An agrochemical is a chemical product used in agriculture. In most cases, agrochemical refers to pesticides including insecticides, herbicides, fungicides and nematicides. Agrochemicals were introduced to protect crops from pests and enhance crop yields. The most common agrochemicals include pesticides and fertilizers. It is are used because they produce certain effects with less effort. Increased food demand with growing population and demand for nutritious food are the key drivers for the increasing usage of agrochemicals. Now a days Agrochemicals Market is growing rapidly.
Asia Pacific is the largest market for agrochemical followed by North America and Europe. Per hectare consumption (4.5kg/hectare) of Agrochemicals is North America is highest among all regions. However With large share of farm land and good soil fertility, agriculture is one of the largest Industries in Asia Pacific. Moreover with growing demand of food grains from ever-growing population coupled with increasing exports of food grains from developing countries such as India and China, the market for agrochemicals is expected to witness a double digit growth in Asia Pacif. The U.S. is the largest producer of agrochemicals in North America. Japan and China are two major producers of agrochemicals in Asia Pacific.
The agrochemical market is highly consolidates with top six manufactures accounting for about 75% of the total market share. Bayer A.G. is the world largest producer of agrochemicals. Some of the major companies operating in global agrochemicals market include, Agrium Inc., Bayer A.G., E.I. Du Pont De Nemours & Company, Indian Farmers Fertiliser Cooperative, Makhteshim Agan Industries Ltd, Mosaic Company, Potash Corp. SAS. Inc., Sumitomo Chemical, BASF S.E., Dow Agrosciences LLC., Israel Chemicals Ltd., K+S AG, Monsanto Company, Nufarm Ltd., and Sociedad Quimica Y Minera De Chile SA.