Global Agrochemical Market - World Market Review By Product Type (Herbicides, Fungicides, Insecticides, Bio & Others, Non Crop Chemical), By Chemical Type, By Crop Type (2019 Edition): Opportunities and Forecast (2019-2024)

Date: 1 December 2019

According to a research report published by Azoth Analytics in October 2019, the agrochemical Market was valued at USD 64,038.00 Million in the year 2018. The main reasons for the growth of the Agrochemical market globally is the population that is rising at a rapid pace. With the rise in population the demand to feed the population also increases. But since the land available for farming is limited so with the use of the Agrochemicals farmer can produce more on a less land, and also the Agrochemical market enhances the production and productivity.

According to the research report titled “Global Agrochemical Market - World Market Review By Product Type (Herbicides, Fungicides, Insecticides, Bio & Others, Non Crop Chemical), By Chemical Type, By Crop Type (2019 Edition): Opportunities and Forecast (2019-2024)”, Asia Pacific leads the agrochemical market. In Asia Pacific the demand for agrochemical market is expected to be high because the region is known for its agro-based countries such as India, Sri Lanka, and China which are majorly dependent on agriculture and related industries for economic growth. 

Crop Protection Chemicals has the largest market share in 2018 and is expected to dominate in the future period due to increase in the size of population and increase in awareness among the farmers.  Bayer is the market leader in the Global Crop Protection Chemical market holding 20% share followed by Syngenta, BASF which are the market challengers. The leading companies in the fungicide product category remain Bayer and Syngenta. Going forward, FMC has stated that expanding its fungicide portfolio is a key strategic priority for its R&D division, which could drive increased competition in the next decade. Also, new companies are entering the agrochemical market space which would bring new innovation which would help the farmers in growing crops and producing more output.
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