LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Agrochemicals Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the agro commodities and raw materials industry. This report breaks down the data and analysis behind the procurement of agrochemicals and acts as an all-inclusive guide for making smart purchasing decisions.
“Growing demand for green chemicals, such as biopesticides and biofertilizers has resulted in leading players such as BASF and DowDuPont extending their product portfolio to offer sustainable solutions,” says SpendEdge procurement analyst Tridib Bora. “Herbicides constitute the largest application segment in the market as it contributes to more than 40% of the demand for agrochemicals,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Agrochemicals Market:
- Focus on developing insect-control traits
- Increase in adoption of precision farming
- Increase in restructuring efforts by leading players
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Focus on developing insect-control traits:
Globally, the agrochemical market is experiencing a renewed interest in insect-control mechanisms for enhancing resistance to insects and other pests. The growing focus involves researching on new compounds, screening and testing these for active ingredients, and developing them in conjunction with other substances, which makes them potentially more viable. Moreover, this also helps the buyers in gaining access to products that can help in enhancing crop yield and productivity.
Increase in adoption of precision farming:
The rise in adoption of precision farming can be attributed to factors like the rapid development of technology in agriculture and the scarce availability of natural resources. The new agricultural practices include precision farming, stereoscopic agriculture, and ecological agriculture. Among these methods, precision farming is expected to gain prominence, as it helps farmers in cultivating crops in all types of soil environments. Precision farming also increases efficiency and enhances profitability.
Increase in restructuring efforts by leading players:
The increase in regulations in the agrochemicals market can significantly hamper the introduction of new products as well as increase the costs of developing agrochemicals. The rise in stringency along with restructuring efforts by leading players in this market space will help buyers by ensuring that they access only safe products, thereby improving the safety of the supply chain.
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