New York, May 07, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Agrochemical Market size is expected to reach USD 256.0 billion by 2024 and is further anticipated to reach USD 343.6 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 3.3% from 2024 to 2033.
Agrochemicals, containing chemical & biological formulations, play a major role in enhancing crop quality & productivity. Pesticides protect against pests & weeds, while fertilizers enrich soil & crop quality, providing global efforts to improve agricultural output on existing land during challenges like urbanization & industrialization.
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The fertilizer segment is expected to claim a significant revenue share in 2024, driven by its vast usage to enhance crop production, mainly in cereals & grains. Further, the agrochemical sector's growth depends on proper & effective applications to boost yields. In addition, the crop protection chemicals market is expected to experience major growth, mainly led by herbicides, fungicides, and insecticides, along with other products like bactericides and rodenticides.
Important Insights
- The global agrochemical market is expected to grow by USD 87.6 billion by 2033 from 2024 with a CAGR of 3.3%.
- The fertilizer segment is anticipated to secure a significant revenue share in 2024, mainly in cereals and grains. Further, effective applications for yield enhancement drive the growth in the agrochemical market through crop protection chemicals.
- The cereal & grains category is set to lead the market in 2024, fueled by growing consumption in the Asia-Pacific region & global fertilizer demand. In addition, the fruits and vegetables category anticipates steady growth due to rising global demand, particularly from health-conscious consumers.
- Asia Pacific is set to claim a substantial 30.3% market share in 2024, boosted by major agricultural players like China, India, and Japan, while North America, led by the US, anticipates agrochemical market growth in the coming years.
Global Agrochemical Market: Trends
- Digital Agriculture: The integration of digital technologies like AI, machine learning, and IoT is transforming farming practices, improving efficiency, and driving the need for smart agrochemical solutions.
- Biologicals Boom: There's a major shift towards bio-based agrochemicals driven by consumer preferences for sustainable products and regulatory pressures, creating a growth in demand for biopesticides and biostimulants.
- Climate Resilience: Growing climate variability & extreme weather events are driving the requirement for agrochemicals that improve crop dependency and adaptability, like drought-tolerant seeds and stress-tolerant pesticides.
- Precision Application: The adoption of better agriculture techniques, like targeted spraying & variable rate application, is on the growth, optimizing agrochemical usage, lowering environmental impact, and enhancing crop yields.
Agrochemical Market: Competitive Landscape
The manufacturers of the agrochemical market provide a range of products, like potent fertilizers & various pesticides like herbicides, insecticides, and fungicides. Further, the competition comes from factors such as product quality, pricing, services, innovation, sustainability, and corporate image. Also, the strategies for market improvement include partnerships, mergers, acquisitions, expanding distribution channels, and launching new product lines.
Some of the major players in the market include Bayer AG, BASF SE, FMC Corp, ADAMA Ltd, Solvay, Nufarm, and more.
Some of the prominent market players:
- BASF SE
- Bayer AG
- The DOW Chemical Company
- Solvay
- Clariant AG
- Nufarm
- Evonik Industries AG
- Helena Agri-Enterprises, LLC
- FMC Corp.
- ADAMA Ltd.
- Other Key Players
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Agrochemical Market Scope
| Report Highlights | Details |
| Market Size (2023) | USD 256 Bn |
| Forecast Value (2032) | USD 343.6 Bn |
| CAGR (2023-2032) | 3.3 % |
| Leading Region in terms of Revenue Share | Asia Pacific |
| Percentage of Revenue Share by Leading Region | 30.3% |
| Historical Data | 2017 - 2022 |
| Forecast Data | 2025 – 2032 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By Application |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Regional Analysis
Asia Pacific region is expected to secure a significant 30.3% market share in 2024, driven by major agricultural regions like China, India, and Japan. China's distinction as the world's leading pesticide manufacturer & exporter, along with India's position as the fourth-largest global agrochemical producer, as per the OECD and FAO, contribute to the region's growth, which is vital, influencing per capita income & consumer spending. Further, in North America, the US is expected to lead in the agrochemical market, driven by its dominance in key crops and favorable agricultural conditions.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Segment Analysis:
The cereal and grains category is expected to dominate the market in 2024, driven by growing consumption in the Asia-Pacific region & the global need for fertilizers. Agrochemicals play a major role in optimizing yields for wheat, rice, and other cereals, as well as making sure about the safety & quality of fruits and vegetables, as insufficient soil nutrients can hinder yields, particularly for crops like wheat and rice. In addition, the fruits and vegetables category is expected to witness steady growth, propelled by rising global demand, mainly from health-conscious consumers.
Agrochemical Market Segmentation
By Product
- Fertilizer
- Nitrogenous
- Urea
- Ammonia
- Ammonium Nitrate
- Ammonium Sulfate
- Calcium Ammonium Nitrate
- Others
- Phosphatic
- Diammonium Phosphate
- Monoammonium Phosphate
- Triple Superphosphate
- Others
- Potassic
- Potassium Chloride
- Potassium Sulfate
- Others
- Secondary Fertilizers
- Calcium
- Magnesium
- Sulfur Fertilizers
- Others
- Nitrogenous
- Crop Protection Chemicals/ Pesticides
- Insecticides
- Herbicides
- Fungicides
- Others
- Plant Growth Regulators
- Others
By Application
- Cereal & Grains
- Oilseed & Pulses
- .Fruits & Vegetables
- Others
Global Agrochemical Market: Driver
- Technological Innovation: Development in biotechnology and precision agriculture are driving growth by improving product effectiveness and lowering environmental impact.
- Emerging Markets: Growth into developing regions, where agricultural practices are changing rapidly, providing significant growth opportunities for agrochemical companies.
- Regulatory Changes: Adaptation to change in regulatory landscapes, like shifts towards sustainable practices and stricter pesticide regulations, is important for sustained growth.
- Sustainable Solutions: The growing demand for environmentally friendly alternatives and organic products is supporting innovation in bio-based and eco-friendly agrochemicals, driving market growth.
Global Agrochemical Market: Restraints
- Regulatory Pressures: Strict regulations regarding chemical usage, safety standards, and environmental protection can lower product development and market access.
- Resistance Concerns: An increase in resistance among pests, weeds, and diseases to current agrochemicals requires costly R&D for new solutions, constraining market growth.
- Sustainability Concerns: The growing consumer and regulatory need for sustainable and eco-friendly practices challenges traditional agrochemical usage and needs significant investment in green alternatives.
- Trade Barriers: Tariffs, trade disputes, and geopolitical tensions can impact supply chains, influencing the availability and affordability of agrochemical products, and restraining market expansion.
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Global Agrochemical Market: Opportunities
- Precision Agriculture: The integration of technology like AI, IoT, and drones provides opportunities for customized solutions, optimizing resource use & increasing yields.
- Biologicals Market: The growth in demand for sustainable and organic farming practices is driving the growth in biopesticides & biostimulants, providing new avenues for market expansion.
- Crop Protection: With growing threats from pests, diseases, and weeds, there's a high need for innovative & effective crop protection solutions, driving the need in the agrochemical sector.
- Vertical Integration: Opportunities lie in vertically integrating supply chains to improve efficiency and control product quality, allowing companies to capture more value across the agricultural value chain.
Recent Developments in the Agrochemical Market
- December 2023: Sumitomo Chemical unveiled its plans to build a new agrochemical plant in western Gujarat, acquiring 50 acres of land with a targeted completion by 2027, including an initial investment of over USD 35 million.
- November 2023: Insecticides Limited launched four new crop protection products, Nakshatra, Supremo SP, Opaque, and Million during the Rabi crop sowing period, providing support for individual farmers and overall agricultural sustainability.
- September 2023: China's Ministry of Agriculture & Rural Affairs intended to authorize 12 new pesticide products, including Cyclobutrifluram & Flusulfinam, following approval from the First Committee Meeting of the Tenth National Pesticide Registration Review Committee.
- July 2023: UPL Sustainable Agri Solutions (SAS), part of UPL Ltd.'s AgTech platform, launched Argyle, an economical & sustainable insecticide customized for soybean & cotton crops, featuring Acetamiprid and Bifenthrin in a water-soluble granule formulation for better effectiveness.
- June 2023: Best Agrolife Limited (BAL), a major player in the Indian agrochemical industry, secured registration for the indigenous production of Trifloxystrobin 10% + Difenoconazole 12.5% + Sulphur 3% Sc, making it the first Indian company to develop this product domestically.
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