Australia Agrochemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 14, 2021 by Statzyreports

The Australian agrochemicals market is anticipated to grow at a rate of 4.5% during the forecast period (2021-2026).
 
The Australian agrochemicals market is anticipated to grow at a rate of 4.5% during the forecast period (2021-2026). Post the COVID-19 health emergency, the nationwide shutdown was imposed in Australia to slow down the spread of the virus. However, the Federal Minister for Agriculture deemed Australia's food production and supply chain as an essential service, with assurances that there will be no stoppage in agricultural supply lines, transportation, and logistics, hence pesticides will continue to be delivered to farms despite state-imposed border shutdowns. Therefore, the agrochemicals market in Australia is expected to have a low impact of the COVID-19 outbreak in 2021.

Over the medium term, the technological innovations in the industry, pest pressures, rising use of bio-based crop solutions are expected to drive the market growth. New farming practices are being adopted by Australian farmers to increase crop yields. Additionally, the adoption of biopesticides is also emerging in the country. The growing awareness of environmental health has made these bio-based solutions increasingly popular among Australian farmers. The demand for such products is likely to drive the agrochemicals market in the country during the forecast period.​ However, weather uncertainties such as recurring droughts, increased use of GM crops, regulations on agrochemicals use are likely to act as restraints to the growth of the industry.

Key Market Trends

Increasing investments in Research and Development

The government in Australia is investing heavily in the research and development to increase the crop production in the country with efficient management of pests. For instance, in 2020, the Australian Government provided USD 600,000 to Plant Health Australia to address critical gaps in national research and development which were identified in a national workshop. Projects will investigate fall armyworm genetic research, pesticide resistance, commercial and native hosts, and modelling of seasonal impacts on population dynamics.
Fall armyworm is a serious agricultural pest. The larval or caterpillar stage of the moth’s lifecycle, can damage and destroy a wide variety of crops with the potential for large economic loss. Hence, industry and government is collaborating to support farmers manage this pest. Australian Pesticides and Veterinary Medicines Authority (APVMA) has issued two additional permits for the control of fall armyworm in sweetcorn, safflower and sunflower, bringing the total number of current fall armyworm permits to 37.

Increasing usage of Biopesticides in Australia

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Biopesticides refer to the group of pest control products based on naturally occurring biochemicals, minerals, and microbes with very low toxicity to humans and are sustainable with minimal environmental impacts. Although the Biopesticide segment generated only a small fraction of the revenue generated by the chemical industry, it is likely to witness a significant CAGR during the forecast period in Australia.

With the rising demand for biopesticides, most of the major crop protection companies are developing and marketing products that contain non-synthetic ingredients derived from plants, microbes, or minerals. For instance, in 2019, Velifer a new biological insecticide was launched by BASF SE for pest control in vegetable crops, registered for use in Australia. The Australian Pesticides and Veterinary Medicines Authority (APVMA) also approved BASF's Serifel Biofungicide with Bacillus amyloliquefaciens strain MBI 600, for the control of Botrytis cinerea in grapes and strawberries in the same year.

Competitive Landscape

The Australian agrochemicals market is a consolidated market based on overall market revenue in 2020. The market's major players include BASF SE, Bayer CropScience, Syngenta AG, Nufarm Ltd, and FMC Corporation, among others. Major players in the industry are heavily investing in R&D for new product launches in order to increase their market share. These companies are expanding their business activities by focusing on new product launches, partnerships, and investments which further helps the companies in enhancing their sales in the country.

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Last Updated April 14, 2021