Report Code: A00430 | Pages: 393 | ||
Tables: 331 | Charts: 61 |
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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.
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.
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
Key Benefits For Stakeholders
Agrochemicals Market Report Highlights
Aspects | Details |
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By Type |
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By Region |
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Key Market Players | SUMITOMO CHEMICAL CO, E. I. DU PONT NEMOURS AND COMPANY, BASF SE, DOW AGROSCIENCES LLC, BAYER AG, SYNGENTA AG, AGRIUM INC, THE MOSAIC CO, MONSANTO COMPANY |
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According to the perspectives of the CXOs of leading companies, rise in demand for food supplies and innovative products is the major driving factor for the global agrochemicals market. In addition, Asia-Pacific is the largest revenue contributor due to the presence of agriculture-based nations such as India and China, and holds numerous growth opportunities for the agrochemicals market. The agrochemicals market in India is being driven by rise in demand for consumption, quality, and quantity of food and is projected to continue with the growing economy as both are directly related. Moreover, companies like BASF are focusing more on introducing innovative products to the market as the competition among agrochemicals market players is intense.
Among the analyzed geographical regions, Asia-Pacific is expected to account for the highest revenue in the global agrochemicals market throughout the forecast period (2021-2030) followed by Europe, North America, and LAMEA.
A. The key factors are growth in demand for food, soil degradation, and increased adoption of bio-agrochemicals.
A. The market share of Agrochemicals market $231.0 billion in 2020.
A. Increased use of bio-based fertilizers and pesticides are the ongoing trends in the agrochemicals markets.
A. LAMEA will provide more business opportunities for Agrochemicals market in future.
A. Business expansion and acquisition are the key growth strategies of Agrochemicals market players.
A. The leading players in the market are BASF SE, Bayer AG, FMC Corporation, Gharda Chemicals Ltd., ICL Group Ltd., Mosaic, Nutrien Ltd., Sumitomo Chemical Co., Ltd., Syngenta, and Yara International ASA.
A. Fertilizer segment based on application holds the maximum market share of the Agrochemicals market.
A. Food and agriculture industry the potential customers of Agrochemicals industry.
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