The Global Agrochemicals Market Is Exhibiting A Cagr Of 6.2% During The Forecast Period (2021 To 2027).

 

Agrochemicals

Agrochemicals are chemical products designed specifically for use in agriculture to increase crop yield and protect crops from pests, insects, weeds, fungi, and other pests. Agrochemicals can be manufactured using both chemical and biological methods. Synthetic agrochemicals are harmful to the environment and are gradually being phased out in favour of bio-based pesticides and fertilisers. Pesticide processes have vastly improved as a result of advancements in synthetic chemical manufacturing in order to meet the enormously growing global population and the resulting increases in food demand. Despite the effective use of pesticides, it is estimated that up to 40% of the world's crops are ruined by plant pests and diseases.

 

The global Agrochemicals Market is estimated to surpass US$ 103,383.4 Mn by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2021 to 2027). The major factors driving the global agrochemicals market include rising population and consequent increase in food demand, soil degradation, limited agricultural land, and increased consumer awareness of the benefits of agrochemicals. However, the potential harm of using synthetic pesticides such as 2, 4-D and atrazine herbicide may stymie market growth. When used in higher concentrations, agrochemicals pollute surface water and harm the environment. As a result, the production of bio-based fertilisers and pesticides has created a plethora of opportunities for key market players.

 

The COVID-19 has had an impact on agrochemical production and supply. The global pandemic has had an impact on the proper functioning of various industries around the world, including the agrochemicals market. In terms of supply, a short-term shortage of migrant labourers combined with distribution bottlenecks created a large gap between the number of workers required for agrochemical production and those available. Crop production has also decreased due to a lack of labourers in large-scale plantations, reducing demand for agrochemicals during the pandemic.

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