Europe Agrochemicals Market was worth $39.99 billion in 2021 and estimated to be growing at a CAGR of 3.24%, to reach $46.9 billion by 2026. The agrochemicals market is estimated to be one of the most crucial segments of agro-inputs, owing to the intensifying commercial farming of high-value crops to meet the growing diversified food demand. As such, agrochemicals are witnessing a significant demand since farmers are resolute to attain nutritious and high-quality crop production.
Agrochemicals job is to defend crops, boost crop yields, and sustain the food and soil quality. Another vital role of agrochemicals is to alter the growth progression of the plants. Agrochemicals are therefore seen as those products, which boost the return on investment and also help in meeting farmers as well as customer demands, from the economical and health standpoint with growing per hectare production of quality agricultural crops.
Drivers and Restraints of Europe Agrochemicals Market:
The growth of the Europe Agrochemicals market is majorly driven by factors such as a wide range of pest control applications of Agrochemicals and decreasing arable land. This market is also propelled by factors such as meticulous research & partaking of intellectual property rights and increasing R&D investments. However, issues such as strict regulatory structures in the EU and the toxicity of these substances towards the environment are the major restraints for the market growth in this region.
Europe Agrochemicals Market – By Type:
Nitrogenous fertilizers lead the agrochemicals market on the basis of type. However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases. Currently, the Pesticides market is being spearheaded by herbicides products, trailed by fungicides and insecticides.
Europe Agrochemicals Market – By Application:
By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
The Europe market has been geographically segmented into Germany, U.K, France, Spain, and Italy. Demand for agrochemicals in Europe is estimated to grow at a sluggish rate mainly due to market maturity and regulatory restrictions. However, the development of crops such as oilseeds and sugarcane is mainly anticipated due to the broadening applications such as feed, fuel, and other industrial applications, which in turn drives the market in this region.
The market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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