Agricultural adjuvants help in enhancing the efficiency of pesticides and thereby increases the yield and productivity of crops. Agricultural adjuvants include fertilizers, oils, ammonium, and surfactants. The global agricultural adjuvants market is projected to witness a compound annual growth rate of 4.98% during the forecast period to reach a total market size of US$4.100 billion by 2023, increasing from US$3.062 billion in 2017. Growing population coupled with rapid urbanization as well as mounting concerns to reduce supply demand gap between food consumption and production is driving the agricultural adjuvants market. The continuous investments in R&D and technological advancements have led to the development of protected agricultural practices which is contributing to the demand for products capable of meeting the above objective. Furthermore, availability of cost-efficient and environmentally acceptable adjuvants is also boosting the demand over the forecast period. However, growing focus on genetically modified seeds and focus on environmental sustainability are key challenges to the market growth.
By application, herbicides accounted for a large market share in 2016 and are expected to grow at a decent rate over the forecasted period. This growth is primarily due to growing pressure on global food production owing to rapidly increasing population. The rise in production of cereals and grains, especially in Asian countries augments herbicides segment in the agricultural adjuvants market. Moreover, developing farming practices and technologies further contribute to this segment’s growth.
Geographically, Asia Pacific region is expected to grow at a high CAGR over the projected period primarily because of the presence of rapidly developing economies like India and China. Rising adoption of agrochemicals, increasing farm expenditure and favorable government initiatives such as incentive schemes and subsidies augment the demand for adjuvants in APAC. However, North America dominated the market share in 2016 and is also expected to hold a notable share by the end of projected period owing to the high rate of adoption of new technologies and rising focus on improving the farm efficiency.
The global agricultural adjuvants market is well diversified owing to the presence of numerous regional, local and international players. The major players discussed in this report include Akzo Nobel, Croda International, The Dow Chemical Company, Solvay, Mitsui Chemicals, Cleary Chemical Corporation, Clariant International, and Brandt. In order to sustain in this highly competitive market, the players are adopting various strategies like merger and acquisition and product innovation among others. Moreover, the large market size is expected to attract more players while augmenting the competitive rivalry in years ahead.
The agricultural adjuvants market has been segmented by type, application, and geography.
Europe Middle East and Africa