Specialty Chemicals Market Size

Specialty Chemicals Market Size

Specialty Chemicals Market size estimated at $830 billion in 2015 and will grow at a CAGR of more than 5% from 2016 to 2024. High population growth in developing regions has resulted in increasing food security concerns due to shrinkage of agricultural land. This would further increase the demand for high yield agrochemicals in the future./p>

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The usage of agrochemicals by major agrarian countries like China, India, U.S., etc. has been rising in the past few years. This would likely boost the specialty chemicals market revenue. Agrochemicals help in protecting the crops from pests and stop weed growth. They also provide required nutrients to the soil like nitrogen, phosphate, etc. to enhance the crop production. The global demand for fertilizer nutrients has increased from around 180 million tons in 2014 to over 190 million tons in 2015. Such rising demand for fertilizer nutrients would propel the production of agrochemicals in the coming years./p>

Developments in the food & beverage business would be another growth enabler in the specialty chemicals market. This is owing to the rising use of food additives in packaged food and canned beverages. The food & beverage industry is likely to generate a revenue of over $160 billion by 2023 with a growth rate of more than 10%./p>

Out of the global food & beverage revenue, Asia is likely to account for more than 45% share followed by Europe and North America. Fast developments in the global food & beverage market would in turn increase the demand for food additives to maintain the quality of products like canned meat, packed fruits & vegetables, bakery items, confectionary, dairy, etc..