The Future of Agrochemicals Procurement Intelligence: Trends [Business]
The agrochemical category is expected to grow at a CAGR of 3.4% from 2023 to 2030. Increasing agricultural productivity on currently used agricultural land is crucial to feeding the world's population. Agrochemicals are therefore crucial to the agricultural sector and aid farmers in increasing the quantity and quality of their harvests. The primary factor driving the expansion of agrochemicals is the rising need for food as a result of population growth.
Agrochemicals harm the ecology when utilized in higher doses, which causes surface water pollution. As a result, the production of bio-based fertilizers and pesticides has created numerous new market opportunities for major agrochemical category participants. In an effort to boost their reputations and win over clients who are concerned about sustainability, Corteva, and BASF are making bio-based fertilizers. As the market for bio-based fertilizers expands globally, manufacturers are in a good position to profit from it and increase their market share. Marrone Bio Innovations is one of the leading player in the global bio-pesticides market. The company’s net sales increased by 45% driven by strong demand for bio-based pest management.
The individual requirements of the client will determine whether agrochemicals can be used in the procurement process. The sorts of crops grown in the location, the soil conditions, and the pests and diseases common there are some variables that may affect the choice to purchase agrochemicals.
This category makes use of cutting-edge technologies like biotechnology and precision farming. Corteva is utilizing biotechnology to create genetically engineered crops that are less dependent on chemical pesticides and more resistant to pests. By monitoring data on soil, weather, and other factors to identify the best time for planting and harvesting crops, BASF uses precision technology to maximize agricultural yield. After applying precision farming, the average production grew by 8%, the cost of inputs was reduced by up to 20%, and the sale level increased by 7%.
Order your copy of the Agrochemicals Procurement Intelligence Report, 2023 - 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Typically, businesses use cost-plus or market-based pricing methods. In the cost-plus pricing model, prices are set using the cost of production plus a markup to account for profit and overhead. The market-based pricing model, on the other hand, bases price determination on supply and demand factors. When the market is favourable, this method enables businesses to increase their profit margin while still keeping them competitive in unfavourable situations.
• The total cost of manufacturing includes the price of labor, raw materials, and other costs. Raw materials such as phosphoric acid, nitrogen, and potassium are used in this category. In North America, the price of phosphoric acid fell from USD 1290/MT to 1190/MT in the first quarter of 2023. Price also declined in the Asia-Pacific region from USD 1495/MT to USD 1335/MT in the first quarter of 2023. The price of nitrogen was estimated to be around USD 785/MT in 2022 in North America. At the end of 2022, the price of nitrogen in the Indian market was USD 188/MT.
China exports of pesticides currently make up about 30% of the global market, with a 10% increase and USD 11.5 billion in value. India is the world's second-largest exporter, with USD 5.7 billion in exports. The nation has a sizable manufacturing sector and is renowned for creating goods of excellent quality at low costs.
The agrochemicals category is highly fragmented and competitive since it is made up of so many small and medium-sized businesses. A persistent desire for innovation and cost-cutting has resulted in fierce rivalry. Additionally, this industry is heavily regulated, which makes it difficult for new businesses to enter. As a result, larger businesses are acquiring niche or regional players to gain access to new markets and goods. Farmers and other agrochemical users have benefited from the wide variety of products made possible by the market's fragmentation.
Agrochemicals Procurement Intelligence Report Scope
• Agrochemicals Category Growth Rate (CAGR): CAGR of 3.4% from 2023 to 2030
• Pricing growth Outlook of Bio-based fertilizers: 11 - 13%
• Pricing Models: Cost-plus pricing model, market-based pricing methods
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier selection criteria: Ability to maintain the agricultural ecosystem, treatment (fungicide, growth regulators), active ingredients (natural, bio stimulants), formulation, precision farming, biotechnology, technical specifications, operational capabilities, regulatory standards and mandates, category innovations, and others.
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Key companies
• BASF
• Corteva
• Bayer
• FMC
• UPL
• Syngenta
• Adama Agricultural Solution
• Nufarm
• PI Industries
Browse through Grand View Research’s collection of procurement intelligence studies:
• Ammonia Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Lime Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Artificial Intelligence Procurement Intelligence: A Comprehensive Overview [Business]
The artificial intelligence category is expected to grow at a CAGR of 38.1% from 2023 to 2030. North America accounts for the largest category share. The increasing demand for digital processes in businesses is boosting growth. Companies are focusing on adopting technology for better decision-making procedures and data transparency. For instance, in November 2022, Fractal introduced Asper.ai, an Al product for the industrial, consumer products, and retail industries. The system provides a complete Al product, integrating inventory optimization, demand planning, strategic pricing, and positioning.
Augmented analytics uses artificial intelligence (AI) and machine learning (ML) to improve human capacity to engage with data on a contextual level. It makes it easier for users to explore and analyze data by automating various aspects of data preparation, insight generation & interpretation.
Companies are continuously focusing on partnering or developing their own technology. For instance,
• In June 2023, AMD debuted its AI Platform strategy with the launch of the AMD Instinct MI300 Series accelerator family, which featured the first glimpse of the AMD Instinct MI300X accelerator. The accelerator was designed for large language model training and inference for generative AI workloads
• In April 2023, H20.ai established a strategic alliance with GeoTechnologies, a Japan-based producer of map data and position information solutions for automotive navigation systems. The business has used H20.ai's H2O AI Cloud to create an AI-powered platform that assesses sidewalk safety using on-board camera data
• In September 2022, AiCure debuted its clinical site services program partnering with sponsors and sites throughout the research process to provide data-driven, actionable insights to reduce study risks and enhance efficiency
• In August 2022, Atomwise established an exclusive, strategic research cooperation with Sanofi for AI-powered drug development. As part of the agreement, Sanofi will use Atomwise's AtomNet platform for computational discovery and research on up to five medical targets
The increased customizability of AI algorithms in many sectors is anticipated to drive category development. The use of artificial intelligence technologies in areas such as retail, healthcare, manufacturing, and transportation is a major contributor to this development. The increased demand for AI-powered solutions is linked to their positive qualities, which include easy transactions, inflation prevention, and enhanced security.
Order your copy of the Artificial Intelligence Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Artificial Intelligence Sourcing Intelligence Highlights
• The worldwide artificial intelligence category is fragmented, with many small and major businesses operating in various areas. The rivalry among players is fierce as they attempt to expand their consumer base and improve their customer experiences
• The number of providers of this technology, such as developers and programmers, has grown over time, lowering the supplier's bargaining power
• The major cost component in artificial intelligence application is hardware, software, data processing & management, and labor. The total cost is also affected by the type of technology used, such as reactive machines, limited memory, theory of mind, or self-aware
• Most service providers provide comprehensive services such as application design, and technology development & maintenance
List of Key Suppliers
• IBM Corporation
• Advanced Micro Devices
• AiCure
• Arm Limited
• Atomwise, Inc
• Ayasdi AI LLC
• Baidu, Inc
• Clarifai, Inc
• Cyrcadia Health
• Enlitic, Inc
• Google LLC
• H2O.ai
• HyperVerge, Inc
• Intel Corporation
• Iris.ai AS
• Lifegraph
• Microsoft
• NVIDIA Corporation
• Sensely, Inc
• Zebra Medical Vision, Inc
Browse through Grand View Research’s collection of procurement intelligence studies:
• Direct Mail Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Payroll Outsourcing Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Artificial Intelligence Procurement Intelligence Report Scope
• Artificial Intelligence Category Growth Rate: CAGR of 38.1% from 2023 to 2030
• Pricing Growth Outlook: 8% - 10% (annual)
• Pricing Models: Fixed fee pricing, cost plus pricing
• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria: Type, technical expertise, security measures, cost and value, support and maintenance, regulatory compliance, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
