New York, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Agrochemicals are chemical or biological compounds used to improve crop quality and yield. Agrochemicals are fertilizers and pesticides. Fertilizers increase crop quality by adding nutrients to the crop and soil, while pesticides kill or repel pests and weeds. Current worldwide population trends require more arable land to feed the world's rising population. Agrochemicals assist farmers boost crop quality and quantity.
Population expansion and rising food consumption, soil degradation, shortage of arable land, and consumer awareness of agrochemicals' benefits drive the worldwide agrochemicals market. Synthetic pesticides like 2, 4-D and atrazine herbicide may hinder industrial growth. Higher agrochemical concentrations pollute water and destroy the environment. Bio-based fertilizers and pesticides have created many opportunities.
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Global Agrochemicals Market: DRIVERS
- Emerging Nations Use More Agricultural Chemicals
Technology has changed farming methods. Growing export and import of agricultural commodities, especially in developing nations, has led to the emergence of new harmful species, increasing the need for crop protection solutions.
Globalization of agrochemicals affects Asian crop protection markets. Growing populations, higher agricultural demands, and a rising economy drive demand for herbicides and pesticides. As urbanization reduces farmland, farmers must use more agricultural chemicals to preserve soil health and increase yield.
- Agricultural Productivity Enhancement
Government measures have enhanced global agrochemicals demand. In exchange for subsidies and tax exemptions, farmers must help the government. Agriculturally dependent countries need improved fertilizers the most. Under these conditions, worldwide agrochemicals market revenue should rise. Cash crop farming generally incorporates agrochemicals, which will expand the agrochemicals industry in the next years.
Report Scope
| Report Metric | Details |
| Market Size | USD 286.08 Billion by 2030 |
| CAGR | 2.89% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Applications, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Stepan Company | ADAMA Ltd. | Croda International Plc | Evonik Industries AG | Nufarm | Clariant AG | The DOW Chemical Company | Huntsman International LLC | Bayer AGa | BASF SE | Solvay | Helena Agri-Enterprises, LLC | Land O’ Lakes, Inc. | Ashland, Inc. | FMC Corp. |
| Key Market Opportunities | Recent Developments in Research Conducted by Agricultural and Chemical Industries |
| Key Market Drivers | A Rise in The Use of Agricultural Chemicals in Emerging Nations |
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Global Agrochemicals Market: KEY FUTURE OPPORTUNITIES
Recent Agricultural and Chemical Industry Research
Pesticides and insecticides stimulate crop growth. Synthetic pesticides used to speed up planting and cultivation have boosted the agrochemicals sector. Organic fertilizers are also recommended by several agricultural professionals to boost crop yields. Farmers and other agriculturalists must use their resources wisely. These groups work hard to acquire high-quality seeds and fertilizers. Progress in agricultural and chemical research offers profitable opportunities for the global agrochemicals market during the projection period.
Regional Overview of Global Agrochemicals Market
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa make up the Global Agrochemicals Market Revenue Share.
Asia Pacific accounted for 30% of revenues in 2021. It's the world's top agricultural producer. India, China, and Japan are major regional players. ITC and FAO say China is the world's leading exporter and manufacturer of pesticides (FAO). According to the OECD and FAO, India is the world's fourth-largest producer of agrochemicals. Agriculture is the region's most lucrative industry.
Asia Pacific's revenue share was around 30% in 2021. This is due to huge crop-producing countries. China imports, exports, and manufactures fertilizers and insecticides. China uses the most insecticides in agriculture. One-third of the world's pesticides and fertilizers are used there.
North America is second. North America grows maize, sorghum, blueberries, and almonds. The US produces, consumes, and exports agrochemicals. Better grain prices, excellent weather, and reducing trade tensions with China propel the market. Western drought has boosted miticide demand.
The US dominated North American agrochemicals due to high demand for maize, sorghum, soybeans, and blueberries. The U.S. also produces maize, sorghum, blueberries, and almonds. It's the second-largest soybean producer behind Brazil. These are the main market growth drivers.
Key Highlights
- The Global Agrochemicals Market Size was valued at USD 221.38 billion in 2021. The market is projected to grow from USD 227.78 billion in 2022 to USD 286.08 billion by 2030, increasing at a CAGR of 2.89% during the forecast period 2022 to 2030.
- By Product, the Global Agrochemicals Market is segmented into Fertilizers, Plant Growth Regulators and others. The fertilizer segment dominates the global revenue. Fertilizers boost crop output quickly.
- By Application, the Global Agrochemicals Market is segmented into Cereal & Grains, Fruits & Vegetables and others. In 2021, cereal & grains dominated the market share.
- By Geography, the Global Agrochemicals Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific has a dominant revenue share.
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Major Players in Global Agrochemicals Market
A list of major competitor companies in the Agrochemicals Market across the globe are
- Bayer AG
- Huntsman International LLC
- The DOW Chemical Company
- Clariant AG
- Nufarm
- Evonik Industries AG
- Croda International Plc
- ADAMA Ltd.
- Stepan Company
- BASF SE
- Solvay
- Helena Agri-Enterprises, LLC
- Land O’ Lakes, Inc.
- Ashland, Inc.
- FMC Corp.
Global Agrochemicals Market: Segmentation
BY PRODUCT
- Fertilizers
- Plant Growth Regulators
- Others
BY APPLICATION
- Cereal & Grains
- Fruits & Vegetables
- Others
BY GEOGRAPHY
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
TABLE OF CONTENT
- Introduction
- Agrochemicals Market Definition
- Agrochemicals Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Agrochemicals Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Product Overview
- Introduction
- Market Size & Forecast
- Fertilizers
- Market Size & Forecast
- Plant Growth Regulators
- Market Size & Forecast
- Introduction
- Applications Overview
- Introduction
- Market Size & Forecast
- Cereal & Grains
- Market Size & Forecast
- Fruits & Vegetables
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Product
- By Applications
- Canada
- By Product
- By Applications
- Mexico
- By Product
- By Applications
- Latin America
- By Product
- By Applications
- Europe
- Market Size & Forecast
- Germany
- By Product
- By Applications
- France
- By Product
- By Applications
- U.K.
- By Product
- By Applications
- Italy
- By Product
- By Applications
- Spain
- By Product
- By Applications
- Rest of Europe
- By Product
- By Applications
- Asia Pacific
- Market Size & Forecast
- Japan
- By Product
- By Applications
- China
- By Product
- By Applications
- Australia
- By Product
- By Applications
- India
- By Product
- By Applications
- South Korea
- By Product
- By Applications
- Rest of Asia-Pacific
- By Product
- By Applications
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Product
- By Applications
- South Africa
- By Product
- By Applications
- Kuwait
- By Product
- By Applications
- Rest of Middle East & Africa
- By Product
- By Applications
- Introduction
- Company Profile
- Bayer Aga
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Huntsman International LLC
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- The DOW Chemical Company
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Bayer Aga
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/agrochemical-market/toc
Recent Developments
- June 2022 - Azolla Ventures I and Chrysalix Venture Capital's Carbon Neutrality Fund are two sustainability funds in which Evonik Venture Capital has invested. Both businesses are researching CO2 reduction technology, with Azolla focusing on North America and Chrysalix on the rest of the world. This is the first investment made by Evonik's venture capital arm with the new €150 million Sustainability Tech Fund. The amount of the investment has been agreed upon by all parties.
- May 2022 - New revolving credit facility (the "Credit Facility") for Huntsman International LLC of $1.2 billion has been announced by Huntsman Corporation, which replaces an existing senior unsecured revolving credit facility of that same amount that expires in May 2023.
News Media
Top 7 Animal Feed Producers
A Detailed Analysis of the Global Organic Food Industry in 2020
Global Biostimulants Market to Expand at an Astounding Healthy CAGR During Forecast Period
Global Seed Treatment Market is Accounted for Around USD 6,500 Million in 2017 and is Projected to Grow at a CAGR of 12.6%
Developing Countries Across to Drive the Agriculture Reinsurance Market During the Forecast Period, 2019–2026
Increasing Adoption of Advanced Agricultural Practices in North America to Fuel Agricultural Surfactants Market Growth
Rising Popularity of Precision Farming to Drive Growth of Farm Management Software Market Over The Forecast Period–2026
Mechanized Irrigation Systems Market: Climatic changes and increasing temperature accentuate demand for mechanized irrigation system for agriculture and non-agriculture purposes
Machine learning and precision farming expected to foster the growth of AI in agriculture market
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