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Agrochemicals Market, Incredible Possibilities, Growth, Trend, Opportunities Detailed Analysis and Forecast 2030

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Kanika Bath

The Global Agrochemicals Market size valued to USD 239.85 billion in 2019, is expected to reach USD 365.16 billion by 2030, witnessing a CAGR of 3.8%from 2020-2030. Agrochemicals are agricultural chemicals used to manage the agriculture ecosystem, hence increasing the crop yield, and decreasing the generation of fungi, weeds, insects, and such other aspects hindering the agricultural growth. Agrochemical refers to pesticides including insecticides, herbicides, fungicides and nematicides. It also includes synthetic fertilizers, liming and acidifying agents, hormones, soil conditioners, and other chemical agents used in raising of livestock such as antibiotics and hormones. Agrochemicals are either manufactured synthetically or biologically. However, many synthetic agrochemicals are toxic as well as their prolonged use may impose health risks and threat to the environment. Henceforth, the use of bio-based fertilizers and pesticides is gaining momentum in sustainable development of the global agricultural sector. The global agrochemicals market witnessed a volumetric sale of 289.07 million-tons in 2019, that is projected to elevate up-to 402.18 million-tons by 2030, with a CAGR of 3.0% from 2020-2030.

Market Segmentations and Scope of the Study:

The global agrochemicals market share analysis is based on type, application, crop type, and geography. Based on type, the market is segmented into Fertilizers, Pesticides, Herbicides, Insecticides, Fungicides and Others. Based on application, the market is fragmented into Foliar, Fertigation and others. Based on crop type, the market is divided into Cereals & Grains, Oil Seed & Pulses, Fruits & Vegetables, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

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Geographical Analysis

North-America is expected to show a considerable agrochemicals market growth, owing to presence of large population and lack of cultivatable land. However, prevailing advanced infrastructures, higher technological developments followed by growing demand of agricultural commodities, are to fuel-up the growth of agrochemicals market in future. Asia-Pacific dominated the global agrochemicals market in the past, and is expected to grow at the highest CAGR, maintaining its dominance throughout the forecast period. The increasing population resulting to increasing demand of agriculture produce such as fruits, vegetables, cereals, pulses, and others for both direct consumption and processing, are supplementing the market growth in this region. Moreover, factors like increasing R&D activities and cutting-edge innovations in farming technologies as well as levitating awareness in farmers about the correct use of agrochemicals are to create lucrative opportunities in future.

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Competitive Landscape

The agrochemicals market, which is highly competitive, consists of various market players. Some of the major market players include 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. among others. The past endeavors and futuristic advancements, sum-up to comprehend the overall market growth. For instance, in August 2019, Yara and Nel confirmed their shared ambition of developing clean hydrogen which would allow Yara to realize low carbon footprint fertilizer production. Furthermore, in March 2020, Ascenza, the Portuguese Agrochemicals Company, also known as Sapec Agro, announced launch of its Sea4CS project, that aims at producing more sustainable microencapsulated formulations from marine resources. The project intends to utilize renewable sources of co-formulants, to develop innovative formulations of insecticides and herbicides. Besides, the project opts to greater technological innovation and to generate higher levels of knowledge about co-formulants of the marine origin.

About Us:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics. We carefully analyse the historical data, augment it by constantly keeping an eye on the latest industry trends and estimate the future events to arrive at accurate market forecasts.

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