The Global Agrochemicals Market Size is valued at 239.99 billion in 2023 and is predicted to reach 309.36 billion by the year 2031 at a 3.25% CAGR during the forecast period for 2024-2031.
The broad word "agrochemical" refers to all the various chemical products utilized in agriculture. Agrochemicals are a large category of pesticides, including nematicides, insecticides, fungicides, and herbicides. Specialty chemical products known as agrochemicals are used mostly in horticulture, agriculture, and floriculture. It comprises various hormones, synthetic fertilizers, chemical growth agents, and insecticides. The development of horticulture and floriculture, raising awareness of the usage of pesticides and fertilizers, and rising literacy rates among farmers in major crop-producing nations are all contributing to the growth of the worldwide agrochemicals market.
The growing need for agrochemicals in the production of food grains due to the rising world population and declining per capita farmland due to abrupt urbanization and industrialization is one of the market's main drivers. One of the most current trends in the global agrochemicals market is the increased research and development (R&D) in bio-pesticides to compete with organic farming and integrated pest management (IPM).
Another prevalent trend in the agrochemicals industry is the expansion of government initiatives aimed at educating farmers and giving them access to the best practices for raising high-quality animals, farms, and crop yields.
However, some major obstacles preventing the growth of the agrochemicals sector include farmers' increasing acceptance of genetically modified seeds, government movements towards organic farming, and integrated pest management (IPM).
Recent Developments:
- In February 2022, Adama released Timeline FX, an innovative spring foliar herbicide with a cross-spectrum. The product has three Active Ingredients with complementary modes of action and an integrated adjuvant, giving growers the most comprehensive application window of any herbicide for controlling grass and broadleaf weeds in cereal crops.
- In January 2022, Yara and Lantmännen inked a business contract to launch fossil-free fertilizers on the market. A business agreement for the sale of green fertilizers, produced by Yara and marketed by Lantmännen in Sweden, was made possible by the companies' cooperation. The agreement is set to go into effect in 2023.
Competitive Landscape:
Some of the agrochemicals market players are:
- Adama Agricultural Solutions
- Agrium Inc
- America Vanguard Corporation
- Arysta Lifesciences Corporation
- BASF SE
- Bayer Ag
- Corteva Agriscience
- I. Du Pont Nemours And Company
- FMC Corporation
- Gharda Chemicals Ltd.
- ICL Group Ltd.
- Jiangsu Yangnong Chemical Group Co. Ltd
- Mosaic
- Nufarm Limited
- Nutrien Ltd.
- Sumitomo Chemical Co. Ltd
- Syngenta
- The Dow Chemical
- Yara International Asa
Market Segmentation:
The agrochemicals market is segmented by type and crop type. Based on type, the market is segregated into fertilizers (synthetic (fertilizers (nitrogenous, urea, ammonia, calcium ammonium nitrate, others, phosphatic, DAP, MAP, TSP, others, potassic, potassium chloride, potassium sulfate, potassium magnesium sulfate, others, biofertilizers)), pesticides (herbicides, synthetic herbicides (glyphosate, atrazine, acetochlor, 2,4-D, paraquat, others), bioherbicides, insecticides, synthetic insecticides (organophosphates, pyrethroids, methyl carbamate, neonicotinoids, others), bioinsecticides), fungicides, synthetic fungicides (dithiocarbamates, benzimidazoles, chloronitriles, triazoles, phenylamides, strobilurins, others), bio fungicides and others. Based on crop type, the market is further categorized into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others.
Based On Type, The Fertilizers Segment Is Accounted As A Significant Contributor To The Agrochemicals Market
The fertilizers category grabbed the highest revenue share, and it is anticipated that it will continue to hold that position during the anticipated time. An essential macronutrient for ensuring optimal crop yield is phosphorus. It is an integral component of nucleic acid and controls the synthesis of proteins in plants. It facilitates the synthesis of substances like sugars, carbohydrates, and oils.
Among the ammonium phosphate salts used to treat soil phosphorus deficiency in plants are superphosphate, mono ammonium phosphate (MAP), and diammonium phosphate (DAP). During the projected period, the fertilizers section is anticipated to rise due to the widespread usage of these salts as fertilizers to cultivate grains and oilseeds.
The Asia Pacific Agrochemicals Market Holds A Significant Revenue Share In The Region
The Asia Pacific agrochemicals market is expected to register the highest market share in revenue in the near future. Numerous elements, including a sizable consumer base and the presence of important players in the area, are responsible for this. Additionally, the Asia-Pacific region is predicted to expand at a notable rate because of an increase in end users in developing nations like China, Australia, and India. Similarly, India's substantial production of cereal crops like rice and wheat is a primary driver of the market's expansion.
In India, pesticide usage is steadily increasing. In addition, North America is projected to grow rapidly in the global agrochemicals market due to the widespread use of biopesticides, rising food demand, and increased knowledge of environmentally friendly pesticides. The world's top producer and consumer of agricultural pesticides are the United States. The nation has its own pesticide laws to safeguard people and the environment.
Agrochemicals Market Report Scope:
|
Report Attribute |
Specifications |
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Market size value in 2023 |
USD 239.99 Bn |
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Revenue forecast in 2031 |
USD 309.36 Bn |
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Growth rate CAGR |
CAGR of 3.25% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Type, Crop Type |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Agrium Inc, BASF Se, Bayer Ag, Dow Agrosciences Llc, E. I. Du Pont Nemours And Company, Monsanto Company, Sumitomo Chemical Co, Syngenta Ag And The Mosaic Co. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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