Agrochemicals Industry Overview Report, 2018 to 2025
by Susan Hill Business ConsultantThe global agrochemicals market is expected to reach USD
308.92 billion by 2025, according to a new report by Grand View Research, Inc.
The growing demand for crop protection chemicals, such as fungicides,
herbicides, and insecticides, is expected to be the biggest driver of the
agrochemicals industry over the forecast period.
Shrinking arable land due to rapid industrialization
and population explosion has resulted in increased use of agrochemicals, such
as fertilizers and plant growth regulators, further triggering the market
growth. The growing demand for crops as animal fodder and fiber in the textile
industry has also provided the necessary boost to the agrochemicals industry.
Fertilizers dominated the agrochemicals market in
2016. Nitrogenous and phosphate fertilizers were most widely used due to their
easy availability and low prices. However, the new trend of organic farming,
which involves complete elimination of chemical-based fertilizers, has increased
the demand for biofertilizers.
The demand for agrochemicals is expected to be the
highest in Asia Pacific. The region is known for its agro-based countries such
as India, Sri Lanka, and China, which are majorly dependent on agriculture and
related industries for economic growth.
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Further key findings from the report suggest:
- The global agrochemicals market, in terms of value, was USD 215.18
billion in 2016 and is projected to reach USD 308.92 billion by 2025,
growing at a CAGR of 4.1% from 2017 to 2025
- Fertilizers, which accounted for 58.8% of the market in 2016, in
terms of revenue, are expected to witness growth on account of increasing
pressure on agricultural land to increase yield in a short time span
- Crop
protection chemicals, in terms of revenue, are expected to grow at a
CAGR of 5.5% from 2017 to 2025 due to rising occurrences of pest and
rodent attacks damaging crops
- The market for agrochemicals in cereals & grains was valued at
USD 80.01 billion in 2016. The application segment is expected to grow
owing to an increase in the demand for whole grain products.
- Oilseeds & pulses, which are considered to have high protein
content, are projected to grow at the highest CAGR of 4.9%, in terms of
value, from 2017 to 2025
- The market in Asia Pacific is expected to witness the highest growth
over the forecast period due to the growing agro-based industries
including sugar, textiles, vegetable oil manufacturing, and animal
husbandry
- Bayer CropScience, Agrium, and Yara International were some of the
key manufacturers in 2016 with distribution facilities spread across all
regions
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Created on Dec 30th 2019 04:50. Viewed 376 times.