Agrochemicals Market Report and Forecast 2023-2028

According to the report the global agrochemicals market reached a value of USD 232.71 billion in 2022. Aided by the rising global food demand, intensifying agricultural practices, and the increasing emphasis on sustainable farming, the market is projected to further grow at a CAGR of 2.99% between 2023 and 2028 to reach a value of USD 278.67 billion by 2028.

Agrochemicals, comprising fertilisers, pesticides, herbicides, and insecticides, play an indispensable role in modern agricultural practices. These chemicals are pivotal in ensuring improved crop yield, pest management, and soil fertility. Given the ever-increasing global population and the concomitant rise in food demand, these chemicals are progressively becoming the backbone of global food production systems.

The pressing need for higher agricultural productivity amidst decreasing arable land has resulted in the augmented agrochemicals market demand. These chemicals not only ensure crop health but also enhance the overall quality of agricultural produce, making them a preferred choice among modern-day farmers. Additionally, with the advent of precision agriculture and technological interventions, the agrochemical sector has witnessed innovations like targeted pest control and soil-specific fertilisation.

The rising global awareness regarding sustainable agricultural practices and the potential environmental repercussions of chemical overuse has directed the agrochemicals market growth. This consciousness has catalysed the development and adoption of bio-based agrochemicals, which are derivatives of organic materials and are environmentally benign. Such products have seen significant traction, especially in developed regions with stringent environmental regulations.

Moreover, the market has benefited from the increasing research and development activities, aiming at the formulation of chemicals with minimal environmental impact, reduced toxicity, and enhanced efficiency. Such advancements are pivotal in addressing concerns related to chemical residues in food products and environmental pollution.

Furthermore, integrated pest management (IPM) practices and organic farming movements have spurred the need for alternatives to traditional agrochemicals. These practices emphasise a holistic approach to pest and crop management, limiting the use of synthetic chemicals and focusing on natural and sustainable methods.

However, given the burgeoning global food demand and the immediate necessity for enhanced agricultural productivity, agrochemicals' relevance remains unparalleled. Their critical role in ensuring global food security and their continually evolving nature, adapted to meet global challenges, underlines their significance in the agricultural landscape which is in turn shaping the agrochemicals market dynamics.

Market Segmentation

The market can be divided based on product, nature, application, and region.

Market Breakup by Product

• Fertilisers
• Pesticides
• Adjuvants
• Plant Growth Regulators
• Others

Market Breakup by Nature

• Bio Based
• Synthetic

Market Breakup by Application

Crop Based

• Grains and Cereals
• Pulses and Oilseeds
• Fruits and Vegetables

Non-Crop Based

• Turf and Ornamental Grass
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global agrochemicals companies. Some of the major key players explored in the report are as follows:

• Solvay S.A.
• Clariant AG
• Evonik Industries AG
• Ashland Global Holdings Inc.
• BASF SE
• Corteva AgriScience
• The Mosaic Company
• Nutrien Ltd.
• Nufarm Ltd
• Yara International ASA
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.