Agrochemicals Market to Grow at 3.1% CAGR by 2030
Constant growth in food demand owing to large population base, growth in research & development activities along with fast developing agriculture industry is expected to drive the growth of Anti-foaming Agent industry during the forecast period of 2020-2030.
The Agrochemicals Market is expected to grow at the CAGR of 3.1% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Agrochemicals are the chemicals designed for the use in agricultural activities to promote the crop yield & prevent loss of crop owing to the insects, weeds & pest. It is also used to provide additional nutrients to the crops which enhance the production along with the quality. Agrochemicals can be manufactured by biological & synthetic methods, synthetic methods can be threat for environment as they can affect the food chain along with that they can be poisonous in nature which can further pollute the land, water & sometimes crop too.
According to the report, constant growth in demand of food owing to the shrinkage of cultivation area as well increased demand of production owing to the large population base. In addition, rapid used of advanced technology and moderns techniques to enhance the crop production. There has been constant development in awareness among farmers along with surge in research & development activities which has further revolutionized the agrochemicals market. Moreover, development of infrastructure along with fast developing agricultural sector is also likely to fuel the market growth. On the other hand, rising inclination towards biological agrochemicals may tend to bring change in market trend.
However, rising environmental concerns about the use of synthetic agrochemicals along with growth in intellectual property rights issues can create a restrain in the market growth. Moreover, developing inclination towards the organic farming along with the use of biological agrochemicals is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of types, the agrochemicals market share is segmented into Fertilizers, Pesticides, Herbicides, Insecticides, Fungicides and Others. Fertilizers dominate the global agrochemicals market in terms of market share and will be the dominant during the forecasted period.
On the basis of application, the agrochemicals market is categorised into foliar, Fertigation and others. Foliar segments accounts for the major market share and are expected to transform the agrochemicals market trend. The foliar application dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
Based on crop type, the market is fragmented into Cereals & Grains, Oil Seed & Pulses, Fruits & Vegetables, and Others. Fruits and vegetables represents the significant growth rate over the forecast period and dominate the market in the near future.
North America is likely to account for the highest size share of the agrochemicals market in the forecast period 2020–2030 owing to the technological advancement followed by the presence of modern techniques. Moreover, presence of developed infrastructure supported by the rising food demand is likely to fuel the market growth. Europe accounts for the second leading position in the agrochemicals market size. Asia Pacific is expected to be the fastest developing region in the agrochemicals market which is majorly driven by the developing awareness among framers with surge in research & development activities in the region. In addition, presence of large population base along with growing government initiatives to further promote the agricultural activities has raised the demand for agrochemicals in the near future.
According to the report, some the key players in the agrochemicals market are Bayer AG, Agrium Inc., BASF SE, Dow AgroSciences LLC, Monsanto Company, E. I. du Pont Nemours and Company, Syngenta AG, Sumitomo Chemical Co., Yara International ASA and The Mosaic Co.
Browse key industry insights from the report at https://www.nextmsc.com/report/agrochemicals-market in detail along with the table of contents:
Key Insights from the Agrochemicals Market Report:
- Asia Pacific is the fastest growing Agrochemicals market owing to the rising food demand along with research & development activities which is further supported by the use of modern farming techniques.
- The Foliar application along with fruits & vegetable crops dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Bayer AG, Agrium Inc., BASF SE, Dow AgroSciences LLC, Monsanto Company, E. I. du Pont Nemours and Company, Syngenta AG, Sumitomo Chemical Co., Yara International ASA and The Mosaic Co.
The report Agrochemicals market – segmented by type, application, crop type and geography
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