Agrochemicals Market

Agrochemicals Market Outlook - 2021–2030

The global agrochemicals market size was valued at $231.0 billion in 2020, and is projected to reach $315.3 billion by 2030, growing at a CAGR of 2.9% from 2021 to 2030.

The agrochemicals market has little impact due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain for various agrochemical products. The agrochemical sector is expected to recover soon owing to the increase of food grain production in both developed and developing economies.

Agrochemicals are engineered chemical or biological formulations used for improvements in the quality and yield of crops. Agrochemicals are classified into fertilizers and pesticides. Fertilizers enhance the quality of the crop by providing essential nutrients to the crop and soil whereas pesticides protect the crops and control, kill, or repel pests and weeds that can harm the crop. Considering the current global population scenario, it is extremely important to increase the production of crops within the present arable land to feed the global population. Thus, agrochemicals play an important role in the agriculture industry, assisting farmers in enhancing their crop quality as well as quantity.

The major factors driving the global agrochemicals market include high population and subsequent increase in the demand for food, soil degradation, limited agricultural land, and increase in awareness in the consumers regarding the benefits of agrochemicals. However, the market growth may be hampered by the potential harm of using synthetic pesticides such as 2, 4-D and atrazine herbicide. Agrochemicals, when used in higher concentration, result in surface water pollution and adversely affect the environment. Thus, the production of bio-based fertilizers and pesticides have created numerous opportunities for the key market players.

Agrochemicals Market, by Type

By type, the market was dominated by fertilizers segment dominated the market growth in 2020. However, pesticides segment is expected to grow at higher CAGR during the forecast period. This can be attributed to the rise in population that drives the demand for food, which ultimately drives the demand for insecticides for reducing damages to crops. 

Agrochemicals Market, by region

By region, Asia-Pacific has the dominant market share in 2020 and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as a huge consumer base and the presence of key players in the region. Moreover, Asia-Pacific is anticipated to grow at a noteworthy rate owing to rise in end users in developing countries such as China, Australia, and India. 

Covid-19 Impact Analysis 

• The unfavorable global effects of the coronavirus are already evident and have impacted the demand for agrochemicals in 2020. 
• The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and has resulted in massive deaths all across the world. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already declined development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis. 

Key Benefits For Stakeholders

• The report provides an in-depth analysis and agrochemicals market forecast along with the current and future market trends.
• This report highlights the key drivers, opportunities, and restraints of the agrochemicals market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the agrochemicals industry for strategy building.
• A comprehensive analysis of the factors that drive and restrain the market growth is provided.
• The qualitative data in this report aims on agrochemicals market trends, dynamics, and developments.
• The agrochemicals market size is provided in terms of revenue.

 Agrochemicals Market Report Highlights