Argentina Agrochemicals Market - By Type and Application - Market Shares, Forecasts and Trends (2017 - 2022)
The agrochemicals market in Argentina is estimated to grow at a CAGR of 5.1% during 2015-2020.
Argentina Agrochemicals Market Dynamics
With the agricultural sector growth and the increasing demand for food productivity and land management, it has become essential for the farming community to use more agrochemicals. Mechanized farming in the region is also making agrochemicals usage popular. The high cost of agrochemicals and low farmer awareness are the major constraints for the segmentâ€™s growth. An integrated farming practice is seen as a major opportunity for the sectorâ€™s future growth.
Argentina Agrochemicals Market Segmentation
In product segment, nitrogenous fertilizers form the largest share of fertilizer market. Pesticides market is currently lead by herbicides products followed by fungicides and insecticides. Further, the market is discussed as per application in various crop and non-crop-based plants. Increased production of cereals, soya bean and sugarcane in Latin America is driving the growth in agrochemicals consumption in the region.
Argentina is the emerging market and is showing high growth rate for the industry. Sunflower seeds, lemon, soybeans, grapes, corn, tobacco, peanuts, tea, wheat etc. consume the majority of agrochemicals in the country.
Key Players in Argentinaâ€™s Agrochemicals Market
Given the large operational area and never ending need of the agrochemical industry, many market players and companies have entered the industry. Bayer Crop Science is a key player covering the majority of market share. Yara Internationals (Norway) holds the largest share in South American fertilizer market. The leading seven companies comprising of Syngenta, Bayer, BASF, FMC, DuPont, Dow and Monsanto cover the majority of the share in the region. With liberalization, the agrochemical market is more open and more numbers of Chinese agrochemical manufacturers are partnering with the local players for lucrative business and more profit.