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The global agrochemical market is forecast to witness successful growth over the next five years, with its value expected to grow at a compound annual growth rate (CAGR) of 5.5% over the next five years, to reach a value of US $68.5 billion by 2017.
Growth with the global agrochemical market is set to be driven by a rise in the global demand for nutritious and high-quality food and the shrinking of arable land.
The global agrochemical market is highly consolidated and consists of insecticides, fungicides, and herbicides.
Fertilizers provide nutrients needed for optimal crop growth, essentially making up for nutrients that the soil may be lacking. Nitrogenous fertilizers represent close to half the market but segment growth is relatively low. Phosphatic fertilizers represent a smaller market share but the segment shows more rapid growth.
Researchers have indicated that developing countries such as China and India are demanding higher volumes of nutritious food, which will increase demand for agrochemicals through to 2017.
In the global agrochemical market, APAC is forecast to witness the highest growth over the next five years. Asia and ROW represent the most promising growth opportunities for the agrochemical industry.
China, India, Brazil, and Argentina are the key growth areas during through to 2017. Countries in the APAC region (such as China, and Thailand) are projected to post strong growth in agricultural output, which will ultimately boost the agrochemical market.
For more information on the global agrochemical market, see the latest research: Global Agrochemical Market Report
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