Agrochemicals (agriculture chemicals) are those chemicals which are used to improve the productivity of crops by improving fertility of soil and protecting them against pests. Primarily agrochemicals are classified as Fertilizers & Pesticides. Fertilizers such as synthetic fertilizers, hormones, chemical growth agents, raw animal manure and Pesticides such as insecticides, herbicides, fungicides form the agrochemicals market.
Over the recent years, the Agrochemicals market has witnessed double digit growth rate owing to factors, such as land degradation & urbanization. However, increasing concerns about the pesticides residue in food will hamper the growth of the agrochemical market. This will in turn act as an opportunity for eco-friendly agrochemicals namely bio-pesticides.
Government initiatives such as Integrated Nutrient Management (INM) and Integrated Pest Management (IPM) in order to mitigate environmental and health issues arising out of Nitrogen based agro-chemicals are driving the demand for eco-friendly agrochemicals.
The global agrochemical market is expected to grow from USD 134 billion in 2010 to USD 223 billion in 2015. Major producers of agro-products are increasing their production and storage capacities in response to the market demand. Among all the geographical regions, China is leading globally both in terms of production and consumption of agro-chemicals closely followed by India.
As fertilizers fulfill the nutritional deficiencies of the soil, the nitrogenous fertilizers segment will capture more than 46% of the global fertilizers market. However Phosphatic fertilizers will have lower share comparatively. On the other hand Organophosphate segment leads the pesticides market mainly due to presence of wide spectrum of chemicals under this class including glyphosate, diazinon, and chlorpyrifos.
The top six players of agrochemical manufacturers occupy more than 75% of the total agrochemical market. Bayer is the biggest manufacturer of agrochemicals and is also the seventh largest producer of seeds globally. The other producers of agrochemicals include Syngenta, Monsanto, DuPont among others.
The report analyses the global scenario of the agrochemicals market discussing detailed overview and market figures. The research report analyses the industry growth rate, industry capacity, and industry structure. The report analyses the historical data and forecasts the agrochemicals market size, production forecasts along with key factors driving and restraining the market.