The Global Agrochemicals Market size was valued at USD 225.79 Billion in 2023 and the total Agrochemicals revenue is expected to grow at a CAGR of 4.2 % from 2024 to 2030, reaching nearly USD 301.15 Billion by 2030.
Agrochemicals Market Overview:
The Agricultural Market productivity is a key metric for assessing the performance of agricultural businesses, and these businesses have become increasingly open to employing agrochemicals. The scientific community is working nonstop to create high-quality agrochemicals that boost agricultural output. The agriculture industry is undeniably under regular surveillance by national and state authorities. The requirement to maintain agricultural integrity is expected to play a significant role in increasing sales in the global agrochemicals market. The overall revenue volume in the worldwide market is expected to rise by a significant amount. The global agrochemicals market size was valued at USD 225.79 billion in 2023, and the total agrochemicals revenue is expected to grow at a CAGR of 4.2% from 2024 to 2030, reaching nearly USD 301.15 billion by 2030.
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Agrochemicals Market Scope:
This report offers an in-depth analysis of the global agrochemicals market, covering key aspects such as market dynamics, segmentation, regional insights, and the impact of COVID-19. It provides a comprehensive overview of market drivers, trends, and challenges, alongside a detailed examination of market segments and regional performances. The report aims to offer valuable insights for stakeholders to make informed decisions and strategize effectively.
Agrochemicals Market Drivers:
The imperative to enhance agricultural efficiency and protect crops drives demand for agrochemicals worldwide. Approximately 40% of global crop yields succumb to pests and diseases annually, with weeds alone slashing yields by nearly 34%. Agrochemical solutions such as herbicides, fungicides, and insecticides emerge as indispensable tools in curbing these losses and shielding crops. Climate change exacerbates crop stresses like drought, heat, cold, and salinity, further imperiling yields. Agrochemicals offer a means to bolster crop resilience in the face of such climatic challenges. Regions with tropical climates face heightened risks of insect infestations, fungal infections, and rampant weed proliferation, fueling demand for pesticides and other crop protection agents.
Unsustainable agricultural practices like reduced crop rotations and continuous cropping degrade soil health and foster the emergence of resistant pests and weeds, intensifying the necessity for diverse agrochemical interventions and advanced fertilizers. As agriculture increasingly shifts towards high-value horticultural crops, which demand heightened plant protection, the need for agrochemicals remains unabated. Therefore, the persistent quest to enhance agricultural productivity and shield crops against evolving threats from pests, diseases, and weeds serves as a paramount driver propelling growth in the global agrochemicals market.
Agrochemicals Market Segmentation:
by Pesticide Type
Insecticides
Herbicides
Fungicides
Nematicides
Others
by Fertilizer Type
Nitrogenous Fertilizer
Phosphatic Fertilizer
Potassic Fertilizer
by Crop Type
Cereal & Grains
Oilseeds & Pulses
Fruits & Vegetables
Others
Agrochemicals Market Key Players: The key players are
1. OCP GROUP (United States)
2. Nutrien Ltd. (United States)
3. FMC Corporation (United States)
4. DuPont de Nemours, Inc. (United States)
5. Marrone Bio Innovations, Inc. (United States)
6. Corteva Agriscience(United States)
7. Bayer AG (Germany)
8. Syngenta Group (Switzerland)
9. BASF SE (Germany)
10. Yara International ASA (Norway)
11. ADAMA Ltd. (Israel)
12. Israel Chemicals Ltd. (Israel)
13. UPL Limited(Mumbai, India)
14. Sumitomo Chemical Co., Ltd. (Japan)
15. Nufarm Limited (Australia)
16. Mitsubishi Chemical Corporation (Japan)
17. ChemChina (Syngenta Group) (Beijing, China)
18. Ihara Chemical Industry Co., Ltd. (Japan)
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Agrochemicals Market Regional Analysis:
In 2023, the Asia Pacific region emerged as a dominant force in the agrochemicals market, capturing a substantial revenue share exceeding 27.0%. Renowned as the leading global producer of agricultural goods, the region benefits from major contributors such as India, China, and Japan. China, in particular, holds the title of the world's largest exporter and manufacturer of pesticides, as reported by the International Trade Center (ITC) and FAO. Following closely, India ranks as the world's fourth-largest producer of agrochemicals. This robust presence of key agricultural nations in the region significantly influences its market share.
China's prominence extends beyond production to the consumption and exportation of fertilizers and insecticides on a global scale. China leads in pesticide usage worldwide, consuming over 30% of the global supply and meeting more than 90% of the world's technical raw material requirements. The substantial utilization underscores the region's pivotal role in shaping the dynamics of the agrochemicals industry, with implications for regional economic growth and per capita income.
COVID-19 Impact Analysis on Agrochemicals Market:
The COVID-19 pandemic disrupted global supply chains and impacted agricultural practices, leading to fluctuations in the agrochemicals market. Lockdowns and movement restrictions hindered the availability of labor and raw materials, affecting production and distribution. However, the pandemic underscored the critical importance of food security and sustainable agricultural practices, leading to increased investment in agrochemicals to ensure crop protection and yield enhancement. The post-pandemic period is likely to witness a surge in demand for agrochemicals as countries focus on bolstering their agricultural sectors to mitigate future disruptions.
Key Questions Answered in the Agrochemicals Market Report are:
- What will be the CAGR of the Agrochemicals market during the forecast period?
- Which segment emerged as the leading segment in the Agrochemicals market?
- Which are the prominent players in the Agrochemicals market?
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