LONDON--(BUSINESS WIRE)--The agrochemicals market is expected to grow by USD 35.53 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growing awareness about health and fitness has increased the consumer demand for fruit and vegetables. This has increased the use of herbicides in the agricultural sector for growing a variety of crops such as cereals, grains, vegetables, oilseeds, and pulses. This has attracted huge investments in the development of a wide range of herbicides that are effective and eco-friendly. These factors are positively influencing the growth of the global agrochemicals market.
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As per Technavio, the growing demand from developing countries 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: Growing Demand from Developing Countries
The rising demand for food and a reduction in arable land, especially in developing countries such as China and India have increased the demand for agrochemicals. These two countries are largest in terms of population with a rural belt of 67.2% and 44% in China and India respectively. Also, the combined agricultural output in these countries is higher than the European Union. All these factors are providing significant growth opportunities for agrochemical manufacturers and driving the market growth.
“Implementation of IPM as new method of crop protection and technological advancements in the agriculture sector will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Agrochemicals Market: Segmentation Analysis
This market research report segments the agrochemicals market by Product (Fixed FSW equipment and Mobile FSW equipment) and Geography (MEA, South America, Europe, North America, and APAC).
The MEA region led the agrochemicals market in 2019, followed by South America, Europe, North America, and APAC respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the adoption of modern-day practices in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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