The worldwide market for agrochemicals is projected to account for a market valuation of US$ 281.7 Billion before the end of the assessment period, whereas increasing at a 4.9% value CAGR. Increasing requirement for pesticides as well as growing utilization of agrochemicals in the form of a liquid is a few of the foremost aspects anticipated to boost the requirement for agrochemicals in the worldwide market.
By product type, the global market is segmented as pesticides (includes insecticides, fungicides, herbicides, bactericides, and others), fertilizers (includes nitrogen-based, phosphorous-based, potassium based and others) and others (acidifying agents, soil conditioners etc.). Among these, the pesticides category is anticipated to lead the agrochemical market in overall market value share terms and is likely to hold 74.3% of the overall incremental $ prospect generated towards the conclusion of the assessment period. Based on the crop type, the global market is categorized as lawns and turfs, fruits and vegetables, pulses and oilseeds, cereals and others. Based on the form, the global market is categorized as paints & coatings, chemicals, pesticides, rubber & leather gasoline, and printing.
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Agrochemicals are utilized for various applications in the agriculture sector. For example, agrichemicals are utilized to boost crop yield in a smaller amount of cultivable lands. They assist in maintaining soil fertility as well as enrich the crop ecology. The liquid Agrochemicals are utilized in the form of pesticides for pest control. Several types of pesticides have diverse applications. For example, bactericides and fungicides are utilized to kill fungi and bacteria in different kinds of crops. The solid form is likely to dominate the worldwide market for agrochemicals and is anticipated to generate incremental $ prospects valuing US$ 72.06 Million before the conclusion of the assessment period.
During 2018, APAC regional market proved to be a standout amongst other region and is the most lucrative regions. The region is anticipated to have held around 63.6% of the overall market share in the incremental dollar prospects generated in the worldwide market. APAC region stays dominant market over the forecast period and will be gaining remarkable growth as a result of the increasing requirement for pesticides and fertilizers to tempt higher crop generation in the region.
In addition, increasing consumption of Agrochemicals in Europe and Latin America as a result of the rising agriculture sector in these regions is additionally anticipated to fuel the expansion of the worldwide market for agrochemicals. North America and Middle East & Africa regions are projected to record healthy development all through the assessment period.
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The foremost companies active in the worldwide market are Bayer AG, BASF SE, YARA International ASA, Nutrien Ltd., Israel Chemicals Ltd., The Mosaic Company, FMC Corporation, PhosAgro, Fengro Industries Corp., OCI N.V., DowDuPont Inc., WinHarvest Pty Ltd, Fertilizantes Heringer S.A., K+S KALI GmbH, Syngenta AG, Jordan Abyad Fertilizers and Chemicals Company, Saudi Arabia Fertilizer Company (SAFCO) and Others.