July 27, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD

LONDON, July 27, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the agrochemicals market, the increasing population and consequent rise in food demand are expected to propel the growth of the agrochemicals market going forward. Food refers to the substance consisting of protein, carbohydrates, fat, and other nutrients used in the body of an organism for sustaining growth and vital processes and furnishing energy. The steady growth in the population is directly proportional to food demand and growth in the agrochemicals market.

For instance, according to the United Nations, a US-based intergovernmental organization, the world’s population has been expected to increase by 2 billion people in the next 30 years, from 7.7 billion in 2021 to 9.7 billion in 2050. Also, according to Intechnopen, a UK-based publisher of journals and books, the global demand for food has been expected to increase by 70% by 2050. Therefore, the increasing population and consequent rise in food demand will drive the growth of the agrochemicals market.

The global agrochemicals market size is expected to grow from $221.47 billion in 2021 to $238.63 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The agrochemicals global market size is expected to grow to $292.56 billion in 2026 at a CAGR of 5.2%.

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Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the agrochemical market. Major companies operating in the agro chemicals products sector are looking for partnerships to strengthen their position in the market. For instance, in September 2019, Adama Ltd., a China-based agrochemical producer, collaborated with Taranis, an Israel-based agriculture intelligence platform company that is using sophisticated computer vision, data science, and deep learning algorithms to effectively monitor fields. Through this partnership, Adama provides growers and agricultural professionals with a solution that enables the effective and efficient use of agricultural inputs, an important part of every farmer's success. Furthermore, in January 2022, BASF, a Germany-based chemical company, collaborated with Innospec. This collaboration allows BASF to broaden its portfolio and offer DCI-11 Plus ClearTrak along with industry-leading Sales and Technical Support. Innospec is a US-based chemical company.

Major players in the agrochemicals market are Adama Agricultural Solutions, Agrium Inc, BASF SE, Bayer AG, Yara International ASA, The Mosaic Company, Israel Chemical Company, FMC Corporation, E.I. du Pont Nemours and Company, Monsanto Company, Dow AgroSciences LLC, Land O’Lakes Inc, Sumitomo Chemical Co Ltd, Zuari Agro Chemicals Ltd, Gharda Chemicals Limited, and Huntsman International LLC.

The global agrochemicals market research is segmented by fertilizer type into nitrogen fertilizer, phosphatic fertilizer, potassic fertilizer, others; by pesticide type into fungicides, herbicides, insecticides, others; by application into crop based, non-crop based.

North America was the largest region in the agrochemicals market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global agrochemicals market in the forecast period. The regions covered in the global agro chemical industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Agrochemicals Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide agrochemicals market overviews, agrochemicals market analyze and forecast market size and growth for the whole market, agrochemicals market segments and geographies, agrochemicals market trends, agrochemicals market drivers, agrochemicals market restraints, agrochemicals market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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