South America Agrochemicals Market- By Type, Application and Geography-Market Shares, Forecasts And Trends (2015 - 2020)

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Oct 01, 2015, 10:28 ET

LONDON, Oct. 1, 2015 /PRNewswire/ -- South America is one of the world's fastest-growing agrochemicals market given strengthening agribusiness sector and improving economy. Being one of the important importers and consumers of agrochemicals, South America holds significance in the world trade. The South American agrochemicals market is estimated to grow at a CAGR of 5.3% in 2015-2020 period.

Agricultural sector growth with increasing demand for food productivity and land management make it essential for the farming community to use more agrochemicals. Mechanized farming in the region is also making agrochemicals usage popular. High cost of agrochemicals and low farmer awareness are the major constraints for the segment's growth in South America. The future opportunity for the industry would come from higher sales from countries like Brazil and Argentina coupled with popularization of integrated practices. The agrochemical industry is segmented product wise and region wise. In product segment, nitrogenous fertilizers form the largest share of fertilizer market. Pesticides market is currently lead by herbicides products (covering 60%) followed by fungicides and insecticides. Further the market is discussed as per application in various crop and non crop based plants. Increased production of cereals, soya bean and sugarcane in Latin America is driving the growth in agrochemicals consumption in the region.

The main consumers of agrochemicals in the region are Brazil, Argentina. Brazil is the largest country in the region consuming around 40-50% of total agrochemicals. Brazil is emerging as an agricultural super power due to increased use of mechanized agriculture. Investing in mechanization has resulted in extremely large scale farming operations. Argentina is the emerging market and is showing high growth rate for the industry as the economy is recovering.

Bayer Crop Science is a key player in Latin America covering majority of market share. Yara Internationals (Norway) holds the largest share in South American fertilizer market. The leading eight companies comprise Syngenta, Bayer, BASF, FMC, DuPont, Dow, Monsanto corner majority of the share in the region. With liberalization, the agrochemical market is more open and more numbers of Chinese agrochemical manufacturers are partnering with the local players for lucrative business and more profit.

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