Global Agrochemical Industry
The world agrochemical market is predicted to reach $223 billion in 2015, according to industry research. This represents a yearly growth rate of almost 11% in the five-year period ending 2015. Market drivers include growing population, declining availability of arable land, and agrochemical use in biofuel production.
Fertilizers provide nutrients needed for optimal crop growth, essentially making up for nutrients that the soil may be lacking. Nitrogenous fertilizers represent close to half the market but segment growth is relatively low. Phosphatic fertilizers represent a smaller market share but the segment shows more rapid growth. Organophosphate pesticides are predicted to gain increasing market share due to its many chemicals, including chlorpyrifos and glyphosate.
Programs such as Integrated Pest Management and Integrated Nutrient Management limit potential health, economic and environmental risks from using agrochemicals. The former puts practices in place to limit economic damage due to pests by preventing infestation and intervening when necessary. Integrated Nutrient Management seeks to conserve plant nutrient supply and soil fertility at appropriate levels to optimize productivity.