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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