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(MoneyNewsWire.Net, May 08, 2018 ) The Asia-Pacific Agrochemicals Market was worth $100.90 billion in 2016 and estimated to be growing at a CAGR of 3.64%, to reach $120.64 billion by 2021. The agrochemicals market is deemed to be one of the most essential segments of agro-inputs, owing to the increasing commercial farming of high value crops to meet the growing diversified food demand.
Agrochemicals are therefore seen as those products, which boost the return on investment and also help in meeting farmer’s as well as customer demands, from the economical and health standpoint with growing per hectare production of quality agricultural crops.
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The growth of the Asia-Pacific Agrochemicals market is majorly driven by factors such as rising population, wide range of pest control applications of Agrochemicals, and decreasing arable land. However, safer substitutes such as bio-farming and organic pesticides and volatile nature of economies in this region are the major restraining factors for the market in this region. Furthermore, agrochemicals get amassed on the land surface and may even pollute ground water.
The Asia-Pacific Agrochemicals market is segmented based on Type and Application. The market for Agrochemicals, on the basis of Type, is classified into Fertilizers, Pesticides, Plant Growth Regulators, and Adjuvants. Fertilizers are further segmented into Nitrogenous, Phosphate and Potassic Based Fertilizers, whereas Pesticides are further segmented into organophosphates, pyrethroids, biopesticides. Plant Growth Regulators are further classified into Auxins and Cytokinins, whereas Adjuvants are further classified into Activator Adjuvants and Utility Adjuvants. Nitrogenous fertilizers lead the agrochemicals market on the basis of type. However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases. Currently, the Pesticides market is being spearheaded by herbicides products, trailed by fungicides and insecticides. On the basis of Application, the Agrochemicals market is segmented into Crop Based and Non Crop Based. Crop Based segment is further sub-segmented into Oil seeds, Fruits & Vegetables, Grains & Cereals, whereas Non Crop Based segment is further sub-segmented into Turf & Ornamental Grass and others. By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
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The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. The Asia-Pacific region accounts for more than 40% of the global market for the Agrochemicals market, with China and India being the most populous countries in this region contributing to the increasing global share. Presently, China is leading the regional market with its evolving agricultural sector, along with the need for its ever-growing populace. Internationally, China is not only the biggest producer but also the biggest consumer of fertilizers.
The market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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