Wellesley, Mass, April 05, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research reveals that the expanding world population and increasing awareness of agrochemicals among farmers are key drivers of the global market for agrochemicals. From 2016-2021, the market should gain about $53 billion thanks to a 4.5% CAGR.
BCC Research's Global Markets for Agrochemicals reports that despite their enormous potential, agrochemicals present challenges that hinder their market growth. Approvals of new chemicals are difficult to obtain due to the harmful effects of synthetic-based agrochemicals on humans, plants and animals. Governments are focusing on bio-based agrochemicals instead of synthetic-based products to reduce the social and environmental impacts of chemicals in agrochemicals.
Research Highlights
- The worldwide production of Aldicarb is estimated to end by 2017.
- Manufacturers of low-cost generic agrochemicals are expected to increase profits by supplying these chemicals to global players.
- Stringent environmental regulations are hampering producers of conventional agrochemicals in developed regions such as Europe and North America.
Population Increase a Key Market Driver, Especially in Asia-Pacific
The growing global population is the major growth driver for the agrochemical market. Agricultural land is limited, and due to the expanding population and the increased demand for food, land previously used for other purposes is rapidly undergoing degradation.
"Agrochemicals help in increasing the production of crops and work toward solving the food crisis" explains BCC Research Editorial Director Kevin Fitzgerald. "Asia-Pacific is the largest market for agrochemicals, by far. The region comprises about 30% of the earth’s land area and its population represents nearly 60% of the global total. Both of these factors are keying growth of its market. In 2015, Asia-Pacific accounted for a 53.3% of the revenue share of the market."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.