Agrochemicals Market- Industry Analysis and Forecast (2023-2029)

Agrochemicals Market is anticipated to reach US$ 272.57 Bn. by 2029 from US$ 215.69 Bn. in 2022 at a CAGR of 3.4 % during a forecast period.

Agricultural productivity is a key metric for assessing the performance of agricultural businesses, and these businesses have become increasingly open to employing agrochemicals. The scientific community is working nonstop to create high-quality agrochemicals that can boost agricultural output. The agriculture industry is undeniably under regular surveillance by national and state authorities. The requirement to maintain agricultural integrity is expected to play a significant role in increasing sales in the global agrochemicals market. The overall revenue volume in the worldwide agrochemicals market is expected to rise by a significant amount.To know about the Research Methodology :- Request Free Sample Report
Agrochemicals Market Dynamics
Agrochemicals are an important agricultural support sector that increases agricultural productivity by managing pests and illnesses on crops. Nearly 25% of global agricultural yield is lost due to insect, weed, and disease assaults, which does not bode well for farming given the crucial difficulties ahead, and hence agrochemicals play a rising role. The global population was estimated to reach 7.6 billion in 2018, a 1.12 percent increase from 2017. Global food consumption has grown due to high population growth, which has raised the demand for agricultural goods. This has contributed to an increase in the usage of agricultural chemicals to improve crop yield and progress in the agriculture business.

Agriculture's growth in growing regions such as the Middle East and Africa, as well as South America, is paving the way for a variety of profitable options for agrochemicals companies. Furthermore, agrochemical producers' significant focus on product innovation is expected to provide them a competitive advantage over their competitors. However, due to the ongoing usage of synthetic chemicals, the global agrochemicals market is being impeded by rising environmental concerns.

The government has played a key role in boosting demand for agrochemicals across the world. The government is obligated to assist the agriculture sector's efforts by providing subsidies and refunds to farmers. Improved fertilizers are in higher demand in countries that rely on their agriculture industry. The overall volume of sales in the worldwide agrochemicals market is expected to rise in this scenario. The use of agrochemicals in the production of cash crops has also resulted in a rise in market income. Farmers have grown increasingly receptive to the use of agrochemicals, and this trend is expected to continue in the future.
Agrochemicals Market Segmentation Analysis
By Enterprise Size, The herbicides segment led the market, with a market value of US$ xx Bn. in 2022 and a CAGR of 5%, and it is expected to reach US$ xx Bn. by 2029. Herbicide usage is becoming more common all around the world. As millions of people migrate from rural to urban regions, several rising countries such as India and China are experiencing labour shortages in hand weeding venues. Herbicides are significantly cheaper and more easily available in these economies than hand weeding labour.

By Crop Type, during the forecast period, the cereals & grains segment is expected to grow at the fastest rate of almost 4.98 percent. This increase can be ascribed to increased aggressive branding and advertising by multinational firms like General Mills and Kellogg Co., which have enhanced agrochemical penetration. The oilseeds and pulses segment, on the other hand, is expected to reach a value of US$ xx Bn. by 2029, owing to increased demand for edible oil, which has improved the market for oilseeds.
Agrochemicals Market Regional Insight
The APAC agrochemicals market was worth US$ xx billion in 2022, and it is expected to grow at a CAGR of xx percent from 2022 to 2029, reaching US$ xx billion in 2029. Textiles, sugar, animal husbandry, and vegetable oil manufacture are among the emerging agro-based businesses that are driving this growth. Consumption and production of agrochemicals are predicted to expand rapidly in India and China between 2022 and 2029, mainly to the rising consumption and production of fertilizers such as potassium-based and nitrogen-based fertilizers in the economies.

hina has the highest proportion of the global fertilizer market among other countries. Due to shrinking farmland, China's demand for inorganic N, P, and K fertilizers is decreasing. The area of farmland dedicated to fruits and vegetables is growing, whereas the area dedicated to grains is shrinking. Due to the government's restriction of zero residues of inorganic fertilizer in food crops since 2013, the Chinese fertilizer market is growing at a very modest and steady pace.

The vast output of cereal crops such as rice and wheat in India is a primary driver of the growing market. Only eight states account for more than 70.0 percent of India's overall pesticide usage, according to data. With a rising focus on the environment and sustainability, several governments in the area are implementing clean production and environmentally friendly agriculture legislation, which might result in a reduction in synthetic pesticide use in the country. Agriculture is extremely important in India's socio-economic fabric. Agriculture and related industries continue to be the backbone of the Indian economy, accounting for almost 17% of GDP. India is rated second in the world in terms of agricultural land, with 157 million hectares, and second in terms of agricultural production, with US$ 382 billion, behind China's US$ 1,005 billion. In addition, agriculture employs more than half of India's working population.

Different pesticide regulating regimes exist in North America, each meant to safeguard persons and the environment. The United States is one of the world's leading manufacturers and consumers of agricultural pesticides. The country has its own set of pesticide regulations in place to protect both individuals and the environment. Pesticide regulation in the United States is largely controlled by the Environmental Protection Agency (EPA), which regulates and enforces pesticide acts under the Federal Food, Drug, and Cosmetic Act (FFDCA). Corn and soybean output in the United States has risen dramatically as agricultural technology has improved, demand has increased, and genetically altered varieties have been developed. In 2022, the total fertilizer used for corn crop manufacture was 21.5 billion pounds, while the total fertilizer used for soybean crop manufacturing was 5.8 billion pounds.

Report Objectives:

1. Landscape analysis of the Agrochemicals Market
2. competitive benchmarking
3. Past and current status of the industry with the forecasted market size and trends
4. Evaluation of potential key players that include market leaders, followers, and new entrants
5. Technology trends
6. Potential impact of micro-economic factors of the market
7. External and Internal factors affecting market have been analyzed

The report also helps in understanding the Agrochemicals Market dynamics, structure by analysing the market segments and project the Agrochemicals Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Agrochemicals Market make the report investor’s guide.
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Agrochemicals Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 215.69  Bn


Forecast Period 2022 to 2029 CAGR:
3.4  %
Market Size in 2029:
US $ 272.57   Bn.


 Segments Covered:
by Fertilizer Type
Nitrogen fertilizer
Phosphatic Fertilizer
Potassic Fertlizer


by Enterprise Size
Fungicides
Herbicides
Insecticides
Others


by Crop Type
Cereals & Grains
Oilseeds & Pulses
Fruits & Vegetables
Others



Agrochemicals Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Agrochemicals Market, Key Players
1. ADAMA LTD
2. BAYER
3. BASF SE
4. SYNGENTA AG
5. UPL
6. COMPASS MINERALS
7. EUROCHEM GROUP
8. OCP GROUP
9. K+S AKTIENGESELLSCHAFT
10.SOCIEDAD QUÍMICA Y MINERA DE CHILE
11.SUMITOMO CHEMICALS
12.NUFARM
13.NUTRIEN LTD
14.YARA INTERNATIONAL ASA
15.ICL
16.CORTEVA INC.
17.THE MOSAIC COMPANY
18.OCI NITROGEN
19.NISSAN CHEMICALS INDUSTRIES LTD.
20.NIPPON SODA CO., LTD.
Frequently Asked Questions
1. What is the projected market size & growth rate of Agrochemicals Market?
Ans- Agrochemicals Market was valued at USD 215.69 billion in 2022 and is projected to reach USD 272.57 billion by 2029, growing at a CAGR of 3.4 % during the forecast period.

2. What is the key driving factor for the growth of Agrochemicals Market?
Ans- The requirement to maintain agricultural integrity is expected to play a significant role in increasing sales in the global agrochemicals market.

3. Which Region accounted for the largest Agrochemicals Market share?
Ans- The APAC agrochemicals market was worth US$ xx billion in 2022, and it is expected to increase at a CAGR of about xx percent from 2022 to 2029, reaching US$ xx billion in 2029.

4. What makes Asia Pacific a Lucrative Market for Agrochemicals Market?
Ans- Textiles, sugar, animal husbandry, and vegetable oil manufacture are among the emerging agro-based businesses that are driving this growth.

5. What are the top players operating in Agrochemicals Market?
Ans- ADAMA LTD, BAYER, BASF SE, SYNGENTA AG, UPL, COMPASS MINERALS, EUROCHEM GROUP, and OCP GROUP.