Infinium Global Research Agrochemicals Market | Page 9

Global Agrochemicals Market: Trends and Forecast -2023
participants typically includes managers and CXO level executives of the leading
players in this market. The primary interviews not only help identify the market size
of the agrochemicals market but also identify the factors that promote the growth
in the market and the factors that restrain the growth in this market. The views of
primary respondents were reconciled to provide qualitative analysis of the
agrochemicals market. The primary respondents also help identifying top 5-10
players and their possible market share in the respective country markets and in
world market. The bottom-up approach is used to validate the global market size of
agrochemicals. With the help of primary interviews and secondary research the
market size of agrochemicals is determined for each country studied, which then is
added to arrive at the regional market size and thereby obtaining global market
size. This in turn helps us to validate the market size of agrochemicals in the world
market.
EXECUTIVESUMMARY
GLOBAL AGROCHEMICALSMARKET HIGHLIGHTS, (USD BILLION)
The global agrochemicals market was worth USD 215.68billion in 2015 and it is
projected to reach USD 10.5billion in 2023, expanding at a CAGR of 2.5% between
2017 and 2023. The global agrochemicals market is driven by the factors such as
growing demand for food grains due to growing population, high efficiency of
agrochemicals in increasing the yield, growing greenhouse vegetable production,
and limited arable land. However, stringent regulations pertaining to use of
chemicals in developed countries, lack of education about use of agrochemicals and
environment concerns pertaining to use of synthetic agrochemicals are the
restraining factors that are expected to affect the growth in this market over the
forecast period.
Asia-Pacific dominates the world agrochemicals market in terms of dollar share,
and in terms of growth rate as it is anticipated to grow at the highest CAGR over
the forecast period. The growth in the Asia-Pacific region is primarily driven by
growing investment by large players in economies such as India, and China.
Moreover, significant demand from Australia and Japan has been crucial in
influencing the consumption of agrochemicals across the region over the past few
years.
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