Agrochemicals are products with characteristics that facilitate increased nutrient uptake and reduce potential for losses due to pests and diseases. A balanced supply of essential plant nutrients is critical for successful crop production. They basically include fertilizers and pesticides that provide nutrients to plants and protect plants from pests by which increased productivity is attained. Agrochemicals allow farmers to choose, with a great amount of precision, the amount of each chemical that they wish to add to their crops.
Overall, the growing global population, declining arable land, environmental concerns, rising income levels, urbanization, adoption of technology driven farming practices, and non-food use of agricultural products are the key market drivers for the agrochemicals market.
Agreements, joint ventures & collaborations formed the key strategy adopted by industry players in order to achieve growth in the agrochemicals market. This strategy accounted for a share of about 38% of all growth strategies adopted by market players. The rising demand for agrochemicals as well as high growth in the developed and emerging economies has encouraged companies to adopt this strategy. Market players are focusing on agreements, joint ventures & collaborations with existing and new players in the industry, so as to increase their efficiency. Israel Chemicals Limited, Yara International ASA, and The Mosaic Co. are some of the leading market players that adopted this strategy in order to develop and expand their business in new markets. Mergers and acquisitions was the top strategy in 2014 which accounted for a share of 34% in total developments followed by expansions and investments strategy. Due to globalization, agrochemical companies both large and small have looked to overseas markets to expand their business and to achieve growth.
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The agrochemicals market is highly split and competitive with leading players being involved in the research & development of new agrochemicals products. Effective marketing strategies to promote the use of agrochemicals by the farmers/growers is supposed to be the major challenge for industry players in this market.
The agrochemicals market has many players, (small, medium, and large) however the industry is dominated by a few. Israel Chemicals (Israel), Yara International ASA (Norway), The Mosaic Co. (U.S.), BASF SE (Germany), and Dow Chemical Limited (U.S.)—collectively account for around 70% share of the total agrochemicals market. Agreements, partnerships, joint ventures & collaborations were found to be the most preferred growth strategies in the agrochemicals market. The purpose of adopting this strategy is that it results in better entrance in the market, increases product portfolio, expand geographical presence, and helps to reach new potential markets.
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