Market Research Future (Food and Beverages) Agrochemicals Market Forecast to 2024 Available in | Page 3

Agrochemicals Market Research Report- Forecast to 2023
2 Market Overview
Agrochemicals refer to inorganic fertilizers and pesticides. Each fertilizer and pesticide that improves the production
of crop is considered as an agro chemical. The function of Agrochemicals is to manage an agricultural ecosystem.
Agrochemicals as the name suggests has widespread use in the agriculture industry. Most of the applications of the
Agrochemicals revolve around agriculture.
The major driver is that the global population is currently at more than 7 billion and still increasing. It is possible that
the food demand increases in the forecast period. Additionally, scarcity for land and water is allowing the people to
use fertilizers and pesticides which will help to grow multiple crops in a certain area. In contrast, due to the rising
environmental hazards from these fertilizers and pesticides it is anticipated that it is possible to foresee a decline in
the usage of fertilizers and pesticides in the forecast period. By over using the land for agricultural productivity, land
loses essential nutrients which are pivotal in the growth of a crop. This is the key driver for nitrogenous fertilizers
market increasing growth rate. The global crop output is diminished due to the pest attack and diseases caused by
them. There is an opportunity to develop in fertilizing technology to boost farm production with increasing government
investments in agriculture sector to improve the crop yield. Secondly, bio-pesticides are new age crop protection
products manufactured from natural substances like plants, animals, bacteria and certain minerals and they are
ecofriendly and easy to use.
Regional Analysis:
The Middle East & Africa has emerged as the leading market region for Agrochemicals followed by North America
and Europe. North American Agrochemicals Market is predicted to witness a tremendous growth on account of high
consumption bio-pesticides, increasing food demand, and eco-friendly pesticides awareness. In North American
region, the U.S. is predicted to be the major contributor in the regional growth of Argochemicals Market and is
expected to see a significant demand for bio-pesticides during the forecast period, 2017 to 2023. As of 2016, the
U.S accounts for the largest market share and is followed by Mexico and Canada in terms of value & volume and is
estimated to grow with the moderate CAGR on account of growth. In Europe, the demand for Agrochemicals is
predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of
increasing expenditure in innovation and growing purchasing power of consumers. Latin American countries such
as Argentina, Colombia, and Brazil are also predicted to witness substantial growth owing to increasing demand for
food supply to expanding population as well as involvement of new technologies and chemical free crops use bio-
pesticides awareness in agrochemicals market.
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