Agrochemicals Market Predicted to reach $295.83 billion by 2023 Booming with Topmost key Players like Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium, Monsanto Company, Israel Chemicals Ltd., Yara International ASA

Agrochemicals Market Overview:

By a lack of land and water, there has been an extended emphasis on the acceptance of innovative technologies that can help enhance crop yield. As such, agrochemicals perceive a substantial demand since farmers are achieved to attain nutritious and high-quality crop production.

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Agrochemicals consist of specialization chemical products such as artificial fertilizers, pesticides, Plant growth adjuvants, and regulators, which are applied in the agriculture industry. Agrochemicals’ task is to shield crops, increase crop yields, and provide the food and soil quality. Another major function of agrochemicals is to modify the growth progression of the plants.

Agrochemicals Market Report (2018-2023):

The Global Agrochemicals Market was worth $250.29 billion in 2018 and expected to be rising at a CAGR of 3.40%, to touch $295.83 billion by 2023.

Agrochemicals Market Segmentation:

The growth of the Global Agrochemicals market is majorly driven by factors such as increasing awareness towards the application of fertilizers and pesticides in key crop-producing countries, a wide variety of pest control treatments of Agrochemicals and decreasing arable land. Another significant division driving the market is the globally rising population, which drives to the need for a rise in crop yield. However, reliable options such as bio-farming and natural pesticides, volatile economies, and various environmental and health hazards associated with agrochemicals are the main controlling factors for the market.

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The Global Agrochemicals market is categorized based on Type and Application. The market for Agrochemicals, based on Type, is categorized into Fertilizers, Plant Growth Regulators, Pesticides, and Adjuvants. Fertilizers are further categorized into Phosphate, Nitrogenous, and Potassic Based Fertilizers, whereas Pesticides are further classified into pyrethroids, organophosphates, biopesticides. Plant Growth Regulators are further divided into Auxins and Cytokinins, whereas Adjuvants are further incorporated into Activator Adjuvants and Utility Adjuvants. Nitrogenous fertilizers influence the global agrochemicals market based on type. However, the market for pesticides is growing at a high rate, given the increasing frequency of various pests and diseases. Currently, the Pesticides market is holding spearheaded by herbicides products, pursued by fungicides and insecticides.

Based on Application, the global Agrochemicals market is categorized into Crop-Based and Non-Crop Based. The crop-based division is further sub-segmented into Fruits & Vegetables, Oilseeds, Grains & Cereals, whereas Non-Crop Based segment is farther sub-segmented into Turf & Ornamental Grass and others. By application, grains & cereals drive the global market for Agrochemicals and this course is anticipated to continue during the forecast period.

Geography segment:

Geographically the market has also been divided into North America, Asia-Pacific, Europe, and the Rest of the World. Asia Pacific has been leading the global agrochemicals market and this drift is predicted to stay in the coming prospect. North America remains the second major user of agrochemicals, followed by Europe. Demand for agrochemicals in North America and Europe is anticipated to grow at a moderate rate mainly due to market maturity and regulatory constraints. Increasing demand for agrochemicals in South America is expected to offer huge growth probability for the market.

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Key Players in this Market:

The global market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.

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This release was published on openPR.