According to ChemAnalyst report, “Global Agrochemical Intermediates Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Agrochemical Intermediates market has shown significant growth in historic period and is projected to achieve a healthy CAGR of 4.55% during the forecast period. The damaging impact of excessive pesticide consumption on environment has become a condemning issue for agrochemical industry and farmers as well. In order to maximize the production of agriculture, rapid changes in fertilization, cropping patterns and methods for high yielding varieties have contributed to the increased use of pesticides. Apart from the contamination of environment, agrochemicals can affect the human and animal health when used improperly. However, the proper use of agrochemicals creates a sustainable environment and helps in improving yield and reducing the chances of being resistant to chemical among pests.
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Agrochemical is basically a short term for agricultural chemical that are the chemical substances including pesticides, herbicides, fungicides, insecticides, fertilizers, plant growth regulators, acidifying agents and others used in agricultural processes to induce plant growth and provide crop protection from various diseases. Agrochemical intermediates are of different types such as alkyl amines, amines, aldehydes and acids. Due to their properties, agrochemical intermediates find its application in various kinds of crops including pulses and oilseeds, grains and cereals, fruits and vegetables, commercial crops, fruits and vegetables and others. Agrochemicals can be produced by both chemical and biological method. Due to the increasing population, emerging environmental concern and changing climate pattern, the agriculture industry is being continuously challenged to evaluate ‘green’ or ‘bio-based’ products and processes.
Due to the advancement in farming techniques such as smart plantation, precision farming etc. and surging demand of biobased agrochemical intermediates is anticipated to drive the global market of agrochemical intermediates in the upcoming years. The surety of food security worldwide is another factor which is propelling the demand of agrochemical intermediates in the global market. Furthermore, other factors that are responsible for demand growth of biobased agrochemical intermediates are declining arable land and augmented agricultural productivity. Both pesticides and insecticides are among the commonly used segments of agrochemicals. However, the segment of herbicides is expected to witness a boost in the agrochemical industry. The reduced usage of chemicals has resulted in significant growth of biological insecticides and pesticides, along with these products, several bacteria/viruses was introduced for disease and pest control. Due to the small number of restrictions on product approval and low cost for the development of product, biobased pesticides are highly adopted by agricultural industry.
Due to the onset of COVID-19, the production and supply of agrochemical intermediates were highly affected. The global crises had an impact on the sales and distribution of pesticides, insecticides and other agrochemicals. Due to nationwide lockdowns and government’s restr |