Based on data by Persistence Market Research this report on ‘Agrochemicals Market’ delivers a succinct analysis on industry size, regional growth and revenue forecasts for the upcoming years. The report further sheds light on significant challenges and latest growth strategies adopted by manufacturers who are a part of the competitive spectrum of this business domain.
The report covers comprehensive information on the market trends, value (US$ Mn) and volume (KT) competition projections, recent developments and dynamics in the global agrochemicals market between 2018 and 2026.
The global Agrochemicals market is estimated to reach US$ 281.7 Bn at the end of forecast period, while growing at a CAGR of 4.9%, by value. Rising demand for pesticides and increasing consumption of agrochemicals as a liquid form are some of the key factors are expected to boost the demand for agrochemicals in the global market.
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Population Growth and Subsequent Increase in Food Consumption
The global population was pegged at 7.6 Billion in 2017 with a change of 1.12% during 2016-2017. High population growth has fueled food consumption globally, which has surged the demand for agricultural products. This has contributed towards an increase in the use of agriculture chemicals to enhance crop production and developments in the agriculture sector. Thus, the use of agrochemicals such as fertilizers and pesticides has become a necessity to meet the growing demand for food. This is also driving the demand for new technologies and innovations in the agriculture industry, globally. Agrochemicals play an important role in enhancing crop yield and quality
At the end of forecast period, the pesticides segment of agrochemicals is anticipated to grow and become 1.54X of its value size in 2018. This segment will projected to create an Incremental dollar opportunity nearly US$ 67.19 Bn over the forecast period.
Shrinking Crop Harvesting Area and Need for Better Yield per Unit Area of Farmland
Since the past few years, population growth has been translating to a decline in farmland area. Rapid urbanization and industrialization have been shrinking the cultivation land with growth in the number of industries, houses, highways and many other infrastructural buildings. In the past eight years, the total crop area harvested has declined with a significant CAGR of about 3.5%. In 2010, the total crop area available for harvesting was 1.8 Bn Hectare, which reduced to 1.3 Bn Hectare in 2017.
The fertilizers segment of agrochemicals is projected to grow with 3.9% CAGR, in terms of value, over the forecast period. Rising demand for a better yield in shrinking arable land and higher production of crop with better quality, and also to maintain fertility of the soil are drive the agrochemicals market
Agricultural Development, Supported by Economic Growth
As per IMF data, the global economy grew by 3.8% (real GDP) in 2017. Economic growth improves the standard of living, alongside the spending power of people. Increasing spending power leads to a change in the eating habits of the population. Growth in food demand has been stronger than population growth, due to the changing eating habits of people. This, in turn, has been accelerating the demand for fertilizers and pesticides. Fertilizers and pesticides are used to improving crop yield, fertility of soil and enhance production. Therefore, the demand for agrochemicals is expected to grow in tandem with the growth of the agriculture industry
China and India to Remain a High Growth–High Value Region in the Agrochemicals Market
Production and Consumption of agrochemicals in China and India is expected to grow with significant growth rate during the forecast period owing to increasing consumption and production of fertilizers, such as nitrogen based, potassium based fertilizers, in the countries. China and India are major exporter of agrochemicals in the Latin America, Asia Pacific and other regions. Such factors are projected to create a robust platform for the growth of the China and India agrochemicals Market ate the end of forecast period. Collectively, in terms of value, China and India is expected to grow and become 1.62x over the forecast period.