Agrochemicals Market In-Depth Industry Research Report with Revenue Analysis

The global agrochemicals market is set to witness a higher CAGR during the forecast period. In order to increase agricultural production in quality and quantity, the agriculture sector finds the significant use of agrochemicals. Fertilizers and pesticides are classified as components of agrochemicals market, which are further categorized according to their purpose, nature and use.

The market is projected to witness a significant rise in world population by 2023 that will create a tremendous demand for food. To sustain the massive demands, emerging economies will have to raise the food production resulting into more yield. In order to serve this purpose, farmers will double the use of agrochemicals in some or the other form. On a commercial level, marketing activities seem to quadruple depending on socio-economic and socio-political policies in respective countries.

Agrochemicals market is driven by growing awareness among farming communities in the developing nations coupled with pursuit of innovative farming practices. Rise in population and food demands are moreover supplementing the market growth during the forecast period. Cultivation of perennial and seasonal crops are more likely to contribute to the market growth during the forecast period.

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The market is bifurcated as fertilizer agrochemicals and pesticide agrochemicals. Pesticide segment entails organophosphates, neonicotinoids, organophosphates and pyrethoids. Fertilizer segment comprises nitrogenous, phosphatic and potassic. Agrochemicals market is categorized into crop type such as oilseeds, cereals and grains, pulses, plantation crops, fruits, vegetables and hydroponics.

Geographical segmentation for the market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. Europe accounts for a significant market share in the global scenario due to stringent policies and regulatory framework for using agrochemicals in the agriculture sector.

Asia-Pacific regions are more likely to witness a robust CAGR during the forecast period due to vast presence of agricultural infrastructure, favourable climatic conditions and agricultural practices at large. Use of agrochemicals for improving per hectare yield by modern techniques of cultivation is more likely to propel the market growth during the forecast period. North America regions are likely to witness a highly moderate growth owing to stringent policies and approvals for organic pesticides and fertilizers for crop production.

The key players profiled in the agrochemicals market report are Sumitomo Chemical, Dow Agrosciences LLC, BASF SE, Israel Chemicals Ltd, Makhteshim Agan Industries Ltd, Agrium Inc, Mosiac Company, E.I. Du Pont De Nemour & Company, Sociedad Quimica Y Minera De Chile SA, Yara International ASA, Monsanto Company, Indian Farmers Fertiliser Cooperative, Potash Corp, and SAS Inc.

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Phosphate Rock Market Revenue and Growth Rate till 2024

04 April 2019, The global Phosphate Rock Market is expected to reach 268.0 million tons by 2024 as a result of its increasing demand in the downstream sector for producing fertilizers. It is the only global resource which is used in agriculture and fertilizer industry.

The mineral is a vital ingredient used for manufacturing NPK fertilizers. Therefore, the growing demand for fertilizer is expected to be the primary driving factor for the growth of the market over the next few years. Moreover, the absence of substitutes is expected to result in negligible substitution threat.

Additionally, one of the factors for fertilizer consumption growth is directly related to the global increasing calorie consumption per capita. High-calorie consumption foods are becoming popular, with rising prevalence of oilseeds, dairy and meat which are directly increasing the demand for stock feeds, grain, and agricultural production.

Demand for phosphate rock in Asia Pacific was 127.94 million tons in 2016 and is anticipated to maintain its dominant position over the forecast period owing to the presence of numerous agriculture-oriented economies. Rising demand for the mineral as an additive for feed & food as well as manufacturing of industrial chemical coupled with the growth of the manufacturing sector in the region is expected to drive the market. In developing countries such as Brazil, China and India, growing demand for cleansing and detergent agents are projected to drive the market in the coming few years.

Europe and North America has implemented regulations banning the use of phosphate in detergents, as the mineral mixes with water which can result in causing harm to the aquatic life by producing additional phosphorous which results in the death of fish, dolphins, and aquatic plants.

Among fertilizers, food & feed additives and industrial chemicals, fertilizer segment dominates the market by contributing 203.8 million tons in 2016 and is expected to maintain its position during the forecast period. Fertilizers comprise of different compositions of three main crop nutrients phosphorus (P), nitrogen (N), and potassium (K).

One of the major factors that are expected to hinder the growth of the phosphate rock market is the rapid depletion of these reserves and increasing demand for its derivatives as there is no other alternative for these products. The leading manufacturer in these markets is MBAC Fertilizer, Potash Corp, Phosphate Resources Limited, Grange resources, Mosaic, WENGFU Group, Agrium, Shaw River Manganese, Anglo American, and Sterling Group Ventures Inc.

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