According to ChemAnalyst report, “Global Agrochemical intermediates Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Global agrochemical intermediates market has shown steady growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period. Surging population coupled with the advancement in farming techniques such as precision farming, smart plantation etc. and increasing demand of biobased agrochemical intermediates is projected to drive the demand of agrochemical intermediates for the forecast period. In addition, growing food security requirements in emerging economies like China and India is expected to push the demand further during the forecast period. Furthermore, declining arable land and the need for augmented agricultural productivity worldwide are other factors responsible for demand growth.
Agrochemical intermediates are the chemicals which are used to manufacture crop agrochemicals such as crop protection chemicals. They are also used to increase crop yield and protecting crops from various diseases. Agrochemical intermediates are of several types including alkyl amines, amines, aldehydes and acids. They are basically insecticides, herbicides, fungicides, nematicides, and others. Due to their crop protection properties, agrochemical intermediates find application in various kinds of crops including grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and others.
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Agrochemical intermediates necessary for protecting crops against many diseases and agents. This paves the way for agrochemical intermediates to find application in various crops requiring high protection including grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and others. Out of the following application areas, herbicides hold the major share of the global agrochemical intermediates market due to the prevalence of many weed related problems associated with different crops. Increasing need for food security coupled with rising population is expected to push the demand for various agrochemical intermediates due to application in the above areas.
Agrochemical intermediates consists of various chemicals including herbicides, insecticides, fungicides, nematicides etc. Their prices are quite volatile in nature due to the presence of large number of chemicals in the market. In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on various industries and supply chains. There was major disruption in supply chains of food crops and related industries during the first half of 2020. Although this did not hamper the production of agrochemical intermediates, but the supply became limited during the pandemic thereby raising the prices for agrochemical intermediates.
Regionally, Asia Pacific dominates the Global agrochemical intermediates market and holds the largest market share in FY20. Asia’s agrochemical intermediates market is anticipated to grow in the economies like India, China, and Japan due to continuously rising population and food security requirements. In South Asia, particularly India, seems to be the key market for agrochemical intermediates as the country is seen as a generally a major agriculture economy where almost 60% of the population depends on agriculture. Moreover, increasing focus of the Indian government towards modern agriculture is also an influencing factor increasing the demand of agrochemical intermediates in Asia Pacific and particularly in South Asia.
According to ChemAnalyst report, Global Agrochemical Intermediates Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global agrochemical intermediates market are Bayer CropScience AG, Nippon Soda, ChemiChina Corporation, Marrone Bio Innovations Inc., BASF SE, Ishihara Sangyo Kaisha Ltd, Corteva Agriscience, Bioworks Inc., UPL Limited, ISAGRO Spa, FMC Corporation, American Vanguard Corporation and others.
“Being linked to the agriculture industry, the global agrochemical intermediates industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities. India also shows an optimistic trend in demand rise during the forecast period as the government is supporting the modern agriculture. The increasing demand for green and organic agrochemical intermediates globally might pose a challenge for demand during the forecast period. With new competitors emerging across the Asian agrochemical intermediates market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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