![Agrochemicals market](https://res.cloudinary.com/devmoveo/image/upload/v1705063749/skyquest/report/phpCtyTw1.jpg)
Report ID: SQMIG15C2066
Report ID:
SQMIG15C2066 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|
Tables:
119 |
Figures:
72
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.
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Report ID: SQMIG15C2066