MarketsandMarkets released a new report called "Agrochemicals Market by Type, Fertilizer Type, Pesticide Type, Sub-types & Crop Type - Global Trends & Forecast to 2020". According to the report, the global market for Agrochemicals was valued at USD 207.5 Billion in 2014 and It is projected to reach USD 250.5 Billion by 2020, at a CAGR of 3.2% from 2015 to 2020.
Agrochemicals have become a fundamental input in agriculture crop production and leading the industry to achieve its transformation in-line with the changing demand from the growers as well as to suit the changing weather patterns. During the last decade, the advances in technology has resulted in revolutionary changes in the development of more efficient agrochemicals. Moreover, an increase in adoption rate of technologically developed agrochemicals throughout the globe has supplemented the sales value of the agrochemicals market in the recent past.
The global agrochemicals market, in terms of value, is projected to reach USD 250.5 Billion in 2020, at a CAGR of 3.2% from 2015 to 2020. The nature of the agrochemicals market is changing due to entry of large firms with mergers & acquisition strategies, increasing popularity of genetically modified crops, and pressure on farmers to use high efficient fertilizer products such as water-soluble fertilizers and controlled-release fertilizers to reduce the cost of crop production. Many large firms invested in R&D and have been able to subsidize agrochemicals research with resources and revenues from other corporate divisions. The entry of large multinational firms in the industry drives the Asia-Pacific, European, and North American markets.
The agrochemicals market has many players, (small, medium, and large) however the industry is dominated by a few Israel Chemicals Ltd. (Israel), Yara International ASA (Norway), The Mosaic Co. (U.S.), BASF SE (Germany), and Dow Chemical Limited (U.S.) collectively accounted for around ~70% share of the total developments from 2010 to 2015. Agreements, partnerships, joint-ventures, and collaborations were found to be the most preferred growth strategy, and the purpose of adopting this strategic expansion is to increase in geographic presence, clientele, and product portfolio.