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(CityRegions.Com, February 28, 2019 ) 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.
Moreover, production and distribution facilities in this region are well- established, and rising nitrogen & potassium based fertilizers consumption will create a significant opportunity for the growth of the agrochemicals market in the Asia Pacific region.
agrochemicals market
Agrochemicals Market – Competition Landscape
Globally. Agrochemicals market is highly fragmented with top market players holding single digit market share as of 2017. The top ten players in the global agrochemicals market are projected to collectively hold between 15% and 20% market share.
In past few years, agrochemicals market has witnessed significant market developments from the competition perspective. Acquisitions, collaborations, and expansion of the production capacity are some of the key strategies adopted by market players to expand and sustain in the global Agrochemicals market.
In November 2016, BASF SE announced to open a new fungicide production line at its production site in Tarragona, Spain. For this, the company invested Euro 21 Mn and plans to increase its on-site production by upto 25%
In June 2018, Bayer AG company completed the multi-billion dollar acquisition of the US based Biological crop protection and innovation chemical product manufacturing company Monsanto
In May, Yara International ASA completed the acquisition of Brazil's fertilizer company, Vale Cubatão Fertilizantes complex. With this acquisition, new fertilizers will be added to company’s existing capacity. This will help Yara to meet demand for fertilizers from Brazil
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Some of the key manufacturers covered under this study on the global Agrochemicals market are BASF SE, Bayer AG, DowDuPont, FMC Corporation, DuSolo Fertilizers, Yara International ASA, Israel Chemicals Limited (ICL), The Mosaic Company, WinHarvest Pty Ltd, Syngenta AG, Nutrient Ltd., PhosAgro, Saudi Arabia Fertilizer Company (SAFCO), OCI N.V., S.A OCP, Jordan Abyad Fertilizers and Chemicals Company, K+S KALI GmbH, Heringer.
XploreMR
Yogesh senger
16692840108
yogesh@futuremarketinsights.com
Source: EmailWire.Com 
Source: EmailWire.com
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