The global agrochemicals market has grown exponentially in the last few years and its growth is expected to continue due to the increasing area under irrigation system and greenhouse crop production. Factors such as the increasing cost of agricultural production, ease of application, innovative production practices, new product offerings, increased availability, and the advent of micro irrigation and mechanized irrigation systems are driving the market for agrochemicals globally. The global agrochemical market is expected to grow to USD 250,593.11 million by 2020, at an annual growth rate of 3.18% during the forecast period.
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High efficiency through modern release technologies
The enhanced efficiency technology (such as water-soluble fertilizers, controlled release, and slow release fertilizers) incorporated in agrochemicals ensures that crops and plants receive nutrients in an amount that is required at the right time and at the right place, with minimum wastage. This technology also helps in reducing the negative impact of nutrients leaching into water reservoirs. There can be uniformity in the performance of fertilizers and pesticides across the field with the use of agrochemicals as the product is more durable and highly efficient, when the yield is compared to the amount of agrochemicals applied. The ultimate goal of adding agrochemicals to soil is to supply the requisite amount of nutrients to crops and prevent the toxification of soil due to over-fertilization. Plants tend to show positive results in terms of yield and quality when they are regularly watered and fertilized. Agrochemicals are an easy and efficient way to supply household or garden plants with nutrients on a regular basis. Thus, the high efficiency of agrochemicals is prompting an increased demand for use in lawns, gardens, and for high-value crops.
Agrochemicals Market
New Technologies and improvements
Agrochemicals are the basic carriers of technologies to improve productivity. Here, new technology means innovation in agrochemical varieties that include value addition to the product line. Apart from public investments in R&D, there have been major investments by private sectors in the research for agrochemicals. The private sector across the world is also sponsoring research in national and international research institutions, either individually or through consortium platform. This will push the growth of the agrochemicals market significantly. Research has been gaining interest about specialty fertilizers and chelated micronutrients due to their significant demand in the Asia Pacific and South American regions.
Prominent companies such as Yara International ASA (Norway), BASF SE (Germany), DowDuPont (US), Agrium Inc. (Canada), and The Mosaic Company (US) are well-established and financially stable players that have been operating in the industry for several years. These prominent companies have a diversified product portfolio, strong distribution networks across the globe, and offices at strategic locations. With many mergers such as Dow Dupont and BayerMonsanto deals occurring in the industry, the industry is expected to witness new research innovations in the field of biopesticides and fertilizer release technologies for a sustainable future.
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