Agrochemicals Market Shares, Size, Growth Analysis and Trends during forecast 2020-2027
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| Agrochemicals Market |
Agrochemicals are chemical compounds designed specifically
for use in agriculture to boost crop output and protect crops against pests,
insects, weeds, fungus, and other problems. Chemical and biological approaches
can both be used to make agrochemicals. Synthetic agrochemicals are harmful to
the environment, and bio-based pesticides and fertilisers are gradually
replacing them. Pesticide methods have considerably improved as synthetic
chemical manufacturing has progressed to meet the hugely rising worldwide
population and the resulting increases in food consumption. Even with the
proper use of pesticides, it is estimated that up to 40% of the world's crops
are ruined by plant pests and diseases.
According to Coherent
Market Insights, 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).
High population and associated growth in food consumption,
soil degradation, restricted agricultural land, and increased consumer
knowledge of the advantages of agrochemicals are the primary drivers driving
the worldwide agrochemicals industry. However, the potential danger of
synthetic pesticides like 2, 4-D and atrazine herbicide might stifle market
expansion. When agrochemicals are used at larger concentrations, they pollute
surface water and harm the ecosystem. As a result, the manufacturing of
bio-based fertilisers and pesticides has opened up a plethora of prospects for
major market competitors.
Impact of Covid-19
Analysis on Agrochemicals Market-
The coronavirus's negative worldwide consequences are
already seen and have influenced agrochemical demand in 2020. Following the
COVID-19 virus outbreak in December 2019, the World Health Organization issued
a public health emergency. The epidemic has already spread to over 100
countries, causing tremendous mortality all across the world.
The export and import industries, global manufacturing,
tourism, and financial sectors have all suffered significant losses. The
downward pressure on the world economy has increased once more, despite prior
hints of stabilization. The virus's spread has added to the globe economy's
already deteriorating state of affairs. Many international organizations have
declared that the global economy is going through the worst period since the financial
crisis.
There has been a supply chain disruption as a result of the
COVID-19 epidemic, causing issues in the agriculture industry such as labour
shortages, transportation impediments, market access restrictions, and
inventory shortages in some areas. Many fertilizer and pesticide firms were
experiencing difficulties owing to a scarcity of raw materials, resulting in a
drop in the production of different agrochemical products. Agricultural
operations have returned to normal following COVID-19, allowing enterprises to
supply products to specific places. Pesticides and fertilisers, for example,
play a vital role since they have shown to be a valuable resource for farmers
all over the world.
Growth Factors of
Agrochemicals Market-
Continuous developments in agricultural technology have
resulted in a shift in farming techniques. New varieties of dangerous organisms
have evolved as a result of increased export and import of agricultural
commodities across diverse geographies, particularly in developing nations,
leading to an increase in need for innovative active ingredient solutions to
protect crops.
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