Global Markets for Agrochemicals

Published - Jan 2010| Analyst - Jaydeep Bhattacharjee| Code - CHM054A
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Report Highlights

  • Overall sales in the global agrochemicals market by product were nearly $105.6 billion in 2008 which increased further to $119.6 billion in 2009. By 2014, it is projected to increase to $196 billion, for a 5-year compound annual growth rate (CAGR) of 10.4%.
  • The fertilizers market was nearly $59 billion in 2008; this further increased to $68.4 billion in 2009, this projected to reach $117.8 billion in 2014, for a 5-year CAGR of 11.5%.
  • Sales in the pesticides market amounted to $46.7 billion in 2008 which increased to $51.2 billion in 2009. This is projected to increase to $78.3 billion in 2014, for a 5-year CAGR of 8.9%.

INTRODUCTION 

STUDY GOALS AND OBJECTIVES
  • To define the global agrochemicals market and other aligned markets.
  • To measure the global agrochemicals market and its various subsegments, with respect to fertilizers and pesticides.
  • To analyze intensively the market structure with respect to drivers, inhibitors, and challenges influencing market growth.
  • To analyze the agrochemicals market in terms of its benefits and characteristics.
  • To identify the trends, gaps, and opportunities in each of the micro-markets.
  • To analyze and forecast market segment revenues with respect to geographic regions such as the U.S., Europe, Asia, North America (includes Canada and Mexico), Latin America, and the rest of the world (ROW).
  • To strategically profile and analyze the market players and their core  competencies in the field of agrochemicals for each of its respective market segments.
  • To analyze opportunities in the market for stakeholders.
  • To track and analyze recent developments, alliances, joint ventures, mergers, and acquisitions of industry market players. 
REASONS FOR DOING THE STUDY
 
With an increasing global population, the pressure on limited agricultural land is tremendous. Agrochemicals, which include fertilizers and pesticides, have helped to meet this demand by making the soil nutrient rich for healthy crops and protecting the crops against pests and nonessential herbs. The global agrochemicals market has grown to reach a current market size of $119 billion. In the next 5 years, the market is expected to grow at a compound annual growth rate (CAGR) of 10.4%, propelled by new product developments. This underscores the many opportunities that this market offers in terms of revenues and market growth. Agrochemical products are segmented into fertilizers and pesticides. 
The rapid increase in the population and limited land availability are the most important factors stimulating market growth for agrochemicals. Other market drivers are lack of management of natural resources, need for conservation of the genetic material of plants, and inefficient planning by farmers for crop production. However, lack of farmer awareness in using agrochemicals and rising concern about environmental pollution are restraining the growth of the agrochemicals market. Improvement in fabrication technology and new product development at competitive prices will be the keys to future market growth.
A detailed study of the different subsegments within the agrochemicals market is required for existing and new players to develop strategies to harness the expanding market. This research report will address this need by analyzing market trends, new and available opportunities, and the present competitive landscape in the agrochemicals market. 
SCOPE OF REPORT
 
This report aims to identify and analyze the agrochemicals market by product, characteristics, and the benefits that these agrochemicals provide.  
This report segments the global agrochemicals market into the following micro-markets:
  • Fertilizers: Nitrogenous, phosphatic, potassic.
  • Pesticide: Organochlorine, organophosphates, pyrethroids, neonicotinoids, biological insecticides, and others.
The agrochemicals market is also categorized by the benefits of its products:
  • Nutrients: Micronutrients, macronutrients
  • Protection against unwanted herbs, fungus and bacteria, insects, and parasites.
The agrochemicals market is also categorized by the characteristics of the agrochemicals:
  • Fertilizer characteristics: Complete inorganic fertilizers, special purpose fertilizers, liquid fertilizers, slow-release fertilizers, fertilizers with insecticides, multi-nutrient fertilizers, compound fertilizers, complex fertilizers, blended fertilizers.
  • Pesticides characteristics: Insecticide, herbicides, fungicides.
Each section will provide market drivers, trends and opportunities, top-selling products, key players, and competitive outlooks. This report provides more than 100 market tables for various geographic regions covering the subsegments and micro-markets. In addition, the report also provides 40 company profiles covering the subsegments.
INTENDED AUDIENCES
 
The intended audiences include the following:
  • Agricultural chemicals manufacturers
  • Petrochemical/raw material suppliers
  • Research labs
  • Large farming companies/groups
  • Government/non-governmental organizations 
METHODOLOGY
 
In estimating the market size of the global agrochemicals market, we have taken a bottom-up approach. This detailed methodology is described below:
  • We divided the market into two major segments: pesticides and fertilizers.
  • We estimated the independent market sizes for both the market segments by taking a bottom-up approach.
 Calculating the market size (for fertilizers/pesticides)
  • Identification of key players in the global agrochemicals market (fertilizers and pesticides) through secondary research
  • Identified their revenues and market share with regard to fertilizer/pesticide/agrochemicals market by primary and secondary research
  1. This included analyzing annual reports, which include the chairman’s message, segment analysis, management discussion analysis, annual revenues, etc.
  2. Secondary research involved using Google, Factiva, High Beam, Hoovers, etc.
  3. Analyzing press releases and articles on and about the major players in the respective segments
  4. Interviewing key industry people such as CEOs/Vice presidents in their respective verticals
  • After estimating the market shares and revenues of key industry players, which hold a major chunk (70% to 80%) of the market, we calculated the total agrochemicals market size.
  • We also looked at price variations and consumption trends to calculate the market size. 
  • Wherever the consumption trends were not directly available through secondary/primary research, we assumed the percentage contribution of that particular chemical by referring to its usage and the number of products registered with that chemical as an ingredient. We later verified it through primary sources.
  • By analyzing market trends and based upon our assumptions, we forecast the agrochemicals (fertilizer and pesticide) market size.
  • After that, we calculated the market sizes of micro-markets by analyzing the trends, most demanding/highest selling products, interviewing industry insiders.
  • For banned products, we verified the chemical ban through primary and secondary research and considered the market sizes only in their areas of use. 
  • Later, based upon assumptions and analyzing the geographic split of top players, we estimated geographic market sizes. In addition, through secondary research and primary sources, we verified the overall geographic split. 
  • Finally, we verified all of these numbers by interviewing senior level executives of the fertilizer/pesticide producing companies. 
INFORMATION SOURCES
 
All market data consists of aggregate sales figures of all submarkets within agrochemicals. This report deeply focuses on the market aspects of the agrochemicals industry, rather than on the technical aspects. We analyzed most of the new agreements and collaborations and product launches in the agrochemicals market and studied more than 500 news items. Key market developments were sourced from the top 40 companies profiled. We researched the technology patents registered over the last 5 years to get an in-depth understanding of the agrochemicals industry. Secondary research progressed through both paid and unpaid sources. Primary research was conducted to provide further understanding of the agrochemicals industry. 
ANALYST CREDENTIALS
Research manager Jaydeep Bhattacharjee has more than 5 years of domain experience. Apart from research and consulting, he has also conducted analyst briefings for the top global players in the chemicals sector. He has often been quoted in popular websites; the most notable among them is in an article from the Singapore Economic Development Board. He is an engineering graduate from the National Institute of Technology, located in the Indian state of Himachal Pradesh and has a postgraduate diploma in management from Symbiosis, Pune. His work experience includes working with reputed consultancies, including Frost & Sullivan and Lucintel. 
Bhattacharjee has authored several market research studies in the chemicals domain. Some of these include the following:
  • Global resin market
  • Advanced composites for aerospace
  • Advanced composites for sporting goods
  • Nano-materials for sporting goods
  • Global renewable chemicals
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DISCLAIMER

The information developed in this report is intended to be as reliable as possible at the time of publication and of a professional nature. This information does not constitute managerial, legal, or accounting advice; nor should it serve as a corporate policy guide, laboratory manual, or an endorsement of any product, as much of the information is speculative in nature. The author assumes no responsibility for any loss or damage that might result from reliance on the reported information or its use.

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