Agrochemicals Market Size Worth USD 509.72 Billion in 2032 | Emergen Research

Vancouver, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The global agrochemicals market, valued at USD 322.40 Billion in 2022, is poised for substantial growth with a projected rapid revenue CAGR of 4.7% during the forecast period. This surge is attributed to the increasing global population's demand for food and the crucial need for enhanced crop productivity. Favourable government policies, subsidies, and regulations further contribute to the market's robust revenue growth.

Agrochemicals, encompassing fertilizers and pesticides, play a pivotal role in augmenting crop quality and yield. Fertilizers provide essential nutrients to crops and soil, addressing the challenge of nutrient depletion due to recurrent cultivation. Pesticides protect crops from pests and diseases, safeguarding agricultural productivity. With the global population expected to reach 9.7 billion by 2050, the use of agrochemicals becomes imperative to maximize existing farmland productivity amid land shortages.

However, the market faces challenges from strict regulations, increasing the cost of agrochemical development and production, ultimately affecting consumer prices. Regulatory hurdles may hinder innovation in the sector, discouraging companies from investing in Research & Development (R&D). For instance, in 2022, four of Brazil's top ten pesticides were no longer approved in the European Union, according to Heinrich-boll-Stiftung European Union data.

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A notable trend in the market is the emergence of environment-friendly bio-agrochemicals. The adverse effects of synthetic agrochemicals have led to a surge in the adoption of biological agrochemicals in contemporary agriculture. Bio pesticides, such as canola oil and baking soda, are employed to minimize pest growth while causing minimal environmental harm. Furthermore, agrochemicals derived from fungi, bacteria, and soil-borne organisms contribute to high crop yields and sustainable growth.

Product Type Insights: Fertilizers Lead the Way

In 2022, the fertilizers segment dominated the global agrochemicals market, holding the largest revenue share. The rising demand for fertilizers to enhance soil fertility and provide crops with essential nutrients drove this segment's growth. Fertilizers, classified as nitrogenous, phosphatic, and potassic, are crucial for sustaining agriculture practices and maximizing crop yields. Nitrogenous fertilizers, including urea, ammonia, and ammonium nitrate, play a vital role in promoting rapid plant development and improving texture and color.

Conversely, the pesticides segment is expected to experience moderate revenue growth during the forecast period. The increasing need to protect crops from pests and diseases, coupled with the development of safer and more effective pesticides, will contribute to the segment's growth.

Crop Type Insights: Cereals & Grains Dominate

Cereals and grains are projected to account for a significantly large revenue share in the global agrochemicals market. The demand for agrochemicals is driven by the increasing global consumption of grains and cereals, particularly in the Asia Pacific region. Fertilizer application is essential for cereals and grains, such as wheat, rice, oats, and corn, contributing to their robust growth.

Additionally, the fruits and vegetables segment is expected to register steady revenue growth, as agrochemicals play a crucial role in ensuring the exceptional quality, safety, and profitability of these crops.

Mode of Application Insights: Soil Treatment Takes the Lead

The soil treatment segment is anticipated to secure the largest revenue share in 2022. Soil treatment offers advantages such as lower environmental impact, long-lasting effects, improved root development, and accurate application of agrochemicals in the root region of plants. This method minimizes waste and ensures crops receive the necessary nutrients or protection.

On the other hand, the foliar spray segment is expected to witness the fastest revenue growth, attributed to its high application efficiency, consistent chemical distribution, and minimal crop protection chemical waste.

Regional Insights: Asia Pacific Leads the Way

In 2022, the Asia Pacific market claimed the largest revenue share in the global agrochemicals market. The region's focus on food security and increased production of cereals and grains, led by major suppliers like China, Japan, and India, contributed to its dominance.

North America secured the second-largest revenue share, driven by the rising demand for agrochemicals and the prevalence of industrial farms. In Europe, the market experienced significant growth due to increasing food demand, precision farming methods, and a growing preference for organic farming practices.

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Major Companies and Competitive Landscape

The global agrochemicals market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective agrochemical products in the market. Some major players included in the global agrochemicals market report are:

• BASF SE
• The DOW Chemical Company
• Bayer CropScience AG
• ADAMA Ltd.
• Corteva Agriscience AG
• Huntsman International LLC
• Croda International Plc
• FMC Corporation
• Evonik Industries AG
• Helena Agri-Enterprises, LLC
• Nufarm Ltd
• Nutrien Ltd
• Yara International ASA
• Solvay
• Sumitomo Chemical Co., Ltd.

Strategic Development

• In November 2022, Bayer AG developed Adengo is a pre-emergent herbicide. It works on both broad-leaf plants and thin layers and has two active principles, isoxaflutole and thiencarbazone, each of which has a unique mode of action. Bayer AG has expanded its crop protection offering and introduced the herbicide Adengo to better serve maize farmers.
• In September 2022, FMC introduced three new soil fertility and pest management solutions. The goal of this launch was to assist Indian farmers in increasing their yields by utilizing higher-quality food and healthier soil.
• In June 2022, the UPL Limited, a multinational supplier of innovative agricultural solutions to farmers and agribusinesses, introduced innovative pesticides in India that are specifically made to target harmful rice pests and contain the patented active ingredient flupyrimin. Rice pests including Brown Plant Hoppers (BPH) and Yellow Stem Borers (YSB) can be effectively controlled by residual application of flupyrimin.

Segments Covered in Report

For the purpose of this report, Emergen Research has segmented global agrochemicals market on the basis of product type, crop type, mode of application, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • Fertilizers
    1. Nitrogenous Fertilizers
       • Urea
       • Ammonium Nitrate
       • Ammonium Sulfate
       • Ammonia
       • Calcium Ammonium Nitrate
       • Other Nitrogenous Fertilizers
    2. Phosphatic Fertilizers
       • Diammonium Phosphate
       • Monoammonium Phosphate
       • Triple Superphosphate
       • Other Phosphatic Fertilizers
    3. Potassic Fertilizers
       • Potassium Chloride
       • Potassium Sulfate
       • Other Potassic Fertilizers
  • Pesticides
    1. Insecticides
    2. Herbicides
    3. Fungicides
    4. Nematicides
    5. Other Pesticide types
  • Plant Growth Regulators
    1. Auxins
    2. Gibberellins
    3. Cytokinins
    4. Abscisic Acid
    5. Ethylene
    6. Other Types
  • Others

• Crop Type Outlook (Revenue, USD Billion; 2019-2032)
  • Cereals & Grains
    1. Corn
    2. Wheat
    3. Rice
    4. Other Cereals & Grains
  • Oilseeds & Pulses
    1. Soybean
    2. Sunflower
    3. Other Oilseeds & Pulses
  • Fruits & Vegetables
    1. Apples
    2. Cucumbers
    3. Grapes
    4. Pears
    5. Potatoes
    6. Bananas
    7. Avocado
    8. Tomatoes
    9. Other Fruits & Vegetables
  • Other Crop Types
• Mode of Application Outlook (Revenue, USD Billion; 2019-2032)
  • Seed Treatment
  • Foliar Spray
  • Soil Treatment
  • Fertigation
  • Other Modes of Application

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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