The Global Agrochemicals Market size is estimated to reach USD 301.56 Billion by 2026 according to a new report published by Polaris Market Research. Agrochemicals are used in the agricultural field for crop protection and related applications. The demand for agrochemicals is driven by rapidly growing need for the agricultural products. Agrochemicals growth has grown as crop protection chemicals due to heavy loss that the farmers and companies encounter in case of pest attacks. In order to protect crops different types of agrochemicals such as insecticides, pesticides, and fertilizers are used.
The changing consumer preference for different types of food products has led to increased consumption of food and crop production. This trend is a result of different economic, social, environmental, and technological factors. Rising disposable income of consumers, increasing urbanization especially among the middle-income families, and economic growth of several emerging nations are some of the crucial factors that have led to increased consumption of agricultural products and agrochemicals.
Governmental policy support for enhanced production of agricultural products have also played a significant role in the agrochemicals industry. Emerging nations have witnessed higher growth in the agricultural industry since past a decade where government has supported the industry strongly. For instance, India has one of the world’s most competitive agricultural industry and includes policy supports such as National Mission on food processing, development of seeds backed by 100 % FDI under automatic route, and promotional rationalization of tariffs. Such phenomenon has strongly driven the consumption of agrochemicals.
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Technological advancements have also contributed significantly to the continuous growth of the industry. Advances in the pesticides formulations for sustainable and eco-friendly vegetable pest management are the result of technical and material developments. The global agrochemicals industry also includes a crucial restraint of stringent regulatory framework as not all agrochemicals are environment friendly and are known to cause environmental degradation.
Asia Pacific is the most popular and lucrative market for the agricultural industry and agrochemicals. The region contains two of the world’s most populous countries, China and India, that are lured by the size and increasing consumer expenditure. North America, Europe, and Central & South America are also expected to witness considerable growth during the forecast period. The United States, Germany, France, China, India, and Japan are the among the most significant countries for the agrochemicals.
The global agrochemicals market is highly competitive and constitutes of numerous vertically integrated major players from the raw material to distribution stage of the values chain. Some of the major agrochemicals market players include BASF, Bayer CropScience, Dow Agrosciences LLC, Agrium, Syngenta AG, and Monsanto Company.