Asia-Pacific Agrochemicals Market – By Type, Application and Geography – Market Shares, Forecasts and Trends (2017 – 2022)
- 8 January, 2017
- 112 pages
- Mordor Intelligence
- Agriculture Reports
Asia-Pacific accounts for almost 30% of land available on earth and 60% of human population. Population statistics in the region have been responsible for maintaining adequacy in agricultural practices, resulting in greater utilization of agrochemical products in areas that were ignored in the past.
Asia-Pacific Agrochemicals Market Dynamics
Embracing modern practices in the fields, usage of agrochemicals have seen tremendous growth particularly for pesticides and fertilizer consumption. Consumption of pesticides in Asia-Pacific is slated to record the fastest growth rate on a global basis to reach a projected volume of 797.5 thousand tons by 2020 from an estimated 505.4 thousand tons in 2014.The fertilizer market is growing at an average rate of 2.3% annually.
Globalization of agrochemical industry has a huge impact on the Asian markets. With the highest rate of population growth, increasing the need for food production and economic growth, the market for agrochemicals gets pushed ahead. While the demand for food products is increasing, the available land mass for agriculture is shrinking due to increased effect of urbanization that propels farmers to use various agrochemicals to maintain soil health and increase land productivity. However, the major drawbacks here in the region are low awareness among farming community and their low acceptance level to the modern day farming practices in some countries. Integrated farming practices and the positive trend in developing nations would drive the future market demand.
Asia-Pacific Agrochemicals Market Segmentation
The Asian agrochemicals market is segmented into various types of pesticide, fertilizer, adjuvants and PGR. Fertilizer forms the largest segment here while pesticides show higher growth trend. In pesticides, herbicides alone account for 40% of market share. The market is further segmented application wise as crop-based such as cereals, grains, oilseeds, and vegetables and non-crop-based applications.
South East Asia is a prime area for growth of domestic and international companies in the region. The recovery of the economy and the stabilization of regional currencies are giving farmers an incentive to invest in these crop-protecting and growth-enhancing chemical. China, India and Japan represent the largest agrochemicals markets of the Asian continent. Currently, China is leading the market with its developing agricultural sector along with the need for its ever growing population. Globally, China is not only the largest producer but also the largest consumer of fertilizers.
Key Players in the Asia-Pacific Agrochemicals Market
The Asian market is highly dominated by the foreign players. Bayer AG is the largest agrochemical producer in the world. Some of the big names include Yara International ASA, BASF, Bayer Crop Science, Makhteshim Agan Industries Ltd, Dow Agro Sciences, Monsanto, Syngenta, Aventis and Agrium. Lallemand Inc. and ArystaLifeScience (Japan), Sinofert Holdings Limited (China) are some of the big local companies operating in the region.