Agrochemicals Market Size to Surpass US$ 280.87 Bn by 2030

Tokyo, March 30, 2022 (GLOBE NEWSWIRE) -- The global agrochemicals market size was valued at US$ 217.72 billion in 2021. The agrochemicals are inorganic fertilizers and herbicides that promote agricultural yield. The primary function of agrochemicals is to regulate the agricultural ecosystem and agriculture is where the majority of these applications are used. As the human population grows, so does the demand for food, necessitating more crop output, which necessitates the use of agrochemicals to boost crop productivity. The pest infestations and crop yields and capacity to acquire products are all factors that influence the growth of the agrochemicals market. Insecticide demand is on the rise all around the world, which is fueling the agrochemicals market expansion.

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Farmers are gradually shifting to using biopesticides as they become more conscious of the dangers of chemical insecticides to human health. As a result, biopesticides are becoming increasingly popular on the agrochemicals market. During the projection period, the biopesticides is expected to increase at a significant rate. This rise is aided by the fact that most countries have changed their regulations to discourage the use of chemical pesticides and encourage the use of biological pesticides instead. Biopesticides are widely used in agriculture due to fewer rules governing product approvals and the inexpensive cost of product development.

Report Highlights

• Based on the products, fertilizers segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the population growth, which promotes need for food, which in turn drives demand for insecticides to reduce crop damage.
  
  
• Based on the applications, the cereals and grains segment dominated the global agrochemicals market in 2020 with highest market share. This is due soil nutrient shortages can lead to lower productivity output and fewer accessible nutrients in crops and other cereals.
  
  

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Regional Snapshot

North America region is the fastest growing region in the agrochemicals market. This is attributed to high biopesticide usage, rising food demand, and increased awareness of ecological friendly pesticides.

Asia Pacific is the largest segment for agrochemicals market in terms of region. The majority of the world’s population lives in Asia-Pacific, and their diets are changing as they travel around the globe. These are the major factors driving the region’s growth.

Market Dynamics

Drivers

Emergence for increasing agricultural productivity

In the global agrochemicals industry, the government has played a key role in stimulating demand. Agriculturists are obligated to help the government’s efforts by receiving subsidies and tax rebates. Improved fertilizers are in higher demand in countries that rely on agriculture for their livelihood. The global agrochemicals market’s overall revenue volume is expected to rise in these circumstances. The utilization of agrochemicals in the production of cash crops has resulted to the growth of the agrochemicals market during the forecast period.

Restraints

Rising organic fertilizer sector

With rising awareness of health, food safety, environmental protection, and animal welfare regulations, the organic food business has seen rapid expansion in developing nations. The organic food is becoming increasingly popular. The surge in demand for healthy and safe food items as well as rising per capita income are expected to fuel the organic food sector and raise the use of biofertilizers which will have impact on chemical fertilizer composition. As a result, the rising organic fertilizer sector is hampering the growth of the global agrochemicals market during the forecast period.

Opportunities

Advancements in agricultural and chemical industries’ research

The insecticides and pesticides have been found to enhance the development of crops. As a result, the introduction of synthetic pesticides to speed up the planting and culture process has boosted the growth of the agrochemicals market. Furthermore, several agricultural professionals agree that employing organic fertilizers to boost yields is a good way. Farmers and agriculturalists must guarantee that the resources available are used to their full potential. As a result, these organizations work tirelessly to obtain high quality seeds and fertilizers. Thus, the advancements in agricultural and chemical industries’ research is creating lucrative opportunities for the growth of the agrochemicals market growth over the projection period.

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Challenges

Fierce rivalry between market players

The agrochemicals market is highly fragmented with a significant number of large and small firms. The major portion of market participants are based in developed regions and offer a diverse range of products. With the rising demand for various agrochemical products, the agrochemicals market’s leading players are focusing research and development in order to produce products that meet the needs of customers. As a result, fierce rivalry between market players is creating challenges for the growth of the agrochemicals market over the forecast period.

Market Segmentation

By Product

• Fertilizers
  • Nitrogenous
  • Phosphatic
  • Potassic
  • Secondary Fertilizers (Calcium, Magnesium, and Sulfur Fertilizers)
  • Others
• Crop Protection Chemicals
  • Herbicides
  • Insecticides
  • Fungicides
  • Others
• Plant Growth Regulators
• Others
  
  

By Application

• Cereals & Grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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