Jersey City, NJ, March 28, 2023 (GLOBE NEWSWIRE) -- The Global Agrochemicals Market is estimated to reach over USD 320.26 billion by 2031, exhibiting a CAGR of 3.1% during the forecast period 2023-2031.
Agrochemicals are created chemical or biological formulations that are used to increase the productivity and quality of crops. Fertilizers and insecticides are two subcategories of agrochemicals. Pesticides protect crops and prevent pests and weeds that could harm them from growing, whereas fertilizers improve the quality of the crop by giving the crop and soil vital nutrients.
The high population and the resulting rise in food consumption, soil deterioration, a lack of available farmland, and rising consumer knowledge of the advantages of agrochemicals are the main reasons driving the worldwide agrochemicals industry. However, the possible danger of employing synthetic pesticides like 2, 4-D and atrazine herbicides may impede the market's expansion. Higher concentrations of agrochemical use pollute surface waters and have adverse environmental effects. As a result, the leading market players now have access to a wide range of prospects thanks to manufacturing bio-based fertilizers and pesticides.
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Recent Developments:
- In February 2022, Adama released Timeline FX, an innovative spring foliar herbicide with a cross-spectrum. The product has three Active Ingredients with complementary modes of action and an integrated adjuvant, giving growers the most comprehensive application window of any herbicide for controlling grass and broadleaf weeds in cereal crops.
- In January 2022, Yara and Lantmännen inked a business contract to launch fossil-free fertilizers on the market. A business agreement for the sale of green fertilizers, produced by Yara and marketed by Lantmännen in Sweden, was made possible by the companies' cooperation. The agreement is set to go into effect in 2023.
List of Prominent Players in the Agrochemicals Market:
- Adama Agricultural Solutions
- Agrium Inc
- America Vanguard Corporation
- Arysta Lifesciences Corporation
- BASF SE
- Bayer Ag
- Corteva Agriscience
- E. I. Du Pont Nemours And Company
- FMC Corporation
- Gharda Chemicals Ltd.
- ICL Group Ltd.
- Jiangsu Yangnong Chemical Group Co. Ltd
- Mosaic
- Nufarm Limited
- Nutrien Ltd.
- Sumitomo Chemical Co. Ltd
- Syngenta
- The Dow Chemical
- Yara International Asa
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Agrochemicals Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 244.77 Bn |
| Revenue forecast in 2031 | USD 320.26 Bn |
| Growth rate CAGR | CAGR of 3.17% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Crop Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
In the past ten years, numerous new pests, diseases, and weeds have been found in agriculture, plantations, and backyard gardening. Significantly, there is a great need for efficient agrochemicals to minimize crop and economic loss. Additionally, using artificial growth agents such as adjuvants and hormones contributes to healthy crop production. As a result, there is a tremendous demand for agrochemicals worldwide, which leads to a prosperous economy.
Due to its adaptability for controlling the spread and growth of agricultural pests and illnesses, organic farming is becoming more popular. Concurrently, the global agrochemical market has more opportunities due to the rising use of natural pesticides and fertilizers.
Challenges:
Growing environmental risks associated with pesticides and fertilizers may limit the market's expansion for agrochemicals over the evaluation period. The market growth is being hampered by the rising demand for organic food products and the increased use of biofertilizers, reducing the use of chemical fertilizers. Moreover, a significant number of big and small businesses in the agrochemicals sector are highly divided.
With the growing demand for agrochemical products, most market participants are based in Europe and provide a variety of goods. The market's top players are concentrating on R&D investments to produce goods catering to consumers' needs.
Regional Trends:
The Asia Pacific agrochemicals market is predicted to record a significant market share in revenue and is projected to develop at a high CAGR shortly. The area produces more agricultural goods than any other in the world. Japan, China, and India all significantly impact the local market. According to the Food and Agriculture Organization and the International Trade Center (ITC), China is the world's top supplier and manufacturer of pesticides (FAO).
Besides, the North American region had a substantial share in the market because of the increase in the popularity of goods like blueberries, sorghum, soy, and maize. Because of the expanding population, rapid urbanization, and industrialization, the region's total agricultural land is decreasing. As a result, farmers use agrochemicals to increase quality and output.
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Segmentation of Agrochemicals Market-
By Type
- Fertilizers
- Synthetic Fertilizers
- Nitrogenous
- Urea
- Ammonia
- Calcium Ammonium Nitrate
- Others
- Phosphatic
- DAP
- MAP
- TSP
- Others
- Potassic
- Potassium Chloride
- Potassium Sulfate
- Potassium Magnesium Sulfate
- Others
- Biofertilizers
- Synthetic Fertilizers
- Pesticides
- Herbicides
- Synthetic Herbicides
- Glyphosate
- Atrazine
- Acetochlor
- 2,4-D
- Paraquat
- Others
- Bioherbicides
- Insecticides
- Synthetic Insecticides
- Organophosphates
- Pyrethroids
- Methyl carbamate
- Neonicotinoids
- Others
- Bioinsecticides
- Fungicides
- Synthetic Fungicides
- Dithiocarbamates
- Benzimidazoles
- Chloronitriles
- Triazoles
- Phenylamides
- Strobilurins
- Others
- Bio fungicides
- Synthetic Fungicides
- Others
By Crop Type
- Cereals & Grains
- Corn
- Wheat
- Rice
- Other Cereals & Grains
- Oilseeds & Pulses
- Soybean
- Sunflower
- Other Oilseeds & Pulses
- Fruits & Vegetables
- Apples
- Cucumbers
- Grapes
- Pears
- Potatoes
- Bananas
- Avocado
- Tomatoes
- Cucurbits
- Other Fruits & Vegetables
- Other Crop Types
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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