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Global agrochemicals market forecast to be attain revenues of US$242.8Bn by 2018
Agrochemicals Market by Type: Global Market Trends & Forecast to 2018 - a new market research report on 2014-04-30 09:11:02
The global agrochemicals market is forecast to increase from an estimated $203,567.6 million in 2013 to $242,757.8 million by 2018, with a CAGR of 3.6% from 2013 to 2018.It is forecast that the global agrochemicals market will grow at a CAGR of 3.6%, over the next five years to reach 401,816.9 KT by 2018. Asia-Pacific, with its thriving economies and rapidly expanding population, is expected to experience the highest consumption from 2013 to 2018.The major function of agrochemicals is to address the problem that hinders the growth of crops. It is a widely used term that includes fertilizers and pesticides. Agrochemicals help to increase the productivity of the crops by supplying needed nutrients and providing protection from various diseases, without harming the environment. Thus, the focus of industry players is not only to develop and launch agrochemicals, but also to train its end-users about the proper use of these chemicals. The tightening environmental regulations in developed regions such as North America and Europe are making it difficult for the manufacturers to sell their conventional products in these regions. Hence, they are bound to develop new products that fulfill environmental norms. It has, thus, become important for them to find a right balance between the product performance and content of their product.Asia-Pacific leads the market for Agrochemicals with 41.3% share in demand at global level in 2012, followed by Latin America (17.0%), North America (15.4%), Europe (7.8%), and Rest of the World (18.5%). Looking at fertilizers type, Nitrogenous fertilizers occupied 68.4% and Organophosphates occupied 73.0% share in demand in their respective agrochemicals type.The growth of the Agrochemicals Market is predominantly driven by a number of main factors such as the growing population and increase in demand for food classed as being environmentally friendly and the rising consumer awareness of agrochemicals. However, the increasing environmental concerns and availability of other environment friendly alternatives are proving to be the major restraining factors for the market.Pesticides are chemical or biological substances used to protect crops from pests that can destroy or harm them. Pesticides repel, destroy, or reduce pests including insects, pathogens, weeds, and microbes. Over the last 40 years, pesticides have come up as an indispensable tool to increase crop production, globally. Chemically and on the basis of usage, pesticides can be categorized as organochlorines, organophosphates, pyrethroids, fungicides, and insecticides. Though, still in the emerging stage, biological pesticides are more beneficial and nontoxic in nature.Besides carbon, hydrogen, and oxygen, plants require different types of nutrients for their growth. Most of the nutrients, such as nitrogen, phosphorus, sulfur, and potassium are found in the soil itself. But due to year-by-year farming, soil erosion, and other factors, soil loses its potential to supply the required amount of nutrients to the crops. In order to overcome this, fertilizers are used to fulfill the deficiencies in the soil so that it can supply essential nutrients to the plants. The chemical/inorganic fertilizers are commercially produced in the form of granules or powders, and are mainly classified into three categories: nitrogen fertilizers, phosphorus fertilizers, and potassium fertilizers.
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