Agrochemicals
are specially engineered chemical products used in agriculture in order to
enhance crop productivity and protect the crops from pests, insects, weeds,
fungi, and others. Agrochemicals can be produced in both, chemical as well as
biological methods. Agrochemical helps in managing an ecosystem, or the
community of organisms in a farming area. Agrochemicals increase plant and
animal crop production. It is also helpful in Rapid Growth in Greenhouse
Vegetable Production. These agrochemicals are used to protect plants and to
increase crop yield.
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The
Global Agrochemicals market is accounted for $222.36 billion in 2017 and is
expected to reach $336.36 billion by 2026 growing at a CAGR of 4.7% during the
forecast period. Around the world, agriculture has become an important practise
due to quick industrialization and population bang has resulted in increased
use of agrochemicals, such as fertilizers and plant growth regulators, increasing
research and development (R&D) in the fields of bio-pesticides in order to
compete with organic farming and integrated pest management (IPM) is one of the
most recent agrochemical trends. Moreover, it is expected to predict
innovations in improving the product performance and reducing production cost
and also that of the final product.
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Overall, North
America had the fastest growth followed by US, Canada and Mexico. Canada is expected to surpass the US region
by posting a faster growth as the country is focusing more on its agriculture
sector expansion. In terms of crop based products of various agrochemicals in
the region would be dominant in regard to volume consumed and value demanded,
as well as in regard to recording a faster growth compared to non-crop-based
applications. Cereals and grains like maize, wheat and oil seed crops consume
majority of inputs here. Taking all these into consideration small scale &
large scale industries will gain immense income with release of new products
which are related to agrochemical industry.
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