Global Agrochemicals Market 2017-2021
Agriculture chemicals, better known as agrochemicals, are products that are used to either boost the growth of crops or protect them from diseases and pests. They are broadly classified as fertilizers and pesticides. Fertilizers are segmented into three categories, which include nitrogenous, phosphatic, and potassic. Different segments of pesticides include insecticides, herbicides, fungicides, and others.
Technavio’s analysts forecast the global agrochemicals market to grow at a CAGR of 3.47% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global agrochemicals market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Agrochemicals Market 2017-2021
Technavio recognizes the following companies as the key players in the global agrochemicals market: Agrium, Bayer, DuPont, Syngenta, and Yara.
Other Prominent Vendors in the market are: BASF, DOW Agrosciences, Israel Chemicals, and Monsanto.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is mergers and acquisitions leading to market consolidation. The global agrochemicals market is fragmented; therefore, none of the players have a major foothold. With the goal of gaining an advantage, many companies have stepped forward to reduce competition. For example, Agrium's merger with PotashCorp in 2017, will lead the integration of a crop input company with a retail distribution platform. This merger will offer the added advantage of low production cost for potash and nitrogen.”
According to the report, one driver in the market is increasing use of herbicides. Huge investments are being made for the development of new varieties of herbicides that are more effective and eco-friendly. Most of the modern herbicides are formulated to decompose within a short span after application. Applications of herbicides are spread across varieties of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. The shifting presence of consumers toward fruits and green vegetables, propelled by the increasing awareness regarding health and fitness, fuels the use of herbicides in agricultural applications.
Further, the report states that one challenge in the market is increasing health concerns. Farmers and their families are highly exposed to traditional pesticides-related diseases. As per Technavio analysis, there is a rise in the number of cardiovascular diseases by 40%, leukemia and lymphoma by 80%, and prostate cancer in male farmers by 136%. It was observed that children living in contact with pesticides are twice likely to develop brain cancer than others who are not in contact with pesticides. Another study suggests healthy American farmers faced surprising incidents of leukemia, Hodgkin's disease, non-Hodgkin lymphoma, and other forms of cancer.
Agrium, Bayer, DuPont, Syngenta, Yara, BASF, DOW Agrosciences, Israel Chemicals, and Monsanto.