Demand: Agrochemicals Market Size & Share to Surpass $262.4 Billion by 2028 | Vantage Market Research


WASHINGTON, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Agrochemicals Market is valued at USD 221.5 Billion in 2021 and is projected to reach a value of USD 264.4 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3% over the forecast period 2022-2028.

Market Overview

According to Vantage Market Research, some key factors are anticipated to accelerate the Agrochemicals market growth over the forecast period. The growth is linked to the rising global demand for crop protection and fertilizer solutions used in agriculture. A major factor driving the demand for Agrochemicals is farmers' growing use of artificial fertilizers to provide nutrients to the crops and increase their yield.

We forecast that the nitrogen fertilizer category in the Agrochemicals market will account for more than 37% of total sales by 2028. Fertilizers containing nitrogen are widely available, help to hasten plant growth, and boost agricultural yields. However, there are adverse effects on the nearby areas, particularly water bodies, due to the rising use of nitrogenous fertilizers.

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Market Dynamics

Rise in The Use of Agricultural Chemicals in Developing Nations to Boost Market Growth

Demand for various Agrochemicals, including pesticides and herbicides, is rising due to rising global food production, a growing population, and an increasing economy. The demand for food products is rising, but there is a decreasing amount of land available for agriculture due to increasing urbanization. Farmers are forced to use a variety of agricultural chemicals to preserve soil health and increase productivity.

Development to Enhance Agricultural Productivity to Drive Market

Due to government initiatives, demand in the global Agrochemicals market have increased dramatically. Farmers receive financial aid through subsidies and tax exemptions in exchange for helping the governments with their initiatives. The most urgent demand for improved fertilizers is in nations that significantly rely on agriculture as a food source.

Top Players in the Global Agrochemicals Market

  • 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, (US)
  • Ashland Inc. (US)
  • Land O’ Lakes Inc. (US)
  • FMC Corp, (US)
  • ADAMA Ltd, (Isreal)
  • Stepan Company (US)

For Additional Information on Agrochemicals Market Players and Detail List, Download a Report PDF Brochure

Top Trends in Global Agrochemicals Market

  • One trend Vantage Market Research (VMR) expects to see in the Agrochemicals industry is recent developments in research conducted by agricultural and chemical industries. The Agrochemical market has grown dramatically due to the invention of organic insecticides to speed up planting and cultivation. Additionally, many agricultural experts believe that using natural fertilizers is one of the best strategies to boost crop yields.
  • Another trend that VMR predicts will continue in the Agrochemicals industry is increasing population and consequent rise in food demand. To feed the growing population, there is a significant demand for food goods. More products will be needed from the available land because the area used for agriculture is decreasing. Additionally essential to crop growth, Agrochemicals deliver enhanced performance and observable outcomes. For healthy growth and capacity utilization potential, plants must receive the necessary micronutrients. Crops and soil have different nutritional requirements.

Top Report Findings

  • Based on Fertilizers Type, most of the Agrochemicals market's revenue is controlled by the nitrogenous fertilizers category. Many agricultural experts believe using natural fertilizers is one of the best strategies to boost crop yields.
  • Based on Pesticides, most of the Agrochemicals market's revenue is controlled by the hibiscus category. They are dealing with many issues due to a lack of people to weed fields in emerging nations manually. Herbicides boost agricultural yields while resolving the lack of manual weeders.
  • Based on Crop Type, most of the Agrochemicals market's revenue is controlled by the fruits & vegetable category. Customers' rising health concerns and preference for fresh fruits and vegetables are to blame for this development. Agrochemicals promote the growth of fruits and vegetables. Pesticides assist farmers in growing affordable, safe fruit and vegetables.

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Recent Developments in the Global Agrochemicals Market

  • Adama's Timeline® FX, a cutting-edge, broad-spectrum spring foliar herbicide for cereals, was introduced in February 2022. It has the widest application window of any herbicide for suppressing broadleaf and grass weeds in cereal crops because it is formulated with three active components, complementary modes of action, and a built-in adjuvant.

Nitrogenous Fertilizers Category in Agrochemicals Market to Generate Over 37% Revenue

Agrochemicals are an expensive investment. Vantage Market Research has analyzed the market for Agrochemicals to understand its current state and potential future growth factors. For better understanding, based on the fertilizer type, the Agrochemicals market is divided into nitrogen fertilizer, phosphatic fertilizer, and potassic fertilizer.

During the forecast period, the Agrochemical market is estimated to experience the highest CAGR for the nitrogen fertilizers category. Nitrogen fertilizers increase the growth of plants and yields. Increased nitrogen fertilizer use is bad for the ecosystems, especially for rivers. The sustainable agricultural chemicals market is anticipated to grow quickly in revenue. Sustainable agricultural chemicals include insecticides, pesticides, fertilizers, pyrethroids, bactericides, etc.

On the other hand, the potassic fertilizer category is estimated to grow significantly over the forecast period. Due to factors like the rising demand for greater agricultural production, the market for potassic fertilizers is expected to expand throughout the forecast period.

Asia Pacific Region in Agrochemicals Market to Generate More 33% Revenue

Asia Pacific region dominates the market throughout the projection period. The region leads the globe in agricultural product production. The leading local market contributors include China, Japan, and India. The Asia Pacific region's high percentage share is explained by the presence of significant countries that generate large amounts of crops.

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Global Agrochemicals Market Segmentation

By Fertilizer Type

  • Nitrogen fertilizer
  • Phosphatic Fertilizer
  • Potassic Fertizer

By Pesticide Type

  • Fungicides
  • Herbicides
  • Insections
  • Others

By Crop Type

  • Cereals & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Others

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 221.5 Billion
Revenue Forecast by 2028USD 264.4 Billion
CAGR3% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersClariant AG, BASF SE, Huntsman International LLC, Bayer AG, The DOW Chemical Company, Solvay, Nufarm, Evonik Industries AG, Croda International PLC, Helena Agri-Enterprises LLC, Ashland Inc., Land O’ Lakes Inc., FMC Corp., ADAMA Ltd., Stepan Company
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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