Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for agrochemical services was estimated to be worth a market valuation of around US$ 692.9 million in 2021. The market is anticipated to advance with a steady 6.4% CAGR from 2022 to 2031. The market is likely to reach US$ 1.27 billion by 2031.
Agrochemical services market development reasons include increasing demand for sustainably produced food, a rise in crop protection chemical use to prevent crop losses and boost yield, and agrochemicals' involvement in combating climate change. Agrochemicals assist in lessening the requirement to convert forests into agriculture, potentially lowering greenhouse gas (GHG) emissions. Agrochemicals' handling, application, safety, and efficacy are all improved via formulating services. They use the least quantity of active substances while enhancing the power of additional active ingredients to get rid of pests.
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Global Agrochemicals Services Market: Key Players
The global market for agrochemical services is concentrated, with a few significant suppliers owning the vast bulk of the industry. The research of agrochemical services is receiving major funding from several organizations.
Clariant, Creative Proteomics, ALLIANCE PHARMA, Frontage Labs, Intertek Group plc, PerkinElmer Inc, Bioneeds India Pvt. Ltd., Labcorp Drug Development, Baroda Agro Chemicals Ltd, JRF worldwide, and PI Industries are some of the major companies active in the worldwide agrochemical services industry.
Some developments by the key players in the global market for agrochemicals services are:
- PerkinElmer introduced MaxSignal HTS Total Aflatoxins as well as DON Elisa kits in December 2020 with cutting-edge automation for expedited mycotoxin testing.
- PI Industries Limited (PI) acquired Isagro Asia Agrochemicals Private Ltd (Isagro Asia), a firm with a comprehensive approach to the agro-sciences market, on December 27, 2019, from Isagro Spa and its affiliates.
The increased use of synthetic fertilizers and chemicals on crops is expected to boost the demand for soil testing and inspection techniques. The need for agrochemical testing and inspection operations has increased because to an increase in soil pollution brought on by industrial effluents as well as wastewater. The market for agrochemical services globally is growing as a result.
Key Findings of Market Report
- In 2021, the formulation support market sector accounted for a significant 39% of the overall market.
- In 2021, the testing and inspection sector held a 27.25% market share.
- In 2021, the cereals & grains category accounted for a significant 48.5% of the worldwide market.
- In 2021, Asia Pacific held a significant portion of the worldwide market, accounting for 30.6%.
Market Trends for Agrochemicals Services
- The global market for agrochemical services has been segmented according to crop type into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. In 2021, the cereals and grains category accounted for a sizable portion of the worldwide market. It is anticipated to dominate the market throughout the forecasted period due to the rise in demand for food that is both safe and of high quality. In 2021, the fruits and vegetable category had a 30.5% market share. The category is anticipated to expand steadily throughout the forecast period.
- The global market for agrochemical services has been divided into many service categories, including formulation support, testing and inspection, regulatory advice, off-patent active solutions, and others. In 2021, the formulation support sector accounted for a sizable portion of the worldwide market. Agrochemical formulation enhances its effectiveness, safety, application, and handling.
- In 2021, the testing and inspection sector held a 27.25% market share. It is anticipated that the testing & inspection segment would expand steadily throughout the projection period due to the development in contemporary industrialization and intensive agricultural practices.
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Global Agrochemicals Services Regional Market Outlook
Various reasons are propelling the growth of the agrochemicals services market in different regions. The are:
- In 2021, Asia Pacific had a sizable portion of the worldwide market. The market in the area is anticipated to expand significantly over the course of the forecast period. With a market share of more than 78.3% in the Asia Pacific area, China is a crucial market for agrochemical services. Agrochemical use in agriculture is fast expanding in emerging nations, particularly in Southeast Asia. The two main agrochemical-producing nations in Asia are China and India. A significant market for agrochemical services is Latin America. In 2021, the region accounted for 25% of the worldwide market.
Global Agrochemicals Services Market Segmentation
- Services
- Formulation Support
- Testing & Inspection
- Regulatory Guidance
- Off-Patent Active Solutions
- Others
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Insecticides
- Fungicides
- Herbicides
- Fertilizers
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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