Agrochemicals is the generic name of chemical products used in the agricultural field. These include pesticides, insecticides, fungicides, herbicides, nematicides, synthetic fertilizers, bio fertilizer, and chemical growth agents, among others. Increasing population and surging urbanization in turn puts additional pressure on the already diminishing farmlands. Agrochemicals help to effective cultivate and manage crop and increase production. Thus, these factors greatly support growth of the global agrochemicals market. Various government and non-governmental organizations are focusing on addressing this global concern by increasing funding for programs related to the agricultural sector. The World Bank implemented 146 projects during 2014–2016, which provide agricultural services and assets to 17 million farmers. This in turn augments growth of the market. The U.S., China and Japan are the largest producers of agrochemicals, while North America, followed by Asia Pacific are the largest consumers in the global agrochemicals market. Population explosion in countries such as India and China, along with rapid economic growth in these countries is expected to position Asia Pacific as the fastest growing market for agrochemicals in the foreseeable future.
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Agrochemicals Market – Regulatory Scenario:
September 02, 1968, The Insecticides Act, 1968 and Insecticides Rules, 1971 in India is governed by The Central Insecticides Board and registration Committee (CIBRC) and Food Safety and Standard Authority of India (FSSAI), the act is enforce to regulate the import, sale, transport, manufacture, distribution and use of insecticides
Key players in the market include Agrium, BASF SE, BAYER AG, Dow AgroSciences, DuPont, Monsanto Company, Sumitomo Chemical Co., Syngenta AG, The Mosaic Co., Yara International, Gharda Chemicals Ltd., Drexel Chemical Company, Qatar Fertilizer Company, Cf Industries, Israel Chemicals Ltd., American Vanguard Corporation, Rotam Corpsciences, FMC Corporation, and Zuari Agro Chemicals Ltd.
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