10th October 2019 – Global Agrochemicals
Market is predicted to reach USD 308.92 billion by 2025 owing to the
increase in demand for crop protection chemicals like herbicides, fungicides,
and insecticides. The use of agrochemicals are the inorganic fertilizers and
pesticides, which has rapidly increased with green revolution. Each fungicide,
fertilizer, hormone, insecticide or soil treatment that improves crop
production is listed as an agrochemical. Agrochemicals primarily manage the
agricultural ecosystem. They also support crop production to satisfy the
ever-increasing population demand. However, few chemicals cause substantial ecological
damage that may significantly reduce their benefits.
Agrochemicals can be produced in
biological and chemical methods, both. The synthetic agrochemicals are threat
for the environment and hence biological fertilizers and pesticides are
progressively replacing them. The rising population and the subsequent increase
in the demand for food, limited agricultural land, soil degradation, and
increase in awareness of consumers about the benefits of agrochemicals are the
factors driving the growth of agrochemicals industry. In addition, the
implementation of (IPM) integrated pest management; a new method of crop
production is yet another major improvement in the market that is sure to gain
traction in the forecast period.
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Integrated pest management is a
prevention method that includes systematic resistance and suitable operation
design to create an unfriendly environment for pests. IPM comprises assessment,
monitoring, and reporting since it is an integration of several control
methods. The method includes the application of pesticide when it is most
effective in a pest’s life cycle. Nevertheless, the pollution caused by the
synthetic agrochemicals is predicted to hinder the market in the near future.
To sustain the intense competition in agrochemicals market, the key players are
adopting several strategies like expansions, collaborations, partnerships,
product launches, and patents.
At present, the agriculture sector is
required to undergo technological transformations and adopt improved methods
that reduce dependency on monsoons and guarantee more productive use of the
available resources, that can serve the economy effectively. These factors
highlight the importance of agrochemicals for improving food and nutrition security
for the economy. Furthermore, low yield per hectare as compared to the global
average and the increasing pest attacks reinforce the need for crop protection
with the help of agrochemicals. Also, the decreasing per capita farm land due
to upsurge in urbanization and industrialization is another dominant driver of
agrochemicals industry. Additionally growth of floriculture & horticulture,
increasing farmers’ literacy rate and the increasing awareness of fertilizers
and pesticides in major crop producing economies is stimulating the market.
Extensive research and development in the fields of bio-pesticides to compete
with organic farming and IPM (integrated pest management) is the latest trends
in the agrochemicals market.
In spite of multiple benefits,
agrochemicals come with certain environmental and health issues. Excessive use
of fertilizers contaminates the ground water with toxic chemicals like nitrate
that reduces oxygen supply, immobilization of hemoglobin in blood, etc. The
pesticides also have significant impact on environment. The harmful impact of
these pesticides and others are major challenge in the agrochemicals industry.
This effect also demands extra efforts by the manufacturers and regulatory
bodies to develop non-toxic herbicides and pesticides. Such developments are
further supported with rising consumer inclination towards organic foods.
Agrochemicals market is categorized on
the basis of product type, application and geography. On the basis of product
type, the market is divided into pesticides and fertilizers. In terms of
application, the industry is segmented as Cereals and Grains, Oilseeds and
Pulses, Vegetables and Fruits, etc. Geographically, the market is segmented as
North America, Latin America, Europe, Asia Pacific, and Middle East &
Africa.
The prominent agrochemicals industry
players comprise American Vanguard Corporation, ADAMA Agricultural Solutions
Ltd., ArystaLifescience Corp., Cf Industries, Inc., Drexel Chemical Co.,
PotashCorp, FMC Corporation, Israel Chemicals Ltd., K+S AG, Uralkali, Nufarm
Ltd., IFFCO, SQM, Haifa Group, Gharda Chemicals Limited, Valent USA Corp.,
United Phosphorus, Ltd., RotamCropsciences, Inc., Qatar Fertiliser Co., Ltd.,
Koch Minerals Co., LLC, and Zuari Agro Chemicals Ltd.
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