What is the global market size of the Agrochemicals Market?

Global Agrochemicals Market size was valued at USD 224.90 Billion in 2021 and is poised to grow from USD 231.20 billion in 2022 to USD 288.36 billion by 2030, at a CAGR of 2.80% during the forecast period (2023-2030).

Agrochemicals Market Size, Share, Growth Analysis, By Fertilizer Type(Nitrogen Fertilizer, Phosphatic Fertilizer, Potassic Fertilizer), By Pesticide Type(Fungicides, Herbicides, Insecticides, Others), By Crop Type(Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others), By Mode of Application(Foliar, Fertigation, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15C2066 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 119 | Figures: 72

Agrochemicals Market Insights

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).

Agrochemicals are pesticides, herbicides, or fertilizers used for the management of ecosystems in agricultural sectors. Rudimentary variations on agrochemicals have been used for millennia to improve crop yields and control the populations of agricultural pests. Agrochemicals are classified into fertilizers and pesticides. Fertilizers enhance the quality of the crop by providing essential nutrients to the crop and soil whereas pesticides protect the crops and control, kill, or repel pests and weeds that can harm the crop. Considering the current global population scenario, it is extremely important to increase the production of crops within the present arable land to feed the global population. Thus, agrochemicals play an important role in the agriculture industry, assisting farmers in enhancing their crop quality as well as quantity.

The major factors which drives the global agrochemicals market include high population and consequent increase in the demand for food, soil degradation, less agricultural land, and increase in awareness in the consumers regarding the benefits of agrochemicals. However, the market growth may be hampered by the potential harm of using synthetic pesticides such as 2, 4-D and atrazine herbicide. The growing animal husbandry and animal feed sectors are expected to have a positive impact on the growth of the global agrochemicals market. The feed industry in the U.S. is the largest in the world. According to the American Feed Industry Association (AFIA), the export value of animal feed in the U.S. was USD 13 billion and the volume was 32.4 thousand tons. Turkey, Bolivia, Romania, and Tunisia grew at positive rates over the last few years. According to the International Feed Industry Federation (IFIF), commercial production of feed takes place in over 130 countries and generates an annual turnover of USD 400 billion every year.

US Agrochemicals Market is poised to grow at a sustainable CAGR for the next forecast year.

Agrochemicals Market Report Snapshots

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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.

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