Global ag chemicals market to surpass $329 billion
Every year millions of hectares of agricultural land are rendered unusable due to land degradation and urbanization.
The gradual reduction of cultivable land is necessitating an increase in productivity of agricultural lands per unit area.
To achieve such a goal, use of agrochemicals is imperative. Demand for agrochemicals primarily depends on the dynamism of the agriculture sector. The market is also subject to changes in crop prices, weather conditions, new product developments, agricultural policies and subsidies.
Explosive population growth, constantly reducing proportion of cultivable land, and the increasing need to improve productivity of agricultural land are the major growth drivers in the global agricultural chemicals market.
The global market for agricultural chemicals and fertilizers is growing robustly driven by the increasing demand in the Asian region. Both India and China are agriculture-driven economies and therefore generate strong demand for crop chemicals such as fertilizers and pesticides.
Presently, China is the largest producer and consumer of nitrogen fertilizers.
Apart from Asia, Latin America is another major consumer of fertilizers, with Brazil being a prominent regional market. The US is also a major user of agrochemicals particularly fertilizers for corn crop which is also a prime source of ethanol.
Rising pressure from regulatory authorities such as the Environment Protection Agency (EPA) and other governments to minimize usage of agriculture chemicals, especially pesticides, is one of the major bottlenecks for market growth.
Rising environmental awareness regarding the ill effects of pesticide residues on food is likely to hamper demand for these chemicals.
However, increasing adoption of Programs such as Integrated Pest Management (IPM) and Integrated Nutrient Management (INM) are expected to mitigate environmental risks due to the use of agrochemicals and resultantly boost demand.
Further, rising demand for eco-friendly agriculture chemicals and the increasing implementation of laws and regulations by various governments is leading to the development of bio-insecticides. These insecticides possess qualities such as low-residual effect, high degradability, high levels of biological activity and high selectivity.
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The report offers an aerial view of the global industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with fact-rich market data tables.
Regional markets elaborated upon include United States, Canada, Japan, France, Germany, UK, Spain, China, India, and Brazil, among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.
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