Agrochemicals Market Size, Share, Growth Analysis, By Crop Type (Cereals & Grains, Fruits & Vegetables), Fertilizer Type (Nitrogenous, Phosphatic), Pesticide Type (Pesticides, Herbicides), Mode of Application (Foliar, Fertigation, Others), and Region - Industry Forecast 2024-2031

Agrochemicals Market size was valued at USD  224.90 Billion in 2019 and is poised to grow from USD 231.20 billion in 2023 to USD 288.36 billion by 2031, at a CAGR of 2.80% during the forecast period (2024-2031).

There are various local players, which makes the worldwide market quite competitive. The market is flooded with products from manufacturers, such as fertilizers with increased potency and pesticides like herbicides, rodenticides, fumigants, insecticides, fungicides, and plant growth regulators. Players compete against one another based on a variety of factors, such as product quality, costs, and services, as well as on innovation, sustainability, and corporate reputation. The main approaches used by businesses to increase their market share include joint ventures, M&As, distribution networks & geographic expansions, and the introduction of new products. "CATàSYNTH Speciality Chemicals", a joint venture between Solvay and Anthea, a major producer of specialty chemicals in India, was founded. The two companies intended to use this to begin producing catechol derivatives. Additionally, it is committed to producing and supplying a wide range of goods, including helional, heliotropin (piperonal), and methylenedioxybenzene, which are widely utilized in the agrochemical. 'Clariant AG (Switzerland)  ', 'BASF SE (Germany)  ', 'Huntsman International LLC (US)  ', 'Bayer AG (Germany)  ', 'The DOW Chemical Company (US)  ', 'Solvay (Belgium)  ', 'Nufarm (Australia)  ', 'Evonik Industries AG (Germany)  ', 'Croda International Plc (UK)  ', 'Helena Agri-Enterprises, LLC (US)  ', 'Ashland, Inc. (US)  ', 'Land O Lakes, Inc. (US) ', 'FMC Corp. (US) ', 'ADAMA Ltd. (Israel) ', 'Stepan Company (US) ', 'UPL (India) ', 'Corteva Agriscience (US) ', 'Yara International ASA (Norway) ', 'Jiangsu Yangnong Chemical Group Co. Ltd (China) ', 'America Vanguard Corporation (US)'

Continuous advancements in the technology used in agriculture have led to a shift in farming practices. With the increased export and import of agricultural commodities across different geographies, especially in developing regions, new types of harmful organisms have emerged, leading to an increase in the demand for novel active ingredient products to safeguard crops. As, the globalization of the agrochemical industry has a huge impact on the Asian crop protection markets. With the highest rate of population growth, increasing the need for food production, and economic growth, the demand for various agrochemicals such as herbicides and pesticides are increasing. While the demand for food products is increasing in the developing countries of Asia Pacific, the available landmass for agriculture is shrinking due to the increased effect of urbanization that propels farmers to use various agrochemicals to maintain soil health and increase land productivity.

Agrochemicals are highly important in obtaining high yields as these are necessary to prevent pests and diseases in the field. As per a report by FAO, nearly 40% of the world’s agricultural crops are lost to pests and diseases each year. To tackle these problems and to increase production, the use of crop protection chemicals will increase. Global pesticides use increased from 2000 by 4.2 million tons. Agrochemicals also play a vital role in crop growth, showing improved performance and noticeable results. Supplying adequate plant nutrients is essential for the healthy growth as well as the production capacity of plants. The nutrient demand varies with crops and soil. These nutrient demands can be effectively fulfilled through the use of chemicals. For instance, urea provides 46% nitrogen to the soil, whereas organic fertilizer like neem cake could provide only 2-5% of nitrogen, which is an essential element for plant growth and development.

Asia Pacific had the top regional market position with a significant revenue share. The region is the world's top producer of agricultural products. India, China, and Japan are among the primary contributors to the regional market. China is the world's biggest exporter and manufacturer of pesticides, according to the International Trade Center (ITC) and FAO. India, behind China, Japan, and the United States, is the world's fourth-largest producer of agrochemicals, according to the Organization for Economic Co-operation and Development (OECD) and FAO. The agricultural industry has a significant impact on the regional per capita income. According to Baojing GU of the Universities of Melbourne and Zhejiang, China is the country that uses the most pesticides in agriculture globally. Over 30% of the world's pesticides and fertilizers are consumed there, while over 90% of the world's technical raw material needs are met. By analysis of future, the region is anticipated to produce 53% of the world's seafood and agricultural goods. The region's population, will increase by millions of people at a certain CAGR. The total amount of arable land in the region is decreasing as a result of the rising population, and fast urbanization and industrialization. As a result, farmers use agrochemicals that aid in boosting productivity and production.