New York, United States , June 18, 2024 (GLOBE NEWSWIRE) -- The Global Agrochemicals Market Size is to Grow from USD 232.80 Billion in 2023 to USD 328.52 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.5% during the projected period.
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Agrochemicals are synthetic compounds used in agriculture that include fertilizers, insecticides, or other chemicals that protect plants, and plant growth hormones. It's a substance that maintains the health of an agricultural ecosystem. Pesticides, herbicides, liming agents, fungicides, soil conditioners, and acidifying agents (which change pH). Agrochemicals are created through biological or chemical processes to raise crop yield and quality. With the use of agrochemicals, farmers can produce more crops on an acre of land for longer periods. Furthermore, agrochemicals are widely used in farming processes. It increases the productivity of the agriculture sector. Agrochemicals are increasingly regarded as being crucial to agriculture as a result. Providing the market with high-quality agrochemicals is the aim of continuous research and development activities. Furthermore, fertilizers improve crop quality by providing soil and crops with essential nutrients, whereas pesticides protect crops by preventing, getting rid of, and discouraging dangerous weeds and pests. Given the current state of the world's population, increasing agricultural production on existing agricultural land is essential to feeding all individuals on this earth. However, the global agrochemical market's growth has been hampered by the growing trend of emerging countries accepting the use of organic food, which has led to a growth in the organic fertilizer industry.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Agrochemicals Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Pesticides and Fertilizers), By Crop Type (Food Grains, Cash Crops, Plantation Crops, and Horticulture Crops), By Pesticide Type (Fungicides, Herbicides, Insecticides, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The fertilizers segment is anticipated to hold the greatest share of the global agrochemicals market during the projected timeframe.
Based on the product type, the global agrochemicals market is divided into pesticides and fertilizers. Among these, the fertilizers segment is anticipated to hold the greatest share of the global agrochemicals market during the projected timeframe. There are three primary methods for fertilizing grains and cereals. Seedlings can be sprayed with these nutrients, given as a separate top dressing, or given in combination with other fertilizers. To increase grain and cereal yields, fertilizers must be applied correctly, both in terms of rate and volume. Farmers are using more fertilizer to increase agricultural yields and production as a result of the growing global need for food. This is a result of increased strain on agricultural land. Thus, the growing need for fertilizers to increase crop yield is driving the agrochemicals market.
The food grains segment is estimated to grow at the fastest pace in the global agrochemicals market during the projected timeframe.
Based on the crop type, the global agrochemicals market is classified into food grains, cash crops, plantation crops, and horticulture crops. Among these, the food grains segment is estimated to grow at the fastest pace in the global agrochemicals market during the projected timeframe. These chemicals are most frequently used in grains since poor soil quality can lead to less prosperous yields and lower nutritious levels for crops like rice. To address this specific issue, fertilizers containing minerals are used to boost the nutritional value and productivity of grains. In addition to these benefits, grains also reduce the risk of obesity, diabetes, and cancer. In the food and beverage sector, a variety of grains are used as raw ingredients to improve the nutritional qualities of various products.
The herbicides segment estimated for the largest revenue share through the forecast period.
Based on the pesticide type, the global agrochemicals market is divided into fungicides, herbicides, insecticides, and others. Among these, the herbicides segment is estimated for the largest revenue share through the forecast period. Herbicides are used to manage weeds and other undesirable plants. Weeds are important for weed control because they can compete with crops for resources like water, nutrients, and sunlight. They efficiently inhibit some plant species and broad-spectrum weeds from growing and impeding crop growth.
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Asia Pacific is expected to hold the largest share of the global agrochemicals market over the forecast period.
Asia Pacific is expected to hold the largest share of the global agrochemicals market over the forecast period. In an attempt to gain a substantial share of the market, chemical companies catering to the farming community are expanding into the Asia-Pacific area through mergers and acquisitions. The three biggest suppliers to the regional market are China, India, and Japan. China is the world leader in the production of crop protection products as well as agricultural production. The majority of the world's supply of pesticides and fertilizers is used in this region.
North America is predicted to grow at the fastest pace in the global agrochemicals market during the projected timeframe. North America is the world's greatest producer of almonds, blueberries, corn, and sorghum. It is also the country with the second-highest soybean production, after Brazil. These are the main drivers of the nation's market growth. The region produces, uses, and exports enormous amounts of agrochemicals. Improved weather patterns, growing grain commodity prices, and a reduction in trade tensions with China are some of the factors driving the country's agrochemical industry's expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global agrochemicals include Clariant AG; BASF SE, Huntsman International LLC, Bayers, The DOW Chemical Company, Solvay, Nufarm, Evonik Industries AG, Croda International Plc, Helena Agri-Enterprises, LLC Ashland, Inc., Land O’ Lakes, ADAMA Ltd, Stepan Company, Syngenta, and Others Key Vendors
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Recent Developments
- In February 2023, Best Agrolife, an India-based agrochemical manufacturer, launched six new formulations- Amito, Promos, Propique, Ghotu, Doddy, and Headshot along with their star products Citizen and Vistara.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agrochemicals Market based on the below-mentioned segments:
Global Agrochemicals Market, By Product Type
- Pesticides
- Fertilizers
Global Agrochemicals Market, By Crop Type
- Food Grain
- Cash Crops
- Plantation Crops
- Horticulture Crops
Global Agrochemicals Market, By Pesticide Type
- Fungicides
- Herbicides
- Insecticides
- Others
Global Agrochemicals Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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