Makreo Research has published a study on the agrochemicals industry, report titled “Global Agrochemicals Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities” is a detailed study that offers the reader to understand the agrochemicals and fertilizers market from different perspectives covering economy, food demand, demography, government initiatives, the impact of external factors such as inflation, COVID-19 and others. The report discusses industry trends in the agrochemical market. It discusses Global crop protection chemicals market revenue.
The study helps the reader to gain insights into market growth opportunities in the agrochemical sector and assess the performance of industry segmentation. The report discusses market revenue and forecast and also helps to understand the industry challenges and future growth opportunities.
Despite the virus outbreak, the global agrochemicals market saw positive growth in 2020 due to the rising need for food. The global agrochemicals market has been growing over time but due to the unexpected increase in food demand, oversupply of food, and concern regarding additional lockdowns, there was a little uptick in growth in 2020, which led to a 4.11% increase in agrochemicals revenue in the year over the previous year. Worldwide, the demand for fertilizer is increasing which is fueled by growing agricultural trends, increasing population, and crop demand. As a result, the Asia Pacific region holds a major market share in the global agrochemicals market owing to many factors supporting the growth, including, a large consumer base and the presence of major businesses in the region, increasing end-users in developing countries such as China, Australia, and India and also the availability of low cost of labor which decreases production cost.
Impact of COVID-19
The world economy was significantly impacted by the COVID-19 spread, and several business sectors experienced output disruptions. The agricultural sector was also affected by these interruptions. Agricultural productivity decreased in several areas as a result of the passing of the planting season and the implementation of restrictions, placing fieldworkers in danger of receiving inadequate earnings. As a result, farmers suffered the most from the economic effects of the pandemic. Agricultural labor has been significantly impacted by COVID-19 and the limitations placed on its dissemination, which has jeopardized food security. Due to disturbances in global trade, farmers faced a lack of agricultural inputs like seed, fertilizer, and pesticides.
Key Findings in Global Agrochemicals Market
Developing Organic Farming Practices: Around the world, about 187 countries practices organic agriculture with at least 3.1 million farmers are managing 72.3 million hectares of organic agricultural land. Demand for biopesticides is shooting up due to the rapidly growing rate of life-threatening diseases caused by the use of pesticides, particularly synthetic pesticides with that the organic framing trend is also witnessing immense growth. Learning the correct technique is also important, therefore education plays a vital role, as farmers are learning farming practices and developing new methods of producing healthy crops.
Green Fertilizer Commercial Agreement: To bring fossil-free fertilizers to market, Yara and Lantmannen are the first companies to sign a commercial agreement. These green fertilizers are produced with renewable energy and are very important for decarbonizing the food chain and offering more sustainable food choices to the customers.
Increased use of Bio-Based Agrochemical: The global biopesticides market is witnessing a growth of 10% to 15% however the industry is still at a growing stage. Office of Pesticide Programs with the Office of Chemical Safety and Pollution Prevention (OCSPP), is working with 10 Regional Offices in North America on a wide range of pesticide issues and adopting biopesticides. The European Commission has set a goal of a 30% reduction of non-renewable resources in fertilizer production.
Drone Technology and Artificial Intelligence in Pest Management: The upgradation in technology in the agrochemical industry has been on an increasing trend. With the invention of drones in the sector, it has been very easy to track the health of crops and plants. With the introduction of artificial intelligence, the sector can keep a direct track of the climatic changes as it has a strong influence on pests. AI is now in tremendous use within the agrochemical sector and has led to its boom of it.
Increase in Number of Agrochemicals Going Off Patent: As per the reports of the “New Off-Patent/Generic Agrochemicals 2017-2022”, 26 agrochemicals AIs will lose their patent protection between 2017-2022. This includes 13 herbicides, 4 insecticides, 8 fungicides, and 1 safener as patents to be expired.
Key areas discussed in the report:
COVID-19 Impact Assessment The report helps to read to understand the shifts happening in the food demand and supply along with agrochemical industry performance during pre-covid and post covid periods. Market Assessment: The report examines the global agrochemicals market in terms of various parameters including market revenue and forecast, market segmentation by Fertilizers and Crop protection chemicals, and production and consumption of agrochemicals. Market Segmentation Report also covers the Fertilizer market in detail covering its sub-segmentation by Type (Nitrogen (N), Phosphorus pentoxide (P₂O), and Potassium oxide (K₂O)) and by region (Asia Pacific, Latin America, North America, Europe, Africa). Crop protection chemicals are segmented by Type (Herbicides, insecticides, Fungicides, and Others); Synthetic and bio-based Crop protection chemicals; by region (Asia Pacific, South America, Europe, North America, Middle East, and Africa). Companies Mentioned Syngenta, Bayer Crop Science, BASF, FMC, Corteva Agriscience, Nufarm, UPL, Sumitomo Chemicals, ADAMA
Key Questions Answered:
What is the present Global fertilizers market size?
What is Africa Fertilizer consumption?
How agrochemicals market is performing in the global market and what is the future outlook?
How regional markets are performing in terms of production and consumption?
What are the key segments of the industry that are driving the demand in the global agrochemicals market?
What elements are contributing to the global agrochemicals market growth?
How Europe's agrochemicals market revenue is expected to grow?
What is the present state of the global crop protection chemicals market?
Which country is dominating the global agrochemicals market in terms of consumption?
Which country is dominating the global agrochemicals market in terms of production?
What are the key players in the market and what is their present financial status?
How global trade is fairing up for pesticide exports and imports?
What is the agrochemical market size in Asia?
What is the impact of covid 19 on the agrochemical industry?
How is the Agrochemical market in China performing?
About Makreo Research and Consulting
Makreo Research and Consulting, facilitate its clients to access a wide range of research reports through its syndicated research platform and also help companies to make informed business decisions with its consulting services. Tailor-made solutions are a vital part of a company’s services that offer actionable insights.
Makreo Research and Consulting are one of the best market research companies in India that is known for its unique approach to conducting research studies. Recently Makreo Research has published a research study on Global Agrochemicals Market Future Outlook to 2027-COVID-19 Impact Assessment and Growth Opportunities that help to identify the challenges present in the market and future opportunities to grab. To review the coverage, please click here https://www.makreo.com/report/global-agrochemicals-market-future-outlook-to-2027-covid-19-impact-assessment-and-growth-opportunities
To know more about Key Findings in the Global Agrochemicals Market / Key areas discussed in the report Click Here:
Global Agrochemicals Market, agrochemical market size in Asia, agrochemicals and fertilizers market, impact of covid 19 on agrochemical industry, Chemical Industry Research, Global Agrochemicals Market, Agrochemical market in China, Europe agrochemicals market revenue, US agrochemicals market revenue, Global fertilizers market size, Global crop protection chemicals market revenue, Agrochemicals Market Future Outlook, Bio-Based Agrochemical market, agriculture research report, agriculture market analysis report,