Agrochemicals are chemicals used in the production of food, feed and fibre for humans, animals and plants. They also provide protection against weeds and pests.
The global agrochemicals market was valued at $26.2 Bn as of 2018 and is projected to reach a figure of $62.2 billion by 2031, at a CAGR of 4.93%.
The market is needed due to the growing need and demand of food grains and food products. With increasing population and urbanization, the food requirement has increase which will require the Agrochemical market to perform.
Growth in the demand of food grains and other crops globally, which is fuelling the use of agrochemicals. The population growth is also etching up the demand for food grains, thereby leading to an increase of yield through higher application of agrochemicals.
The advantages of the agrochemicals Market are that it provides a wide range of products, it is easy to access, and it is convenient. It also provides a variety of services, including delivery, customer service, and technical support. In addition, the agrochemicals market is a competitive environment, which helps to keep prices down.
Stringent environmental regulations by governments and health concerns regarding the overuse of agrochemicals. For instance, in 2015, European Commission had banned three neonicotinoids – clothianidin, imidacloprid and thiamethoxam – due to their threat as a pesticide on bees. Similarly, bans were imposed on several pesticides in China in 2014 after discovering that farmers were using them excessively. Hence, these bans will have an adverse effect on the growth of this market.
The major challenges faced by the agrochemicals Market are stringent government regulations, health concerns over the use of chemicals in agriculture, and the dwindling availability of arable land. It is a major concern as strict government regulations will the working possibility much more tougher and lack of land will too be a major problem of the market. However, the market is rising at a steady rate and is expected to continue to do so.
Key Market Players of the agrochemicals Market
• Key players in the market of agrochemicals Market are BASF SE, DowDuPont, Monsanto Company, Syngenta AG, Unfirm Limited.
• Companies are investing in R&D to come with a better product and to be the most dominant player in the market. A lot of time and money is being spend on research and innovation. The challenge for the companies will be to tackle all the drawbacks of the markets such as bans on the use of the chemicals, excessive use etc. The company which is able to find a way to deal with this will ultimately be the most beneficial company in the market.
• The most in demand product type of the global smart implantable medical devices market is external and internal neural stimulator, accounting for a revenue of USD 2.22 billion in 2019. Neural stimulator is used for treating various chronic diseases such as epilepsy, depression, Parkinson’s disease etc.
• External and internal cardiac pacemakers segment accounted for the largest market share of the global SMIMD market in 2016 due to its ability to provide a continuous supply of electrical energy to the heart muscle and allows it to contract at a steady rate.
• In terms of end users, the smart implantable medical devices market is segmented into hospitals & clinics, homecare settings, and others. The hospitals and clinics segment are expected to grow with a significant CAGR of 11.34% in the near future due to higher number of patients visiting hospitals & clinics for treatment of chronic disorders and trauma.
• In terms of region, North America is on top in the SMIMD market in 2018 owing to early adoption of advanced technology coupled with presence of large number of key players operating in this region. Asia-Pacific is will be the most demanding region in the market due to rising prevalence of chronic diseases and growing healthcare expenditure. Due to availability of funds the region is only expected to increase its market share more in the coming future.
COVID-19 Impact and Market Status of the agrochemicals market
• The novel coronavirus (COVID-19) pandemic has had a significant impact on the agrochemicals market.
• COVID-19 has also led to a decrease in demand for agrochemicals, as the agricultural sector has been hit hard by the pandemic. The lockdown measures implemented by various governments across the world have disrupted the supply chain of agrochemicals, resulting in reduction in the demand of the products. Farmers have also been facing difficulties in accessing these products due to the closure of retail outlets. The increase in prices of agrochemicals has also hampered their demand.
• The emergence COVID-19 has also impacted the production of agrochemicals. Various manufacturers have shut down their manufacturing facilities due to the lockdown measures. This has led to a shortage of raw materials, which has further impacted production.
• The COVID-19 has had a negative impact over all the markets and that is same trajectory with this market as well. However, with the companies scaling back and the demand rising back, the market is expected to increase again after Covid-19. As the need for the market is there, the demand too will be there and as Covid-19 slows down, the market is too is rising up.
Recent Developments in the agrochemicals market from 2019-2022
• In January 2019, Adamma Agricultural Solutions Ltd. announced that it had completed the acquisition of Hubei Sa nonda Co., Ltd.
• In June 2019, the Company acquired Yara International ASA's caprolactam business, with manufacturing assets in Belgium and China. The deal included a minority equity stake for Yara in ChemChina's new company, Hubei Sa nonda CNAC.
• In September 2019, ChemChina completed the acquisition of Syngenta AG, to become one of the largest crop chemical companies globally.
Agrochemicals Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 62.2 billion|
|Growth Rate||CAGR of 4.93 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||BASF SE, DowDuPont, Monsanto Company, Syngenta AG, Unfirm Limited.|
Key Segments of the Agrochemicals Market
Type Overview, 2021-2031 (USD Billion)
Application Overview, 2021-2031 (USD Billion)
• Banana and Pineapple
• Other Fruit
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa