The Global Agrochemicals Market is forecast to reach USD 357.47 billion by 2027. Massive uplift of the population and the enormous demand for the sufficient production of the crop are helping the market to grow primarily. Crop loss, increasing crop yields, high consumer demand for sustainability produced food, and harnessing climate change global pandemic situations are some of the concerns that are seamlessly heightening the applicability of the agrochemicals and increasing their use-cases among various end-use verticals.
The agrochemical farms are engaged in extensive research and development activities to produce cutting-edge solutions, in turn, adding traction to the market growth. The increasing strategic collaborations in the market to expand the product portfolio are further driving the market growth. The key manufacturers have developed innovative and novel agricultural microbial products that allow the natural growth of crops. The emerging players are focused on the innovations and development of advanced farming technologies that can simplify the process and reduce the overall capital expenditure drastically.
The ongoing COVID-19 crisis has compelled the manufacturers to change their production and manufacturing practices to cater to the increasing demand of the pandemic. The disruption in the chemical industries and manufacturing units across the globe has negatively impacted the development of agrochemicals. The interruption of the conventional supply chains and the emergence of new supply chains have increased the overall expenditure and time taken to cater to the requirement of catalysts in numerous sections of the chemical industry, owing to the increasing activity of the biotechnology sector.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/agrochemicals-market
Key Highlights from Report:
- The increasing application of indoor farming, genetic modification of crops to enhance their yield and value, boosting protein efficiency in seeds, and recycling of waste products are projected to drive the market demand. The rapid production of agrochemicals that are pollinator-friendly and the increasing incorporation of digital technology to enhance the usability and control performance of the agrochemicals are supporting the market growth. These opportunities are projected to increase the share and development of the market in the projected timeline.
- North America is projected to be a key revenue-generating region globally due to the accelerated development of advanced technology, growing awareness about bio-based products, and availability of nutrition-dense products. The region contributed significantly to the revenue share, with a share of USD 3.32 billion in 2019.
- Major companies operating in the market include Syngenta AG, Dow AgroSciences LLC, Bayer AG, FMC Corporation, BASF SE, ADAMA Ltd., Sumitomo Chemical Co., Ltd., Nufarm, Conagen, UPL Limited, and Corteva, Inc., among others.
- In June 2019, BASF SE unveiled its plans to add 20 novel agricultural chemical protection lines to its product portfolio in India. The chemicals are designed to enhance the production of crops used extensively in India, such as rice, cotton, corn, soybean, and fruits.
- In March 2019, Helena Chemical Company, an American agrochemical manufacturer, introduced four new products that offer target-specific yield-limiting solutions.
For the purpose of this study, Reports and Data has segmented the Global Agricultural Enzymes Market on the basis of type, crop type, form, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Crop Type Outlook (Revenue, USD Billion; 2017-2027)
- Oilseeds and Pulses
- Cereals and Grains
- Turf and Ornamentals
- Fruits and Vegetables
Form Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Crop Fertility
- Crop Control Protection
- Crop Growth Enhancer
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA