The Agrochemical Market Is Estimated To Record a CAGR of Around 2.86% During The Forecast Period
Market Highlights
The Global Agrochemical market is projected to be valued at USD 287.47 Billion by 2033, recording a CAGR of around 2.86% during the forecast period. The agrochemicals market refers to the industry that produces and sells various products used in agriculture to improve crop yields and protect plants from pests and diseases. This market is segmented by type, including fertilizers, pesticides, adjuvants, and plant growth regulators, and by application, such as crop-based and non-crop-based uses. The market is dominated by key players like BASF SE, Corteva Agriscience, Yara International ASA, Bayer Crop Science, and Adama Agricultural Solutions, among others. The market is expected to grow at a CAGR of 4% to reach USD 308.17 billion by 2029, with the Asia-Pacific region, particularly India and China, leading in consumption. The market is driven by factors such as the growing demand for high-quality, blemish-free produce, and the need to maintain aesthetics and marketability. The industry is also experiencing innovations in the feed and animal husbandry sectors, advancements in product development and diagnostics, and a surge in demand for fertilizers and pesticides essential for boosting agricultural productivity to satisfy the increasing demand for food supply.
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The Agrochemical market experienced a positive impact due to the COVID-19 pandemic. Due to supply chain disruptions brought on by the COVID-19 pandemic, there are now shortages or decreased demand in the agrochemicals sector. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, prompting manufacturers, developers, and service providers to implement diverse tactics aimed at stabilizing their businesses.
Segmental Analysis
The global Agrochemical market has been segmented based on Fertilizer Type, Pesticide Type and Crop Type
Based on the Fertilizer Type, the market is segmented based on Nitrogen fertilizer, Phosphatic Fertilizer and Potassic Fertilizer. Phosphatic fertilizers follow suit, providing essential phosphorus for plant development and root formation. Potassic fertilizers also play a significant role, supplying potassium vital for plant stress tolerance and fruit quality. Together, these fertilizer types form the backbone of modern agricultural practices, supporting sustainable crop production worldwide.
Based on the Pesticide Type, the market has been divided into Fungicides, Herbicides, Insecticides and Others. Herbicides dominate this segment, driven by their widespread usage to control weeds and improve crop yields. Insecticides follow closely, catering to the need for pest management, while fungicides play a crucial role in protecting crops from fungal diseases. Overall, this segment reflects the diverse arsenal of chemical solutions employed in modern agriculture to ensure crop health and maximize productivity.
Based on Crop Type, the market has been divided into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables and Others. Food grains held a dominant position in the market in 2022 and are anticipated to increase at the fastest rate throughout the course of the forecast period. Despite a decline in the per capita direct consumption of food grains, the population growth is anticipated to drive a 2% annual increase in the total demand over the medium term.
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Regional Analysis
The Agrochemical market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. Asia Pacific dominates the Agrochemical market due to several factors. The agrochemicals market in Asia-Pacific was valued at USD 154.3 billion in 2022 and is projected to increase at a substantial compound annual growth rate (CAGR) throughout the course of the study. China, Japan, and India are the main contributors to the regional market. The FAO and International Trade Center (ITC) both state that China is the biggest producer and exporter of pesticides worldwide. India is the world’s fourth-largest producer of agrochemicals, behind the United States, China, and Japan, according to the Food and Agriculture Organization (FAO) and the Organization for Economic Co-operation and Development (OECD). The third-largest market share is held by the European agrochemicals market. Agrochemicals are necessary to prevent pests and illnesses in the field, which makes them critical for attaining high yields. The demand for fertilizers is rising as more people eat cereals and grains such as rice, wheat, rye, corn, oats, sorghum, and barley. This is anticipated to stimulate the local market. The North America region has been witnessing remarkable growth in recent years. In 2022, the agrochemicals market in North America is expected to be the second largest. Furthermore, in 2022, the US agrochemical market had the most market share. Because of the increasing demand for commodities including blueberries, sorghum, soy, and maize, the United States controlled the North American agrochemicals industry. Furthermore, the United States has the top position in the global production of almonds, blueberries, sorghum, and maize.
