Agrochemical and Pesticide Market
was worth USD XX.XX billion in 2016 and estimated to be growing at a CAGR of X.XX%,
to reach USD XX.XX billion by 2021.
An agrochemical or agrichemical,
a varied nomenclature for agricultural chemical is as the name suggests, a
chemical substance used to aid in cultivation or its concerned activities. The
range of products may vary from herbicides and insecticides to fungicides and
nematicides. Other substances which also fall under it include hormones,
antiseptics and other chemical growth enhancing or inhibiting agents.
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A pesticide is in general any
substance that kills or adversely affects the life cycle of organisms that are
considered to have an adverse effect on crop cultivation. The potential list of
target pests can include insects, plant pathogens, weeds, molluscs, birds,
mammals, fish, nematodes and microbes that destroy property, cause nuisance, or
spread disease, or are disease vectors. The management of such pests and the
manufacture of chemicals used for the same purpose has turned out to be a
multi-million-dollar industry.
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The growth of the agrochemical
and pesticide market is mainly driven by increasing health awareness among
consumers and the increased demand for food production. Consumers are also
demanding different varieties of agrochemicals that are organic and
eco-friendly. Other drivers of the market include the lack of arable land,
favourable government policies towards agriculture and the technological
advancements and research done in the field. In spite of the numerous
advantages, the market still continues to be hampered by the lack of unified
standards for safety as well as pricing.
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The Global Agrochemical and
Pesticide market is broadly classified based on Applications into Agricultural,
Garden and Other and based on Type they are classified into Insecticides,
Antiseptics, Herbicides and Others. Based on geography, the global market is
analysed under various regions namely North America, Europe, Asia-Pacific,
Latin America and Middle East and Africa. The Agrochemical and Pesticide Market
is dominated by North America in 2016 with the region accounting for 36% of the
overall market share. North America was followed next in line by Europe and
Asia-Pacific. Asia-Pacific is expected to grow rapidly in the coming years as
is evident from the high CAGR value for the region. Another promising region
for the market is Latin America, which is expected to show high growth rates in
coming years.
The Agrochemical and Pesticide
market is highly competitive with a large number of players. Key market players
dominating the market with their products are Bayer, Dow AgroSciences,
Monsanto, BASF, Adama, Nufarm, Syngenta, DuPont, Qingdao Kyx Chemical, Jiangsu
Huangma Agrochemicals, Jiangsu Changqing Agrochemical, Albaugh, Gharda, Jiangsu
Yangnong Chemical Group, Nanjing Red Sun, Jiangsu Changlong Agrochemical,
Yancheng Limin Chemical, KWIN Joint-stock, Jiangsu Pesticide Research Institute
Company, Hubei Sanonda, Zhejiang Hisun Chemical, Bailing Agrochemical, Hailir
Pesticides and Chemicals, Jiangsu Fengshan Group, Hebei Yetian Agrochemicals,
Xinyi Zhongkai Agro-chemical Industry and Shandong Qilin Agrochemical.
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