Global agrochemicals market to grow by 3.6% to $242.8 billion by 2018

According to the report “Global Agrochemicals Market”, the revenue was estimated to be worth $195,829.9 million in 2012 and is expected to reach $242,757.8 million by 2018, growing at a CAGR of 3.6% from 2013 to 2018.

Asia-Pacific dominates the global Agrochemicals Market, accounting for major share in overall consumption in 2012, and Asia-Pacific is expected to remain the largest market in the near future owing to the increasing demand for food crops from its key countries–China and India. Latin America and North America remained second and third largest markets for agrochemicals.

The nutrient demand for corn is highest among crops such as wheat, cotton, sugarcane, etc. Hence, its production in North America (for bio-ethanol production also) is expected to increase the demand of agrochemicals in the region. Tight environment regulations in Europe are making it difficult for the manufacturers to launch products that comply with the existing regulations. The use of agrochemicals in the region is mainly used for food application. As for other use such as bio-polymers and bio-fuel, high construction and un-favorable economic condition is creating complex situation for the manufacturers. In recent years, Asia-Pacific and Latin America has registered a strong demand for agrochemicals and the trend is expected to continue in the near future, majorly due to increasing population, driven by India, China, and Brazil. In the Rest of the World (ROW) region, the demand of pesticides is mainly from Africa. This is because the nutrient profile of the region’s soil is declining in various countries. Farmers with less awareness or resources continue to cultivate the field without restoring the nutrients of the soil. This is causing a decline in region’s productivity of crops.

Key participants in the global agrochemicals market include Syngenta (Switzerland), BASF (Germany), Monsanto (U.S.), Bayer AG (Germany), Sumitomo Chemical (Japan), Agrium (Canada), Dow AgroSciences (U.S.), ICL (Israel), etc.