Growth of horticulture & floriculture, increasing awareness towards the use of fertilizers and pesticides coupled with the increasing literacy rate among farmers in major crop producing countries is boosting the global agrochemicals market. One of the major drivers for the market is the growth of agrochemicals in demand for food grains, due to to increasing global population along with decreasing per capita farm land due to sudden rise in urbanization and industrialization.
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Agrochemical is a general term for the different kinds of chemical products used in agriculture. Agrochemicals refer to the broad range of pesticides, including herbicides, fungicides, insecticides and nematicides. Agrochemicals are specialty chemical products used, particularly in horticulture, agriculture and floriculture. It includes broad range of pesticides, chemical growth agents, hormones and other synthetic fertilizers. It also includes synthetic fertilizers, hormones and concentrated stores of raw animal manure.
The global agrochemicals market can be categorised on the basis of product types into fertilizers and pesticides. Based on different type of fertilizers, the global agrochemicals market can be divided into nitrogenous, potassic and phosphatic fertilizers. On the basis of pesticides, the agrochemicals market can be classified into neonicotinoides, bio-pesticides, organophosphates and pyrethroids pesticides. Organophosphate segment leads the agrochemical pesticides market mainly due to presence of a wide spectrum of chemicals, including glyphosate, diazinon, and chlorpyrifos.
The huge export potential of agrochemicals is a major opportunity by which the agrochemical market is expected to expand in the next few years. With approximately 40% of the total farmland under crop production, there is a significant unserved market to tap into by various countries. By educating farmers and conducting special training programmes regarding the need to use agrochemicals, Indian companies can increase pesticide consumption. The excess production capacity is another opportunity in the agrochemicals market to increase exports by making use of India’s low cost producer status.
Some of the top competitors in the global agrochemicals market are Monsanto Company, Bayer AG, Syngenta, BASF SE, Sumitomo Chemical Co., Ltd., Agrium Inc., The Dow Chemical Company, Yara, and ICL among others.
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