According to a recent industry analysis by Fact.MR, a market research and competitive intelligence provider, the global agrochemical market is projected to reach US$ 269.3 million in 2024, with revenue expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2034.
The increasing need for crop protection and agricultural efficiency is driving the use of agrochemicals, which help safeguard crops from weeds, pests, and diseases. Factors such as the growing demand for higher agricultural productivity, reduced arable land, population growth, and rising consumption of fruits and vegetables are contributing to this trend. Agrochemicals like fertilizers and pesticides play a crucial role in boosting crop yields while adhering to quality and safety standards. Additionally, the development of sustainable, bio-based agrochemicals with fewer toxic components is supporting organic farming and meeting the demand for eco-friendly farming solutions.
East Asia leads the global agrochemical market, followed by North America and Europe. Pesticides currently dominate the agrochemical sector, accounting for over half of the total sales. However, products like soil conditioners and acidifying agents are anticipated to see faster growth in the coming years.
Key Insights from the Agrochemical Market Study:
- The global agrochemical market is forecasted to reach US$ 442.9 million by 2034.
- East Asia is expected to hold a 38.4% market share by the end of 2034.
- Demand for agrochemicals in Japan is predicted to grow at a CAGR of 6% from 2024 to 2034.
- Sales in South Korea are projected to increase at a CAGR of 3.2% through 2034.
- Worldwide demand for fertilizers is forecasted to rise at a CAGR of 6%, reaching a market value of US$ 131.1 million by 2034.
- Canada’s agrochemical market is expected to expand at a CAGR of 6.8% from 2024 to 2034.
Leading Companies in the Agrochemical Market: Top players driving innovation in the agrochemical industry include BASF SE, Nutrien Ltd., Bayer AG, YARA International ASA, Israel Chemicals Ltd., The Mosaic Company, PhosAgro, Fengro Industries Corp., DowDuPont Inc., Syngenta AG, and more.
High Demand for Pesticides to Safeguard Crops: The global demand for pesticides is projected to grow at a CAGR of 3.9%, reaching a value of US$ 219.7 million by 2034. Pesticides, including herbicides, insecticides, and fungicides, are essential for preventing crop damage due to weeds, pests, and diseases, thus ensuring food security.
Industry Developments:
- In 2022, Corteva Inc. introduced Kyro, a post-emergence herbicide for maize, combining acetochlor, topramezone, and clopyralid to provide extended residual control for over 65 challenging weed species.
- In January 2022, Lantmännen and Yara International ASA signed an agreement to launch fossil-free fertilizers, promoting green fertilizers produced by Yara and distributed by Lantmännen.
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