Chicago, May 05, 2023 (GLOBE NEWSWIRE) -- The global agrochemicals market size was valued at USD 235.2 billion in 2023. The market is estimated to expand USD 282.2 billion by 2028, exhibiting a CAGR of 3.7% over the projected period. Agrochemicals are the critical component of the agriculture industry, providing farmers with the necessary tools to protect crops from pests and diseases while increasing yields. MarketsandMarkets™ provides this information in its research report, titled “Agrochemicals Market Global Forecast, 2023-2028”.
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Key Industry Development:
With the growing global population, the demand for food has increased significantly. This has led to an increase in the use of agrochemicals to improve crop yields and meet the growing demand for food.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2028 |
| Forecast Period 2021 to 2026 CAGR | 3.7% |
| 2028 Value Projection | USD 282.2 billion |
| Segments covered | Application, Region, Crop Type |
| Regions covered | Europe, North America, South America, Asia Pacific |
| Report Coverage & Deliverables | Revenue forecast, company ranking, driving factors, Competitive benchmarking, and analysis |
Key Takeaways:
- Agrochemicals market size was valued at 235.2 billion in 2023.
- The adoption of genetically modified crops has increased significantly in recent years. These crops are designed to be resistant to pests and diseases, reducing the need for agrochemicals.
- The demand for bio-based agrochemicals will continue to grow in the next five years. Bio-based agrochemicals are derived from natural sources and are more environmentally friendly than synthetic agrochemicals. There is increasing awareness among consumers and governments about the harmful effects of synthetic agrochemicals on human health and the environment, which is driving the demand for bio-based alternatives.
- The agrochemicals market is highly competitive, with numerous players operating in the industry. Key players include Bayer AG, Syngenta, BASF, Nufarm, UPL etc.
- Asia Pacific showed a significant growth in the agrochemicals market.
Drivers and Restraints:
Increased demand for crop protection chemicals to increase productivity of crops
The progress of agricultural chemistry has enabled farmers to engage in intensive crop management in most countries, such as India, China, Thailand, Vietnam, and South Korea. The increasing awareness about crop protection chemicals has not only resulted in increased use of pest control products but has also led to awareness about the potential for more profitable opportunities with minimum loss. The global agrochemicals industry has been experiencing an increase in the number of patents and product registrations, resulting in greater use in agriculture, which drives the market.
Increasing resistance against agrochemicals in insect species
Over-reliance on pesticides leads to the evolution of pesticide resistance in insects, weeds, and diseases.
Farmers who use the same pesticides frequently eliminate most of the population who is vulnerable to the chemical. However, when the same pesticides are applied repeatedly and widely over time, the population becomes resistant to the pesticide due to the rapid population growth of these resistant individuals. Farmers who discover their fields overrun with weeds they lack the equipment and knowledge to eradicate face a serious threat from "superweeds," or weeds that have developed resistance to multiple herbicides. However, rather than addressing the root causes of resistance, agrichemical companies release new formulations of multiple herbicides. These new formulations occasionally include older, riskier substances like 2,4-D, dicamba, and atrazine. The quantity of chemicals sprayed on crops may significantly increase because of these reformulations.
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Segments:
Product Type: The agrochemicals market includes various types of products such as fertilizers, pesticides, and herbicides.
Application: Agrochemicals are used for various applications such as crop protection, soil improvement, and plant growth enhancement.
Crop Type: Agrochemicals can also be segmented based on the type of crop they are used on, such as cereals, fruits and vegetables, oilseeds and pulses, and others.
Mode of Action: Agrochemicals can be classified based on their mode of action, such as contact, systemic, and fumigants.
Formulation: The market can also be segmented based on the formulation of agrochemicals, such as liquid, granular, and powder.
Region: The agrochemicals market can also be segmented based on the region, such as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Regional Insights:
The agrochemicals market in North America is driven by the increasing demand for food and the adoption of advanced farming technologies. The United States is the largest market in this region due to its large agricultural sector and high adoption of agrochemicals.
The European market for agrochemicals is driven by the demand for high-quality and safe food, as well as the increasing adoption of organic farming practices. The European Union has strict regulations on the use of agrochemicals, which is driving the development of more environmentally friendly products.
The Asia-Pacific region is the fastest growing market for agrochemicals due to the large population, increasing demand for food, and adoption of advanced farming technologies. India and China are the largest markets in this region, driven by the growing need to feed their large populations.
The Latin American market for agrochemicals is driven by the large agricultural sector and favorable government policies. Brazil is the largest market in this region, with a significant portion of its economy based on agriculture.
The Middle East and Africa market for agrochemicals is driven by the growing need to improve food security and the adoption of advanced farming technologies. Countries such as Egypt and South Africa have large agricultural sectors and are important markets for agrochemicals.
List of Key Players Mentioned in the Report:
- Bayer AG (Germany)
- Syngenta (Switzerland)
- BASF (Germany)
- UPL (India)
- Nufarm (Australia)
- ADAMA (Israel)
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FAQs:
What is the projected market value of the global agrochemicals market?
The global agrochemicals market size is projected to reach USD 282.2 billion by 2028.
What is the estimated growth rate (CAGR) of the global agrochemicals market for the next five years?
The global agrochemicals market is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2023 to 2028.
What are the major revenue pockets in the agrochemicals market currently?
The demand for agrochemicals in Asia-Pacific region is also expected to grow significantly in the next five years. This is due to the increasing population, growing food demand, and increasing adoption of advanced farming technologies in countries such as India and China.
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