LONDON--(BUSINESS WIRE)--The global agrochemicals market is expected to grow by USD 35.53 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Awareness about the benefits of maintaining a healthy diet is leading to an increase in the consumption of fruits and green vegetables. This is boosting the demand and production of different varieties of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. Consequently, the demand and application of herbicides is increasing as they are used to control weeds and boost plants' resistance to pests. Farmers are also making huge investments to develop and introduce new varieties of herbicides that are more effective and eco-friendly. Many industry players are developing bio-based herbicides. Thus, the increasing use of herbicides will boost the growth of the agrochemicals market during the forecast period.
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As per Technavio, growing focus on technological improvements leading to efficient methods of agriculture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Agrochemicals Market: Technological Improvements Leading to Efficient Methods of Agriculture
The decline in arable land resulting from rapidly growing world population is accelerating the need for improvements in agricultural production. Farmers are looking for alternatives to improve yield as well as increase the lifespan of crops. This is leading to advancements in new breeding technologies to boost the adoption of genetically modified crops. Genetic modifications improve the crop yield by increasing fertilizer absorption capacity. These crops further require agrochemicals such as pesticides to enhance the resistance against pests and yield maximum produce. Thus, with increase in technological improvements, the market for agrochemicals is expected to showcase a positive outlook during the forecast period.
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Agrochemicals Market: Segmentation Analysis
This market research report segments the agrochemicals market by product (fertilizers and pesticides), and geographic segmentation (APAC, Europe, MEA, North America, and South America).
The APAC region led the agrochemicals market in 2019, followed by South America, Europe, North America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the adoption of modern-day practices and integrated farming processes.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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