Brazil Agrochemicals Market - By Type and Application - Market Shares, Forecasts and Trends (2017 - 2022)
South America is one of the worldâ€™s fastest-growing agrochemicals market given its strengthening agribusiness sector and improving economy. Being one of the important importers and consumers of agrochemicals, South America holds significance in the world trade. The Brazilian agrochemicals market is estimated to grow at a CAGR of 6.0% during 2015-2020.
Brazil Agrochemicals Market Dynamics
Agricultural sector growth with increasing demand for food productivity and land management make it essential for the farming community to use more agrochemicals. Mechanized farming is also making usage of agrochemicals popular. The high cost of agrochemicals and low farmer awareness are the major constraints for the segmentâ€™s growth in the country. Economic growth of the country would help the industry positively in the future.
Brazil Agrochemicals Market Segmentation
In product segment, nitrogenous fertilizers form the largest share of fertilizer market. Pesticides market is currently lead by herbicides products (covering 41.560%) 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.
Brazil is the largest agrochemicals consuming country in the South American region consuming around 40-50% of total agrochemicals. It is emerging as an agricultural superpower due to increased use of mechanized agriculture. Investing in mechanization has resulted in extremely large-scale farming operations. Argentina is an emerging market and is showing high growth rate for the industry as the economy is recovering.
Key Players in the Brazilian 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 in Brazil covering the majority of market share. Yara Internationals (Norway) holds the largest share in the fertilizer market. The leading seven companies comprise Syngenta, Bayer, BASF, FMC, DuPont, Dow and Monsanto covering the majority of shares 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.