AGROCHEMICALS INDUSTRY:

Chemical agents used in agricultural lands to increase nutrient shortage in the field or crop are known as agrochemicals. They also help to boost crop development by destroying hazardous insects. Agrochemicals increase the quantity and quality of agricultural goods. These are utilised in horticulture, dairy farming, cattle, grain farming, shifting cultivation, commercial plantation, and many other agricultural fields. The agrochemicals market is predicted to rise in response to rising population and increased usage of sophisticated pesticides. As the world’s population grows, so will the amount of food available. Farmers are using agrochemicals at a higher rate to meet demand for faster pollination in their fields. Fertilizers and insecticides are two types of agrochemicals. The agrochemicals market is projected to be dominated by fertilisers. Micronutrients and macronutrients are the two main types of nutrients found in fertilisers. N, K, and P are macronutrients that are necessary for plant growth. All of the other nutrients are micronutrients that plants require in modest amounts. When the soil is unable to deliver the appropriate amount of nutrients organically, commercial fertilisers are applied as supplements to plants or soil. 

INDIA MARKET OUTLOOK:

The agrochemicals market in India is predicted to increase at an annual rate of 8.6%. India’s agrochemicals market is a significant contributor to the Asia Pacific agrochemicals market’s growth. Due to the massive consumption of pesticides and fertilisers for farming activities, the Asia Pacific region is growing at the quickest rate on the planet. This is due to the region’s adoption of modern and advanced farming practises. Due to the increased effect of urbanisation, the landmass available for agriculture is gradually shrinking, giving an urge for farmers to utilise various agrochemicals to boost land productivity and maintain soil health as demand for food items rises. The country’s good trend and integrating farming techniques are predicted to drive the agrochemicals industry’s growth rate in India throughout the forecast period. However, insufficient understanding of the benefits of agrochemicals among farmers, as well as their low adoption of modern-day farming practises, may stymie the market.

GLOBAL MARKET OUTLOOK:

The worldwide agrochemicals market is expected to increase at a CAGR of 3.4 percent over the next five years. Agricultural intensification has occurred in recent decades as a result of rising food demand caused by the rapid rise of the human population. Agrochemicals (fertilisers and a variety of insecticides) are widely employed in agriculture to meet rising food demands, bridging the gap between food supply and consumption. Continuous developments in agricultural technology have resulted in a shift in farming techniques. New varieties of dangerous organisms have evolved as a result of increased export and import of agricultural commodities across diverse geographies, particularly in developing nations, leading to an increase in need for novel active ingredient products to protect crops.

ASIA PACIFIC MARKET:

The agrochemicals market is expected to increase significantly in the Asia Pacific area since the agrochemical industry’s globalisation has a significant impact on Asian crop protection markets. The demand for various agrochemicals such as herbicides and pesticides is increasing due to the greatest rate of population increase, increasing the requirement for food production, and economic expansion. While the demand for food products in Asia Pacific developing countries is growing, the available land mass for agriculture is shrinking due to the increased impact of urbanisation, which encourages farmers to employ agrochemicals to maintain soil health and boost land productivity.

TOP PLAYERS WORLDWIDE:

• Syngenta (ChemChina)
• Bayer Crop Science
• BASF
• Dow AgroScinces
• FMC
• ADAMA
• Sumitomo Chemical
• Nufarm
• UPL India
• Huapont Life Sciences
• PI Industries Ltd.
• Rallis India Ltd (TATA)
• Meghmani Organics Ltd (Meghmani)
• Insecticides India Ltd.
• Excel Crop Care Ltd.
• Dhanuka Agritech Ltd.