LONDON--(BUSINESS WIRE)--The agrochemicals market is expected to grow by USD 35.53 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The shifting preference of consumers toward fruits and green vegetables, propelled by the increasing awareness regarding health and fitness is fueling the use of herbicides in agricultural applications. Applications of herbicides are spread across varieties of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. Moreover, huge investments are being made for the development of new varieties of herbicides that are more effective and eco-friendlier. Many industry players are developing bio-based herbicides. Thus, the use of herbicides is expected to increase considerably, thereby driving the growth of the market during the forecast period.
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As per Technavio, the technological improvements leading to efficient methods of agriculture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Agrochemicals Market: Technological Improvements Leading to Efficient Methods Of Agriculture
The rapidly growing world population and proportionately declining arable land have led to the need for improvements in agricultural production. Advancements in new breeding technologies claim to improve yields, as well as increase the lifespan of crops. For instance, genetic modifications improve the crop yield by increasing fertilizer absorption capacity. However, these crops still require agrochemicals such as pesticides because they are not completely pest-resistant. Therefore, the requirement of pesticides will increase with the rise in the adoption of genetically modified crops. Thus, technological improvements will drive the growth of the agrochemicals market during the forecast period.
“Factors such as the implementation of IPM as new method of crop protection and mergers and acquisitions leading to market consolidation will have a positive impact on the growth of the agrochemicals market value during the forecast period,” says a senior analyst at Technavio.
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Agrochemicals Market: Segmentation Analysis
This market research report segments the agrochemicals market by product (fertilizers and pesticides), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the agrochemicals market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the adoption of modern-day practices and integrated farming processes. Moreover, the growing demand for food grains and ever-rising population along with growing economy and currency stabilizing strategies are expected to further boost market growth in the region.
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Some of the key topics covered in the report include:
Product
- Fertilizers
- Pesticides
Geographic segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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