Agrochemicals Market Demand and Opportunities – KSU
The chemical industry is focused on sustaining business operations while ensuring workplace safety amid the COVID-19 pandemic. To recoup the losses created by declining demand for various products, companies are capitalizing on the growing demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their activities to engage in the production of safety products. Businesses use advanced technologies in production to reduce reliance on labor.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure efficient delivery of products. Industry leaders research the real-time situation of their supply chains to identify and strengthen potential weaknesses, especially in terms of geography. Financial reporting is being extended beyond the usual financial statements to address risks that have arisen amid the COVID-19 pandemic.
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Agrochemicals are substances that help in the management of agricultural ecosystems and microorganisms in the agricultural area. The use of agrochemicals is essential to increase crop yields. Agrochemicals include various substances, such as fertilizers, pesticides, liming and acidifying agents, soil conditioners, etc. Fertilizers are substances that are added to farmland to encourage plant growth and increase crop yields. They are made from synthetic chemicals or living organic materials.
Most fertilizers use potassium, nitrogen, and phosphate as essential ingredients. Pesticides are substances used to treat pests or other parasitic organisms that can be harmful to crops. Many types of pesticides, such as fungicides, herbicides, insecticides, bactericides and others, are used on farms. Soil conditioners are substances that are added to soil to increase its ability to hold oxygen and water.
Materials used as soil conditioners include sewage sludge, peat moss, shade logs, and the like. Agrochemicals occupy an important place in the agricultural industry and hence, the global agrochemicals market is expected to register healthy growth during the forecast period and reach a market value of US $ 281.93 billion. here the end of the forecast period.
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Based on the type of product, agrochemicals can be classified into fertilizers, pesticides and others. The pesticides segment will dominate the agrochemicals market in terms of global market value share and is expected to account for 74.3% of the total additional dollar opportunity created by the end of the forecast period.
Agrochemicals are used for several applications in the agricultural industry. For example, agrochemicals are used to improve crop yields in less cultivable land. They help maintain soil fertility and enrich the crop ecosystem. Liquid agrochemicals are used as pesticides for pest control. Different types of pesticides have different applications. For example, fungicides and bactericides are used to kill bacteria and fungi in various types of crops. The solid form will lead the global agrochemicals market and is expected to create additional opportunities worth US $ 72.06 million by the end of the forecast period.
In 2018, Asia-Pacific proved to be one of the most lucrative regions in the global agrochemicals market and is estimated to account for around 63.6% share of the global incremental dollar opportunity created. in the agrochemicals market. Asia-Pacific continues to be a dominant market for agrochemicals and significant growth is seen in the region due to the increasing demand for fertilizers and pesticides to induce higher agricultural production in the region.
In addition, the growing consumption of agrochemicals in Latin America and Europe due to the expansion of agricultural industry in these regions is also expected to drive the growth of the global agrochemicals market. The Middle East, Africa and North America regions are expected to register healthy growth during the forecast period.
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- Bayer AG
- YARA International ASA
- BASF SE
- Israel Chemicals Ltd.
- Nutrien Ltd.
- FMC Company
- Mosaic company
- Fengro Industries Corp.
- DowDuPont Inc.
- OCI NV
- Fertilizantes Heringer SA
- WinHarvest Pty Ltd
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