The global agrochemical market size is estimated to grow from USD 208.6 billion in 2020 and is projected to reach USD 246.1 billion by 2025, at a CAGR of 3.4%, during the forecast period. Factors such continuous advancements in the technology used in agriculture have led to a shift in farming practices. Furthermore, with the course of time, with the advent of the era of globalization, liberalization, and privatization, the manufacturing and service industries became the forefront of employment for the masses and increasingly brought them into the fold of urbanization for livelihood and consumption. This shift required more land to be diverted from agriculture to other commercial and residential uses, and, as a result, it reduced more area from under the fold of agricultural and other related practices. Thus, this trend has increased the demand for more agrochemicals to produce more food in less land. .
The market for herbicides is projected to grow at the highest CAGR between 2020 and 2025. The herbicides segment is projected to be the fastest-growing market during the forecast period.Herbicides are used in fields to kill the wild plants, but they keep the crops unharmed.
Apart from eliminating weeds, herbicide use reduces erosion, reduces fuel use, reduces greenhouse gas emissions, reduces nutrient runoff, and conserves water.Herbicides are one of the most extensively used crop protection chemicals.
Herbicide use is increasingly being adopted around the world.Many developing countries (India, China, Bangladesh) are facing shortages of workers to hand weed fields as millions of people move from rural to urban areas.
In these countries, herbicides are far cheaper and more readily available than labor for hand weeding. History shows that in industrializing countries in the past, including the US, Germany, Japan, and South Korea, the same phenomenon occurred- as workers left agriculture, herbicides were adopted. It is inevitable that herbicide use will increase in sub-Saharan Africa, not only because millions of people are leaving rural areas, creating shortages of hand weeders, but also because of the need to increase crop yields.
The potassic fertilizer segment of fertilizer type is projected to grow at the highest CAGR between 2020 and 2025. The potassic fertilizer segment is projected to grow at the highest rate during the forecast period.Potash contains soluble potassium, making it an excellent addition to agricultural fertilizers.
Potassium is essential for plant health, and there must be an adequate supply in the soil to maintain good growth. When the potassium supply is limited, plants have reduced yields, poor quality, utilize water less efficiently, and are more susceptible to pest and disease damage. In many parts of the world, agricultural soils are gradually becoming depleted of potash.Some soils were high in potassium when they were first cultivated long ago.
However, after many years of intensive cropping and repeated nutrient removal during harvest, many fields now require regular potash inputs to maintain their productivity. .
Fruits and vegetables segment is projected to grow at the highest CAGR between 2020 and 2025. The fruits and vegetables segment is projected to grow at the highest rate during the forecast period.Fruits and vegetables have become an important part of a daily dietary plan, particularly with the increase in awareness regarding their nutritional value.
The consumption of fruits has shown a significant increase in the past two decades; and this trend is projected to continue in the coming years.They are highly perishable in nature as compared to cereals and oilseeds; however, well-developed cold chain and refrigerated transport facilities have stimulated the trade as well as demand for fruits & vegetables.
As the demand for fruits & vegetables is increasing, growers need to produce more in the limited amount of arable land, owing to which the application of nitrogenous fertilizers in fruits & vegetables is increasing. According to the FAO, China was the largest producer of fresh fruits & vegetables in 2018, surpassing the total production volume in the US and India.
Asia Pacific market for agrochemicals is projected to grow at the highest CAGR during the forecast period. “ The agrochemicals market is estimated to grow significantly in the Asia Pacific region due to the rise in globalization of the agrochemical industry has a huge impact on the Asian crop protection markets.With the highest rate of population growth, increasing the need for food production, and economic growth, the demand for various agrochemicals such as herbicides and pesticides are increasing.
While the demand for food products is increasing in the developing countries of Asia Pacific, the available landmass for agriculture is shrinking due to the increased effect of urbanization that propels farmers to use various agrochemicals to maintain soil health and increase land productivity. .
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with the key experts.
The breakup of the profiles of primary participants is as follows: • By Manufacturers: Tier 1 – 70%, Tier 2 – 20%, and Tier 3 – 10% • By Designation: CXOs – 40%, Managers – 30%, Executives – 30% • By Geography: Europe – 45%, Asia Pacific – 25%, North America – 10%, South America – 5%, and RoW – 15% Some of the major players in the market include Bayer (Germany), BASF (Germany), Yara International (Norway), Compass Minerals (US), and Syngenta (Switzerland), Adama Ltd (Israel), Sumitomo Chemicals (Japan), Nufarm Limited (Australia), UPL (India), K+S Group (Germany), and Israel Chemical Company (Israel).
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