Agrochemicals Market in Chemicals & Materials Sector Future Perspective Report to 2014 - 2025

Agrochemicals can be produced in biological and chemical methods, both. The synthetic agrochemicals are threat for the environment and hence biological fertilizers and pesticides are progressively replacing them. The rising population and the subsequent increase in the demand for food, limited agricultural land, soil degradation, and increase in awareness of consumers about the benefits of agrochemicals are the factors driving the growth of agrochemicals industry. In addition, the implementation of (IPM) integrated pest management; a new method of crop production is yet another major improvement in the market that is sure to gain traction in the forecast period.

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Integrated pest management is a prevention method that includes systematic resistance and suitable operation design to create an unfriendly environment for pests. IPM comprises assessment, monitoring, and reporting since it is an integration of several control methods. The method includes the application of pesticide when it is most effective in a pest’s life cycle. Nevertheless, the pollution caused by the synthetic agrochemicals is predicted to hinder the market in the near future. To sustain the intense competition in agrochemicals market, the key players are adopting several strategies like expansions, collaborations, partnerships, product launches, and patents.

At present, the agriculture sector is required to undergo technological transformations and adopt improved methods that reduce dependency on monsoons and guarantee more productive use of the available resources, that can serve the economy effectively. These factors highlight the importance of agrochemicals for improving food and nutrition security for the economy. Furthermore, low yield per hectare as compared to the global average and the increasing pest attacks reinforce the need for crop protection with the help of agrochemicals. Also, the decreasing per capita farm land due to upsurge in urbanization and industrialization is another dominant driver of agrochemicals industry. Additionally growth of floriculture & horticulture, increasing farmers’ literacy rate and the increasing awareness of fertilizers and pesticides in major crop producing economies is stimulating the market. Extensive research and development in the fields of bio-pesticides to compete with organic farming and IPM (integrated pest management) is the latest trends in the agrochemicals market.

In spite of multiple benefits, agrochemicals come with certain environmental and health issues. Excessive use of fertilizers contaminates the ground water with toxic chemicals like nitrate that reduces oxygen supply, immobilization of hemoglobin in blood, etc. The pesticides also have significant impact on environment. The harmful impact of these pesticides and others are major challenge in the agrochemicals industry. This effect also demands extra efforts by the manufacturers and regulatory bodies to develop non-toxic herbicides and pesticides. Such developments are further supported with rising consumer inclination towards organic foods.