Market Overview
Agrochemicals belongs to group of speciality chemical which includes fertilizer, herbicides, fungicides, hormones and other growth agents in chemical synthesis. The basic function of agrochemicals is to protect the crop and improve quality of soil and crop. Agrochemicals also used acts as growth agent in plants. The growing need for processed food and advanced packaging technique has improved the food & beverage sector, thereby, increasing the demand for food grain, oilseeds and vegetables. This in turn drives the agrochemical market growth.
Agrochemicals used in fertilizers, plant growth regulators and crop protection chemicals are dominating in the market. This is attributed to increasing pest attacks on crops which results in loss of nutritional and quality of food crop. Fertilizer accounts for majority of share in global agrochemical market due to ongoing projects of increasing animal husbandry sector further generating demand for animal feed.
Competitive Landscape
Agrochemical market is high fragmented market with tier 1 and tier 2 players. The market participants are acquiring small players in the market and collaborating with distributors to meet the global demand. Acquisition is the key strategies adopted by significant players to maintain their market share. Increasing R&D activities to develop efficient and easy cultivation of agriculture products is major focus by key players in market. For instance, BASF had invested USD 2 billion in R&D activities in 2021.

Market Segmentation
The global Agrochemical Market industry has been segmented based on type, mode of application, crop type, and region.
By type, the global Agrochemical Market industry has been classified as fertilizers, pesticides, and others. The pesticides segment is further segmented into herbicides, insecticides, fungicides, and others.
Based on mode of application, the global market has been classified as foliar, fertigation, and others.
The global agrochemicals market has also been segregated, on the basis of crop type, into cereals & grains, oilseed & pulses, fruits & vegetables, others.
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Regional Analysis
Asia-Pacific dominated the global agrochemicals market in 2018 and is expected to maintain its dominance throughout the forecast period. 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.

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