Agrochemicals Market size is expected to reach $336.4 billion by the end of 2026, registering a CAGR of 4.2%.
Major players in the market is Syngenta, Bayer Crop Science, BASF, Dow Agro Sciences, Arysta Lifescience, Wynca Chemical, Zhejiang Jinfanda Biochemical, Huapont, Sichuan Leshan Fuhua Tongda Agro-Chemical Technology, Kumiai Chemical, Ishihara Sangyo Kaisha, Sanonda Group, Rallis India.
India- The government will bring a production-linked incentive (PLI) scheme for promotion of domestic manufacturing of agro-chemicals, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya announced. Like they brought in the pharma sector, we will bring a production-linked incentive scheme for chemicals which are used in agro. The sector can progress adopting a multi-pronged approach, firstly by becoming globally competitive, and with reforms in rules and regulations as well as with the 'Make in India' approach, the country can further progress in the coming days.
China’s agrochemical industry has deep cooperation with Indian partners such as in the intermediates business. The leading Indian agrochemical company, UPL, also invested in their first Chinese plant in Hebei Province. The countries’ agrochemical industries are highly complementary.
The Pesticide Management Bill (PMB) has been in discussion since 2008. The Draft Pesticide Management Bill 2017 was released by the Union Ministry of Agriculture and Farmers Welfare (MoFAW) for stakeholder comments on February 19, 2018. Subsequently, a new Pesticide Management Bill was created and same has now been approved by the Union Cabinet on February 12, 2020. This new bill will be tabled in Parliament in this session and the earlier version will be withdrawn by the government. Insecticides, fungicides and herbicides are used in India, with insecticides forming the highest share. India is among the largest producers of pesticides in the world.
April 2020-Syngenta is proud to unveil the TYMIRIUM technology platform brand. It is a novel nematicide and fungicide technology under development for both seed- and soil-applied uses. TYMIRIUM technology is a great example of Syngenta investing in innovation to provide farmers with tools that help them maximize their yield in a sustainable way. Based on the active ingredient cyclobutrifluram, TYMIRIUM™ technology provides long-lasting protection against a broad spectrum of nematode pests and diseases across all major crops and geographies. Nematodes not only attack crops but also open a path to further fungal infection. TYMIRIUM technology offers excellent control of both nematodes and soil-borne diseases, especially Fusarium species. By protecting the root mass, TYMIRIUM™ technology plays a critical part in enabling no-tillage and conservation-tillage practices.
Many Companies are planning for increasing and bringing the advance technology in market areas for expanding the market size, Asia-pacific has tremendous growth rate in the future period due to competitors are extend their business in agrochemical field.
Segmentation of Global Agrochemicals market is based on the type is Fertilizers and Pesticides. Fertilizers are expected to dominate the agrochemicals market. Based on mode of application, the global market has been classified as foliar, fertigation, and others. Based on region it splits into North America, Europe, Asia-Pacific and Row. Asia-Pacific market share in global market is predicted to reach $ 176.8 Billion by 2026. The region is also expected to register the highest CAGR during the forecast period owing to the increasing demand for agricultural commodities such as fruits, vegetables, cereals, pulses, and others for both direct consumption and processing is a significant determinant contributing to the growth of the regional market. Agriculture is amongst the major sectors contributing significantly to the GDP growth of various nations. North American market is growing at a CAGR of 4.0% during forecast.
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