New York, USA, July 06, 2021 (GLOBE NEWSWIRE) — According to the recently published report by Research Dive, the global agrochemicals market is expected to witness a rise in revenue from $237.8 billion in 2018 to over $328.0 billion by 2026 at a steady CAGR of 4.1% from 2018-2026.
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The constant increase in the population has been one of the primary reasons for the growth of the agrochemicals market. The rising requirement for food supplies has led to farmers looking towards growing more crops. The use of fertilizers ensures that the crop absorb the additional nutrients making it a healthier yield.
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On the other hand, many governments have put certain rules in place to ensure that the agrochemicals are not used in bulk on the plants. This could negatively impact the crops due to the toxicity levels of these chemicals. Most farmers prefer to buy these fertilizers in bulk but storing them for a long term could prove to be harmful to both the environment as well as health of people around.
The report is further divided into several segments as mentioned below –
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Fertilizers Sub-segment to Dominate the Market
By type, the fertilizers sub-segment garnered a revenue of $171.4 billion in 2018 and is expected to rise further at a steady CAGR of 3.5% in the forecast period. Many plants require generous quantities of fertilizers to keep them healthy. Some of the prominent ones used by farmers are potassium fertilizers, nitrogen fertilizers, and phosphorous fertilizers. They are also available in different variants such as powder, liquid, and granular that can be used according to the type of crop. Hence, farmers prefer the fertilizers, which is leading to the sub-segment’s growth.
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The report states that the Asia-Pacific region is expected to garner a significant revenue of $176.8 billion by 2026 at a steady CAGR of 4.1% from 2018-2026. Most Asian countries such as India and China are some of the largest contributors to the market. This is due to vast areas of arable land that makes it easier to grow crops on. These countries require large supplies of fertilizers to ensure that the crops get the sufficient dose of nutrients. This is predicted to further add to the growth of the agrochemicals market.
Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are listed below:
1. Bayer AG
2. Dow AgroSciences LLC
3. Monsanto Company
4. Syngenta AG
5. Yara International ASA
6. Agrium Inc
8. E.I. DuPont Nemours and Company
9. Sumitomo Chemical Company
10. The Mosaic and Co
For instance, in October 2020, Syngenta Group, through its business unit, Syngenta Crop Production, a pioneer in agricultural innovation acquired Valagro, an expert in biological. This is expected to help both companies expand geographically, while also utilizing knowledge and research to enhance the products of made by the company.
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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