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Agrochemicals market is expected to grow at a CAGR of 4.16% over 2014-2018

Press release July 23, 2014 Agrochemicals industry, agrochemical market, agrochemical market size

The report provides data on the different segments of the Global Pesticides market, which are based on the following criteria: Chemical Pesticides and Bio pesticides, Application.

Estimated to be worth USD 196 million in 2012, the global agrochemicals market is expected to reach a valuation of USD 243 million by 2018. Agrochemicals are used to enhance the yield and quality of the crops and include both fertilizers and pesticides. With rising population increasing the food demand, the market is expected to grow at a CAGR of 4.16% in the period of 2014-2018. Currently, the market not only focuses on the development and manufacturing of the agrochemicals but also on training end-users about its proper usage of these chemicals in their fields. However, with stringent regulations guiding the North American and European agrochemical industry, the key players are now busy developing products that fulfill their norms. Furthermore, Asia Pacific is currently leading the market closely followed by Latin America, North America and Europe.

This report, Global Agrochemicals Market 2014-2018, reveals data on the different segments of the global pesticides market, which are based on the following criteria: chemical pesticides and bio pesticides, application, generic and patented products, geography, and type. In respect to the fertilizer type, the nitrogenous fertilizers occupy about 68.4% and organophosphates occupy 73% of the market share.

Major drivers for market growth

Agrochemicals are extensively used to contribute to the improvement of factors that affect the overall production of crops such as macro- and micro-nutrient supply, soil nutrient restoration and protection from plant diseases. Furthermore, the industrial applications of agrochemicals involve fuel blending and polymer manufacturing. All these capabilities have made the product essential for use on a wide range of crops and in industrial applications.

Countries like USA, Brazil, Canada, India, Argentina, China and Australia are continuously trying to increase their food yield for internal consumption as well as export and, therefore, governments of these countries are encouraging extensive usage of agrochemicals. This has boosted the market, encouraging key players of agrochemical sector to extensively invest in research and development of new chemical compounds and improving the performance of existing ones. Furthermore, with the government support and initiatives, the global agrochemical market is expected to grow at a decent pace during the forecast period.

Largest consumers of agrochemicals

According to the market estimates, the Asia Pacific region currently holds the largest share of the agrochemicals market with 41.3% in 2012, which is closely followed by Latin America at 17.06%, North America at 15.4% and Europe at 7.8%. With its booming economy and rapidly expanding population, Asia Pacific is expected to experience the highest consumption from 2013 to 2018, the forecast period in the report.

Moreover, since the demand for corn in North America is highest among other crops such as wheat, cotton and sugarcane, the demand of agrochemicals, especially bio-ethanol production is high among these regions. On the other hand, stringent environmental regulations in Europe have made it difficult for the manufacturers to launch new products that comply with the existing regulations. Even with agrochemicals being highly used for food production, manufacturers face complex situations because of its other usage in bio-polymers and bio fuel, which are being greatly affected for its requirement of high construction investments and unfavorable economic conditions.

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Agrochemicals industry, agrochemical market, agrochemical market size