The worldwide agrochemicals market is estimated to achieve around USD 262 billion by 2019. The primary factors that enhance demand for the agrochemicals market are escalating demand for food with increased population and client awareness affiliated with pesticides and fertilizers in the production of crops.
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Technological advancements to improve agricultural output and augmented governmental finances to improve crop production are predicted to present expansion prospects to the agrochemicals market. Agrochemicals are chemicals that are added to plants and crops to promote growth and development in them. Augmentation in farming activities and escalating demand for agrochemicals from their application and consumer sectors are projected to improve the flow of the agrochemicals market.
Improved literacy rate amidst farmers and modernization, in combination with growing awareness regarding pesticides, fertilizers and other growing agents also drive further demand for the agrochemical market. Boost in organic cultivation and growing adoption of genetically modified seeds by famers are the two main factors that slow down the agrochemicals market from progressing further.
The escalating need to obtain fully developed plants without any diseases also propels further expansion of the market. The agrochemicals market is bifurcated on the basis of products and geographies. Insecticides, herbicides, fungicides, nematocides, fertilizers, pesticides, biopesticides, pyrethroids and others are the various products.
Europe, North America, Asia Pacific and rest of the world are the four regions of the agrochemicals market. Increased environmental apprehensions with regard to agrochemicals and existence of bio-friendly substitutes over the same are anticipated to slow down the flow of the agrochemicals market.
Information Source: Radiant Insights