The Agrochemicals Market is anticipated to attain a market size of US$323.825 billion by 2024
Knowledge Sourcing Intelligence announces the publication of a new report on “Agrochemicals Market – Forecasts from 2019 to 2024" to their offering. Chemicals such as pesticides and fertilizers that aid in crop cultivation in order to meet the global food demand are known as agrochemicals.
The agrochemicals market is estimated to be valued at US$258.486 billion in 2018 and is projected to expand at a CAGR of 3.83% to reach a market size of US$323.825 billion in 2024.Due to rapid population expansion and high disposable income, there has been quick urbanization and increased demand for food products. Increasing crop yield and agricultural output will become imperative to meet this demand. Another factor that has contributed significantly to the agricultural industry has been technological advancements and innovation, providing the necessary impetus to agrochemicals usage as fertilizers and pesticides by growers across the world. The agriculture industry in developed nations like the U.S., Canada, the U.K., Germany, and others were the early implementers of agrochemicals. The market has saturated with moderate growth to be witnessed over the forecast period. Emerging economies have now become the market driver for agrochemicals, with high growth over the next five years creating enormous opportunities for the agrochemical manufacturers.
Geographically, Asia Pacific dominates the market with more than 40% share and is estimated to grow rapidly during the course of the forecast period. China is one of the largest producers of agriculture goods globally and extensively utilizes crop protection products in order to limit crop losses and increase production. The production index has increased from 100.4 in 2005 to 139.03 in 2016 (source: World Bank, 2004-06=100). However, the proportion of arable land in China is relatively low and efforts are made by the government to increase this proportion. Simultaneously, the market in the Middle East and Africa is also poised to grow steadily as efforts are being made on reducing the imports of different types of crops and to increase the share of domestic cultivation. This is indicated by the fact that the fertilizer consumption in Saudi Arabia increased from 43.824 kg per hectare of arable land in 2009 to 175.611 kg per hectare of arable land in 2015 (source: World Bank). Moreover, issues related to water scarcity in major economies of the Middle Eastern region are leading to the increasing efforts to produce an optimum quantity of crops, thereby, increasing the demand for agrochemicals.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/agrochemicals-market
Some of the major players covered as part of the report are BASF SE, The Dow Chemical Company, Yara International ASA, Bayer AG, Sumitomo Chemicals, and the Mosaic Company among others.
The agrochemicals market has been analyzed through the following segments:
By Crop Type
Fruits and Vegetables
Middle East and Africa
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