilizer and pesticide manufacturers were facing issues due to lack of raw material availability, which has led to the reduction of various agrochemical product manufacturing.
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