By the year of 2022, the agrochemicals market is estimated to reach a total market valuation of USD 269.7 billion. It is reported to be growing at a Compound Annual Growth rate (CAGR) of 3.7 percent during the years from 2019-2024. Plant protection and productivity being one of the growing concerns in the farming communities, agrochemical production and usage has increased manifold.
The industry of agrochemicals primarily involves the production and supply of insecticides, pesticides, fungicides, fertilizers and micronutrients for improving the health and quality of the crop. Owing to the huge increase in demand, a lot of new players have entered the
sector of agrochemical manufacturing which was earlier operated majorly by six to seven large scale manufacturers. They constituted to having over 70-75 percent market share of the total production and sales of agrochemicals in the world.
Transformations are taking place in this sector every day. There are many companies which are trying to integrate Japanese technologies into agriculture and achieve a level of higher productivity. It is true that because of large scale urbanisation, shortage of agricultural lands have been observed recently. This is not at all good for the increasing population of the countries. Japan being the world leader in per acre productivity has a lot of technologies and formulations to provide to the rest of the world. A lot of Indian companies are integrating Japanese formulations into the farming communities of the country and making the level of productivity grow up.
It has also been observed that automation is also getting penetrated to the agriculture industry. The use of automation is supposed to decrease the human labour and make a lot of processes effortless for farming communities. E.g, when it comes to irrigation, a lot of ways have arrived in the industry for farmers to implement.
When it comes to the agrochemicals industry, trust is one of the major factors that drive the sales of a product. Farming communities should start trusting the new manufacturers and their advanced technologies in order to take the industry forward and increase per acre productivity as a whole.