Seattle, WA -- (SBWIRE) -- 09/19/2019 -- Agrochemicals is the generic name of chemical products used in the agricultural field. These include pesticides, insecticides, fungicides, herbicides, nematicides, synthetic fertilizers, bio fertilizer, and chemical growth agents, among others. Increasing population and surging urbanization in turn puts additional pressure on the already diminishing farmlands. Agrochemicals help to effectively cultivate and manage crops to increase production. Thus, these factors greatly support growth of the global agrochemicals market. Various government and non-governmental organizations are focusing on addressing this global concern by increasing funding for programs related to the agricultural sector. The World Bank implemented 146 projects during 2014–2016, which provide agricultural services and assets to 17 million farmers, in turn augmenting growth of the market. The U.S., China, and Japan are the largest producers of agrochemicals, while North America, followed by Asia Pacific are the largest consumers in the global agrochemicals market. Population explosion in countries such as India and China, along with rapid economic growth in these countries is expected to position Asia Pacific as the fastest growing market for agrochemicals in the foreseeable future.

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Agrochemicals Market Taxonomy
On the basis of product type, the global market is classified into:
Fertilizer
-Nitrogenous
-Phosphatic
-Potassic
-Biofertilizers
Pesticides
-Herbicides
-Insecticides
-Fungicides
-Others
On the basis of application, the global market is classified into:
-Agriculture
-Horticulture
-Floriculture
-Others
On the basis of geography, the global market is classified into:
-North America
-Europe
-Asia Pacific
-Latin America
-Middle East
-Africa

Agrochemicals Market Outlook – Increasing Demand for Food Grains is Augmenting Market Growth

The global agrochemicals market is expected witness significant growth during the forecast period, owing increasing global population and increasing demand for food grains. Growing urbanization took place in the recent past has led to steep decline in farmlands. For instance, according to Pfeffer and others, in 2006, total farmland in the U.S. reduced from 1,151 million acres in 1949 to 921 million acres in 2002. This has led to adoption of duel cultivation, wherein farmers use various pesticides to improve crop yield and fertilizers to maintain fertility of the soil. For instance, according to Food and Agriculture Organization (FAO) of the United Nations forecast, in 2016, world cereal production was pegged at around 2,543 million ton, which is 0.6% higher than in 2015 and 0.7% lower than in 2014. At that level, production was 17.3 million ton higher than expected in May, which showed upward revisions for wheat production in Argentina, Russian Federation, and EU. This has led to high lucrative environment for growth of the global agrochemicals market.

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Agrochemicals Market Challenges – Environmental and Health Impact
Although it offers several advantages, agrochemicals possess certain drawbacks that impact surrounding environment and human health. Excessive use of fertilizers leads to ground water pollution with inclusion of toxic chemicals such as nitrate. If such contaminated water is used for drinking, it could lead to several disorders such as immobilization of hemoglobin in blood, reduced oxygen, and more. Furthermore, pesticides used to plants consists of DDT, aldrin, dieldrin, and others pest that have significant impact on human health as well as environment. Every year, a lot of wild birds die due to use of agricultural pesticides namely cabofuran. It is in granule size and resembles to gain seeds. Such hazardous impact on wild birds and animals is expected to restrain growth of global agrochemicals market during the forecast period. However, this has led to increasing efforts from manufacturers and regulatory authorities to develop non-toxic natural pesticides and herbicides that would not affect any living animal.

Agrochemicals impact on soil:
-Increases pH levels, thus increasing hydrolysis of pesticides
-Kills helpful microorganisms
-Decreases the fertility of the soil
-Toxic to microbes
Agrochemicals impact on air:
-Significantly hampers indoor air quality
-Decomposes  pesticides in presence of sunlight
Agrochemicals impact on water:
-Pollutes ground water, lakes, and rivers
-Disturbs aquatic life
Agrochemicals Market – Regulatory Scenario:
-September 02, 1968, The Insecticides Act, 1968 and Insecticides Rules, 1971 in India is governed by The Central Insecticides Board and Registration Committee (CIBRC) and Food Safety and Standard Authority of India (FSSAI), the act is enforced to regulate the import, sale, transport, manufacture, distribution, and use of insecticides

Key players in the market include Agrium, BASF SE, BAYER AG, Dow AgroSciences, DuPont, Monsanto Company, Sumitomo Chemical Co., Syngenta AG, The Mosaic Co., Yara International, Gharda Chemicals Ltd., Drexel Chemical Company, Qatar Fertilizer Company, Cf Industries, Israel Chemicals Ltd., American Vanguard Corporation, Rotam Corpsciences, FMC Corporation, and Zuari Agro Chemicals Ltd.

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Key Developments
1. Major companies in the market are involved in various growth strategies such as merger and acquisition, in order to gain competitive edge in the global market. For instance, in June 2017, Agrium, Inc., a supplier of agricultural products, through its subsidiary Loveland Products, Inc. acquired Starpharma Holdings Limited's agrochemical business.
2. Key players in the market are focused on various growth strategies such as business expansion, in order to enhance their market strength. For instance, June 2019, BASF SE, a Germany-based chemical company, opened global Agrochemical Application Research Center (AARC) in Research Triangle Park, North Carolina, U.S. This facility will help to emphasize on crop protection application stewardship.
3. Key companies in the market are involved in different business strategies such as merger and acquisition, in order to gain competitive edge in the market. For instance, in June 2018, Bayer AG, a Germany-based pharma and chemical company, acquired Monsanto, a U.S.-based agrochemical company for US$ 63 billion.
4. Key players in the market are involved in various growth strategies such as merger and acquisition, in order to enhance their market position. For instance, in November 2018, Crystal Crop Protection, a manufacturer of agrochemical products, acquired three fungicide and insecticide brands from Syngenta AG, a Swiss agrochemicals and seeds company.

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