Global Agrochemicals Industry: Key Developments and Emerging Trends for Agriculture Market
Despite the disruption caused by the pandemic, the global agrochemicals industry saw positive growth in 2020 due to the rising need for food. This market has been growing over time. The market had a value of USD 244.8 billion in 2021, representing a 3.7% increase from 2020. Agrochemicals income increased by 4.11% in 2020 compared to the prior year as a result of the unexpected increase in food demand, oversupply of food, and concern regarding more lockdowns.
Key Developments in Agriculture Sector:
China feeds 22% of the world's population with about 12.68% of the world's arable land. Rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, and oilseed are the main crops farmed in China. China wants to be self-sufficient in essential grains like rice, corn, and wheat by 2035, according to the China Agriculture Industry Development Report. The government ensures that the grains are sold at a minimum price and that they are stored in government silos. Fertilizers and insecticides are also being used by farmers throughout the country to boost productivity. The North China Plain, which spans many provinces, is the country's most important agricultural region.
India increased its exports of non-basmati rice from 2.92 billion USD in 2013–14 to 6.11 billion USD in 2021–22. Government subsidies and increased foreign direct investment in the fertilizer industry will boost regional product demand.
Key Developments in the Global Agrochemicals Industry:
Growing Demand for Organic Fertilizers: Continual soil erosion is driving up demand for organic fertilizers globally. Many different objectives are served by organic farming. It is a crucial tool for "green" agricultural output.
Growing DAP and Complex Fertilizer Production in India: Government statistics show that total fertilizer production increased by 3% to 37 million metric tonnes in the first ten months of FY2021, from 36 million in the same period last year. Furthermore, the nation's import dependence (i.e., imports as a percentage of total production plus imports) increased from 36% in the first ten months of FY2020 to 38% in the first ten months of FY2021.
Crop Protection Chemicals Are Being Used More Frequently in the US: The US holds the largest market share in North America. Herbicides were the crop protection chemical that was used the most, followed by fungicides and insecticides. The expansion of crop protection chemicals is being driven by the rise in difficult-to-control and resistant weeds, which are predicted to infest more than 80 million acres of cropland.
The dominance of Foreign Firms in Mexico Agrochemicals Industry: In Mexico, foreign companies dominate the agrochemical industry. Insecticides and herbicides are the most widely used items in the Mexican agrochemical market. Some of the most prevalent pests and illnesses in Mexico are tomato-potato psyllids (Bactericera cockerelli), coffee rot (Hemileia vastatrix), and yellow aphids (Melanaphis sacchari).
Introduction of New Products in the Agrochemical Sector:
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In conclusion, the global agrochemicals industry has experienced positive growth in recent years, driven by rising food demand and increasing adoption of agrochemicals. Countries like China and India are focusing on increasing self-sufficiency in food production, while global developments like the growing demand for organic fertilizers and the introduction of new products are shaping the industry's future. However, the industry also faces challenges such as the rise of difficult-to-control and resistant weeds and the dominance of foreign firms in some markets. The industry will need to continue to innovate and adapt to meet the growing demand for food sustainably while addressing these challenges.
Find out more: Global Agrochemicals Market Future Outlook to 2027
Key players Covered: Syngenta , Bayer Crop Science Maghreb , 巴斯夫 , FMC Corporation , Corteva Agriscience , Nufarm , UPL , Sumitomo Seika Chemicals Co., Ltd. , ADAMA Ltd.
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