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Global agrochemicals market to grow by 3.2% to $250.5 billion by 2020
Oct. 16, 2015
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India
According to the report “Agrochemicals Market by Type, Fertilizer Type, Pesticide Type, Sub-types & Crop Type - Global Trends & Forecast to 2020” ,the global agrochemicals market, in terms of value, is projected to reach USD 250.5 Billion in 2020, at a CAGR of 3.2% from 2015 to 2020.
The nature of agrochemicals market is changing due to entry of large firms with mergers & acquisition strategies, increasing popularity of genetically modified crops, and pressure on farmers to use high efficient fertilizer products such as water-soluble fertilizers and controlled-release fertilizers to reduce the cost of crop production.
Agreements, partnerships, joint-ventures, and collaborations were found to be the most preferred growth strategy, and the purpose of adopting this strategic expansion is to increase in geographic presence, clientele, and product portfolio.
Many large firms invested in R&D and have been able to subsidize agrochemicals research with resources and revenues from other corporate divisions. The entry of large multinational firms in the industry drives the Asia-Pacific, European, and North American markets.
Many large firms invested in R&D and have been able to subsidize agrochemicals research with resources and revenues from other corporate divisions. The entry of large multinational firms in the industry drives the Asia-Pacific, European, and North American markets.
The agrochemicals market has many players, (small, medium, and large) however the industry is dominated by a few Israel Chemicals Ltd. (Israel), Yara International ASA (Norway), The Mosaic Co. (U.S.), BASF SE (Germany), and Dow Chemical Limited (U.S.) collectively accounted for around ~70% share of the total developments from 2010 to 2015.
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