Covina, June 21, 2023 (GLOBE NEWSWIRE) -- Herbicides, pesticides, fertilizers, insecticides are the examples of agrochemical product which are used in agriculture to protect crops from insects and pests. Agrochemicals kills damaging insects and help in improving growth of crop.
New product launch and growing demand for agrochemicals to protect crops has further fueled the market growth. Growing adoption of fertilizers to supply nutrients to crop for higher yield is expected to propel the demand for Agrochemicals market growth over the forecast period.
The agrochemicals market plays a crucial role in modern agriculture by providing farmers with tools to protect their crops and optimize production. These chemicals help to combat pests and diseases that can reduce crop yields, leading to food shortages and economic losses. Additionally, fertilizers ensure that crops receive the necessary nutrients for healthy growth and increased productivity.
Key Highlights:
- In December 2022, Indian Agrochemical Firm GSP Crop Science, launched new chlorantraniliprole (CTPR) under brand name Ballot and Helipro which works through contact, injections, larvicidal, ovi-larvicidal on chewing pest insects.
- In April 2022, BASF SE launched new “Exponus” insecticide which delivers powerful with quick & control of toughest pest like Thrips & Caterpillars and used on crops like pulses, oil seeds and vegetables.
Analyst View:
Use of agrochemicals to boost the production and productivity of crops by farmers is likely to propel market growth. To get rid of insects and pests from destroying growth of crops has given rise in use of fertilizers, pesticides, insecticides, herbicides which in turn, is anticipated to increase the demand for Agrochemicals market growth.
Key Market Insights from the report:
Agrochemicals Market accounted for US$ 227.9 billion in 2022 and is estimated to be US$ 325.4 billion by 2032 and is anticipated to register a CAGR of 3.6%. The Agrochemicals Market is segmented based on Product, Application and Region.
- Based on Product, Agrochemicals Market is segmented into Crop Protection Chemicals, Fertilizers, Plant Growth Regulators and Others.
- Based on Application, Agrochemicals Market is segmented into Fruits & Vegetables, Oilseeds & Pulses, Cereals & Grains and Others.
- By Region, the Agrochemicals Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
| Attributes | Details |
| Agrochemicals Market Value (2022) | US$ 227.9Bn |
| Agrochemicals Market Projected Value (2032) | US$ 325.4Bn |
| Agrochemicals Market CAGR (2022 – 2032) | 3.6% |
Request Free Sample Copy:
https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/5109
Competitive Landscape & their strategies of Agrochemicals Market:
The prominent players operating in the Agrochemicals Market includes:
- BASF SE
- Bayer AG
- Clariant AG
- The DOW Chemical Company
- Evonik Industries AG
- Huntsman International LLC.
- Solvay
- Ashland Inc.
- FMC Corp.
- Nufarm.
Request PDF:
https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5109
Geography:
North America: The United States and Canada have significant agricultural sectors and are major consumers of agrochemicals. The market in this region is driven by advanced farming techniques, high mechanization, and the need for effective pest and weed control.
Europe: Countries like Germany, France, the United Kingdom, and Spain have well-developed agricultural industries. The European agrochemicals market focuses on sustainable farming practices, reduced chemical usage, and the promotion of biopesticides and organic farming.
Asia-Pacific: This region, particularly China and India, is witnessing rapid growth in the agrochemicals market due to the large population, increasing food demand, and expanding agricultural activities. The market is characterized by a mix of small-scale farmers and large commercial farms.
Latin America: Countries like Brazil, Argentina, and Mexico have extensive agricultural land and favorable climatic conditions, making them major players in the agrochemicals market. The region is known for large-scale production of crops such as soybeans, sugarcane, and corn.
Drivers and Restraints:
Drivers:
- Growing global population and increasing food demand: The world's population is continuously growing, leading to an increased demand for food. Agrochemicals help farmers improve crop yields and enhance agricultural productivity to meet the rising food requirements.
- Need for crop protection: Pests, diseases, and weeds pose significant threats to crop health and yield. Agrochemicals such as pesticides and herbicides play a vital role in controlling and managing these issues, protecting crops from damage and ensuring optimal growth.
- Technological advancements: Advancements in agrochemical formulations, precision agriculture, and biotechnology have led to the development of more effective and targeted products. These technological innovations enable farmers to optimize agrochemical usage, reduce environmental impact, and enhance crop protection and productivity.
- Increasing adoption of genetically modified (GM) crops: GM crops are engineered to be resistant to pests, diseases, and herbicides. The widespread adoption of GM crops, such as insect-resistant Bt cotton and herbicide-tolerant soybeans, has driven the demand for corresponding agrochemicals.
Restraints:
- Environmental concerns: The use of agrochemicals can have adverse environmental impacts, such as water and soil pollution, biodiversity loss, and negative effects on non-target organisms. Increasing awareness and regulations related to environmental protection pose challenges to the agrochemicals market.
- Health and safety concerns: There are concerns about the potential health risks associated with the use of agrochemicals. Prolonged exposure to certain pesticides and herbicides can have detrimental effects on human health and the well-being of farmers and farmworkers.
- Regulatory restrictions: Governments around the world are implementing stricter regulations on agrochemicals, including registration processes, usage restrictions, and bans on certain active ingredients. These regulatory measures aim to ensure product safety, minimize environmental impact, and promote sustainable agriculture.
- Shift towards sustainable agriculture: There is a growing demand for sustainable and organic agricultural practices. Consumers are increasingly conscious of food quality, safety, and environmental impact. This has led to a rise in organic farming, integrated pest management, and the use of biopesticides, which can reduce the reliance on synthetic agrochemicals.
Request Customization:
https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/5109
Browse Other Related Research Reports from Prophecy Market Insights:
- Agricultural Films Market is estimated to be US$ 24.2 billion by 2032
- Membrane Water and Wastewater Treatment Market is estimated to be US$ 12.16 billion by 2030 with a CAGR of 8.9% during the forecast period
- Agricultural Surfactants Market is estimated to be US$ 2.6 billion by 2032 with a CAGR of 7.2% over the forecast period (2022-2032)
Questions by Agrochemicals Market:
- What are the key market trends and market dynamics?
- Who are the major players in the market and what is their market share?
- What is the competitive landscape like in the market?
- What are the major drivers and restraints affecting the market?
- What are the growth opportunities in the market?
- What are the regional and local market conditions and consumer behavior?
- What is the market size and growth forecast for different regions and countries?
- What is the impact of government regulations and policies on the market?
About Prophecy Market Insights:
Prophecy Market Insights is a leading provider of market research services, offering insightful and actionable reports to clients across various industries. With a team of experienced analysts and researchers, Prophecy Market Insights provides accurate and reliable market intelligence, helping businesses make informed decisions and stay ahead of the competition. The company's research reports cover a wide range of topics, including industry trends, market size, growth opportunities, competitive landscape, and more. Prophecy Market Insights is committed to delivering high-quality research services that help clients achieve their strategic goals and objectives.
