New York, July 10, 2023 (GLOBE NEWSWIRE) -- In terms of revenue, the Global Agrochemicals Market is estimated to exceed USD 380.8 Billion by 2032 From USD 252.6 Bn in 2022, expanding at a CAGR of 4.3% during the forecast period.
Agrochemicals are chemicals used in agriculture to increase crop yields, safeguard crops against weeds, diseases, and pests, and, most importantly, improve soil fertility soil.
To get additional highlights on major revenue-generating segments, Request an Agrochemicals Market sample report at https://marketresearch.biz/report/agrochemicals-market/request-sample/
Key Takeaway:
- By product type, the fertilizers segment leads the market with the highest revenue share of 60%.
- By application, the cereals & grains segment is likely to grow at the highest rate, with a revenue share of 43%.
- Asia Pacific held a significant revenue share of 32% in 2022.
- North America is anticipated to grow at a high CAGR during the forecast period.
The rising population has led to a change in food consumption patterns and a subsequent rise in food demand. This has led to a tremendous increase in demand for agrochemicals. Moreover, growing animal husbandry and animal feed sectors are fuelling the market's growth over the forecasted period. Also, technological advancements in agriculture and the launch of advanced agrochemicals will fuel market growth.
Factors Affecting the Growth of the Agrochemicals Market
Several factors can affect the growth of the Agrochemicals market. Some of these factors include:
- Increasing global population: There has been a significant rise in population in recent years. The tremendous rise in population is directly related to changes in food consumption patterns. The increasing population is directly proportional to the rise in food demand. Therefore, increasing food demand is expected to fuel agrochemical demand during the projection period, as they are an essential component of agriculture and food security.
- Decrease in arable land: According to several sources, the land used for agriculture worldwide has decreased recently. Only 12% of the world's land surface is used for crop production, and there is little room for further agricultural land expansion, according to the FAO's resource forecast for 2050. Thus, a decrease in arable land will likely fuel the demand for agrochemicals during the forecast period, as they play a crucial role in enhancing soil fertility.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://marketresearch.biz/report/agrochemicals-market/#inquiry
Top Trends in Global Agrochemicals Market
Development of environment-friendly agrochemicals and use of precision agriculture techniques
There is an increasing focus on developing more environmentally friendly agrochemicals that have minimal impact on non-target organisms. These products offer effective pest control service while minimizing risks to human health and the environment. Moreover, precision agriculture techniques, including remote sensing, drones, and satellite imagery, are being employed to optimize the application of agrochemicals. Therefore, the development of environment-friendly agrochemicals and precision agriculture techniques are new emerging trends expected to contribute to market growth during the projection period.
Market Growth
An increase in food demand is a key factor driving agrochemical demand. Also, growing animal husbandry and feed technology sectors stimulate the market's growth during the projected time. Furthermore, strategic investments and the launch of advanced agrochemicals will propel market growth during the forecast period.
Regional Analysis
Asia-Pacific region is expected to lead the market by accounting for a significant revenue share of 32%. The market growth in the region is driven by the presence of major countries such as India, China, and Japan, which are top producers of agricultural goods. North America is likely to grow rapidly during the projection period. Rising demand for food has led to increased demand for high agricultural output. It is a major factor driving agrochemical demand over the estimated period.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include BASF SE, The DOW Chemical Company, Bayer CropScience AG, Adama Agricultural Solutions, Corteva Agriscience AG, Huntsman International LLC, Croda International Plc, FMC Corporation, Evonik Industries AG, Helena Agri-Enterprises, LLC, Nufarm, and Other Key Players.
Make informed business decisions with our sample report, revealing key market insights Click Here To Download/Request a Sample
Scope of Report
| Report Attribute | Details |
| Market Value (2022) | US$ 252.6 Bn |
| Market Size (2032) | US$ 380.8 Bn |
| CAGR (from 2023 to 2032) | 4.3% |
| Asia-Pacific Revenue Share | 32% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The rising global population and decreasing arable land drive the demand for Agrochemicals.
The population of the planet is growing exponentially. In the next three decades, the global population is projected to grow by about 2 billion people, from the present 8 billion to 9.7 billion in 2050, with a potential peak of nearly 10.4 billion in the middle of the 2080s, according to World Population Prospects 2022. The rise in the global population is leading to an increase in food demand. It is expected to fuel the demand for agrochemicals during the projection period. Also, a decrease in cultivable or arable land is expected to promote the demand for agrochemicals, as they play a crucial role in enhancing soil fertility and increasing crop production.
Market Restraints
Toxic effects and environmental concerns associated with agrochemicals
Many agrochemicals are extremely harmful to both people and animals when they are concentrated. For instance, while anhydrous ammonia, a gaseous fertilizer, is generally safe for people in low concentrations, it can be lethal in high amounts and float across great distances. Thus, toxic effects associated with agrochemicals may limit the market growth during the projected period. Also, undesirable environmental effects are expected to have a negative impact on the adoption of agrochemicals.
Market Opportunities
Increase in NUE for increasing fertilizer efficacy.
To meet both the present and future food demand, there is a need to improve crop yields by increasing nutrient utilization to a significant extent. This can be achieved by increasing NUE. Thus, using NUE is key to enhancing the efficacy of fertilizers and is likely to boost the market growth during the projection period and provide new growth opportunities for the market in the upcoming years.
Maximize your profitability with MarketResearch.Biz - Gain a competitive edge by acquiring this premium report at https://marketresearch.biz/purchase-report/?report_id=24230
Report Segmentation of the Agrochemicals Market
By Product Type Insight
Fertilizers lead the product type segment by accounting for a major revenue share in the market. A growing emphasis on improving agricultural productivity and developing efficient and targeted fertilizers are key factors driving the segment's growth during the projection period. Also, pesticides are expected to grow rapidly during the forecast period. An increased risk of pest infestation due to high agricultural production is a major factor stimulating the demand for pesticides during the estimated period.
By Application Insight
The cereal & grains segment is anticipated to lead the application segment over the forecasted period. Increased consumption of cereals and grains, along with the development of new agrochemicals and technological advancements, are key factors driving the segment's growth. Moreover, the fruits & vegetables segment will likely grow rapidly during the estimated period. Rising demand for high-quality fruits and vegetables is likely to fuel agrochemical demand during the projection period.
Uncover valuable statistics and future projections by accessing a sample report for historical and forecast market data spanning 2016 to 2032 at https://marketresearch.biz/report/agrochemicals-market/request-sample/
Market Segmentation
By Product Type
- Fertilizers
- Nitrogenous Fertilizer
- Phosphatic Fertilizer
- Potassic Fertilizer
- Pesticides
- Insecticides
- Herbicides
- Fungicides
- Other Pesticides
- Plant Growth Regulators
By Application
- Cereal & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Other Applications
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The global Agrochemicals market is highly competitive and comprises several market players. The market is growing rapidly due to rising demand for increasing agricultural output using agrochemicals. Additionally, technological investments, new strategic agreements, mergers and acquisitions, and the launch of new products by key market players will likely positively impact market growth in the upcoming years.
- BASF SE
- The DOW Chemical Company
- Bayer CropScience AG
- Adama Agricultural Solutions
- Corteva Agriscience AG
- Huntsman International LLC
- Croda International Plc
- FMC Corporation
- Evonik Industries AG
- Helena Agri-Enterprises, LLC
- Nufarm
- Other Key Players
Recent Development of the Agrochemicals Market
- February 2023: Best Agrolife, i.e., BAL, an Indian agrochemical firm, expanded its product line by launching six new formulations: Promos, Amito, Propique, Doddy, Ghotu, and Headshot, in addition to their already existing star brands Citigen and Vistara. BAL also used the launch occasion to raise awareness about the benefits of its product range and to enlighten the audience about how the company is effectively altering India's agriculture industry.
- June 2022: UPL Limited, a global provider of innovative crop solutions to farmers & agribusinesses, launched new pesticides in India containing Flupyrimin-a, a patented active ingredient specifically designed to target toxic rice pests. Flupyrimin offers residual control effective against major rice pests such as the yellow stem borer (YSB) and brown plant hopper (BPH).
Browse More Related Reports
- Fresh Food Market size is expected to be worth around USD 4,790.6 Bn by 2032 from USD 3694.6 Bn in 2022, growing at a CAGR of 2.7% during the forecast period from 2023 to 2032.
- Acetic Acid Market size is expected to be worth around USD 19.8 Bn by 2032 from USD 11.4 Bn in 2022, growing at a CAGR of 5.8% during the forecast period from 2023 to 2032.
- Diethyl Phthalate Market size is expected to be worth around USD 202.7 Mn by 2032 from USD 137.0 Mn in 2022, growing at a CAGR of 4.1% during the forecast period from 2023 to 2032.
- Agricultural Biologicals Market size is expected to be worth around USD 21.9 Bn by 2032 from USD 10.16 Bn in 2022, growing at a CAGR of 8.2% during the forecast period from 2023 to 2032.
About Us:
MarketResearch.Biz (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. MarketResearch.Biz provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn: https://www.linkedin.com/company/marketresearch-biz/
Follow Us on Facebook: https://www.facebook.com/marketresearch.biz
Follow Us on Twitter: https://twitter.com/PrudourResearch
