Agrochemicals Market - Forecast (2024 - 2030)

Agrochemicals Market Overview:

The global agrochemical market revenue crossed $267.6 billion as of 2023 with a CAGR of 4% and will continue to leverage a better economy in the forecasted period 2024 to 2030. According to a finding of Proceedings of the National Academy of Sciences (PNAS) of the United States of America, pests and pathogens cost nearly $40 billion to the plants and forest crop production in the U.S. every year. This statistic is reflective of the need for agricultural chemicals such as insecticides, herbicides, fungicides, and pesticides on a large scale. The residential and commercial gardens are also affected by the resultant economic loss. As a result, they incorporate agrichemical sprays and fertilizers to eradicate pest issues along with promoting plant growth and crop yields significantly. APAC is a massively populated region; therefore, it relies on farming and cultivation practices to balance the increasing food consumption rate. However, the rise in infested agricultural fields is a major limitation to the regional agricultural economy. Ricepedia reports that Asia, alone, produces and consumes 90% of rice in the world. Asian agricultural countries use modern farming techniques with a stronghold in agronomy. Besides, there is a surge of government-subsidized agrichemical inputs available to the local farmers. All these collectively influence APAC’s contribution to the global agrochemical market. This resonates with the fact that APAC held a major regional share of 32.50% acquiring huge profit in the year 2023.

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IndustryARC’s expertise highlights, “Increase in the number of invasive species is a perennial threat to the current agricultural productivity which majorly upheaves the global agrochemical market demand to eliminate the threat of crop loss.” Non-agricultural indoor plantations, residential gardening, nurseries, and others have subsequent involvement in the mounting agrochemical demand which is projected to grow at a CAGR of 3.86% during the forecast period of 2024-2030. Pests and diseases are a constant threat to wheat and maize cultivation throughout the world. Consequently, there is a greater dependency on pesticides, adjuvants, and fertilizers to inhibit the growth of pest infestation. Wheat and maize farming segment is evaluated to increase at 5.20% CAGR through to 2030 and is foreseen to expand largely over this period.

The agrochemicals market is increasingly influenced by the trend toward sustainable agriculture. This shift entails developing and using products that minimize environmental impact while maintaining agricultural productivity. This trend is driven by consumer awareness, regulatory pressures, and a broader societal push towards sustainable practices. Companies are focusing on eco-friendly fertilizers and pesticides, soil health, and water conservation methods. This shift also includes a greater emphasis on integrated pest management and reduced chemical use, balancing agricultural needs with ecological preservation.

Digital agriculture is revolutionizing the agrochemicals market by enabling more precise and efficient use of agricultural inputs. This trend involves leveraging technologies like AI, IoT, and big data analytics for targeted pesticide and fertilizer applications, minimizing waste and environmental impact. By providing farmers with real-time data on crop health, soil conditions, and weather patterns, digital tools help in optimizing resource use and decision-making. This technological integration not only boosts crop yields but also supports sustainable farming practices through informed agrochemical application.

Agrochemicals Market Growth Drivers:

Frequent incidences of new pests, pathogens, and weeds in farming, plantation, and residential gardening discovered in the past decade. Significantly, there is a huge requirement for effective agrochemicals for reducing economic and crop loss. Also, the application of chemical growth agents such as adjuvants and hormones helps in healthy crop yields. Consequently, the global agrochemical market experiences huge demand thereby gaining a lucrative economy.

While chemical pests and pathogen inhibitors pose a threat to ecological sustenance, organic agrochemicals are on the rise in modern farming across the world. There is a rise in the organic farming method owing to its suitability for regulating the spread and growth of agricultural pests and diseases. Concurrently, the increasing usage of natural pesticides and fertilizers provides a greater scope of opportunity for the global agrochemical market.

Agrochemicals Market Companies:

Bulk supply of agrochemicals throughout the world is facilitated by different companies such as The Mosaic Co., Agrium Inc., BASF SE, DowDuPont, Israel Chemicals, PI Industries, Bayer AG, Sumitomo Chemical Co., Syngenta AG, and Yara International. R&D investment for developing innovative techniques and products also complying with environmental sustainability and government regulations are key to the success of these market leaders.

Sumitomo Chemical Co. is a leading chemical product distributing company in Japan with a prime focus on petrochemicals and plastics, pharmaceuticals, health, and crop-related services. Their main involvement in the agricultural sector is promoted by crop protection chemicals which include insecticides, plant growth regulators, fungicides, herbicides, and so on.

Agrochemicals Market Trends:

Eco-Friendly Bio-Agrochemicals:

Associated toxic effects of synthetic agrochemicals have made space for biological agrochemicals to enter into modern agriculture in recent years. Biopesticides such as canola oil and baking soda are largely used by farmers to inhibit pest growth without any ecological adversity. Additionally, advancement in modern agronomy has led to the innovation of agrochemicals from several soil-borne pathogens, fungi, and bacteria to promote natural growth and high productivity in plants.

Agrochemicals Market Research Scope:

The base year of the study is 2023, with forecasts done up to 2030. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Agrochemicals market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Agrochemicals in the Agrochemicals market and their specific applications in different areas.

Agrochemicals Market Segment Analysis by Region

APAC held the largest share in the agrochemicals market accounting for 29% followed by North America and Europe. APAC is a region with some of the world’s largest agricultural outputs, primarily due to countries like China and India. These nations have vast agricultural lands and a high dependency on agriculture for their economies. The necessity to maximize crop yields to feed large populations has led to substantial agrochemical use, including fertilizers and pesticides. With the highest population globally, APAC faces significant food security challenges. To meet the rising food demand, there is an increased reliance on agrochemicals to enhance productivity and protect crops from pests and diseases. This growing population is also shifting towards more diverse diets, which requires intensified and varied agricultural production, further boosting the demand for agrochemicals.

Agrochemicals Market: Industry Coverage:

The global agrochemical market is divided into type and application. On the basis of type, bifurcation includes Pesticides, Fertilizers, Liming and Acidifying Agents, Soil Conditioners and Others. Application categorization includes Agriculture, Forestry operations, Animal husbandry, Gardens, and others.

The Agrochemicals market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

? North America: The U.S., Canada, Mexico

? South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

? Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

? APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

? Middle East and Africa: Israel, South Africa, Saudi Arabia