The global agrochemicals market can be categorised on the basis of product types into fertilizers and pesticides. Based on different type of fertilizers, the global agrochemicals market can be divided into nitrogenous, potassic and phosphatic fertilizers. It includes broad range of pesticides, chemical growth agents, hormones and other synthetic fertilizers.It also includes synthetic fertilizers, hormones and concentrated stores of raw animal manure.
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Growth of horticulture & floriculture, increasing awareness towards the use of fertilizers and pesticides coupled with the increasing literacy rate among farmers in major crop producing countries is boosting the global agrochemicals market.
Agrochemical is a general term for the different kinds of chemical products used in agriculture. Agrochemicals refer to the broad range of pesticides, including herbicides, fungicides, insecticides and nematicides. Agrochemicals are specialty chemical products used, particularly in horticulture, agriculture and floriculture.
The increasing research and development (R&D) in the field of bio-pesticides in order to compete with organic farming and integrated pest management (IPM) is one of the most recent trends in the global agrochemicals market. The excess production capacity is another opportunity in the agrochemicals market to increase exports by making use of India’s low cost producer status.
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Some of the top competitors in the global agrochemicals market are Monsanto Company, Bayer AG, Syngenta, BASF SE, Sumitomo Chemical Co., Ltd., Agrium Inc., The Dow Chemical Company, Yara, and ICL among others
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