The global agrochemicals market size reached US$ 288.2 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 390.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.42% during 2023-2032. The expansion of large-scale commercial farming operations, shifting dietary preferences and increasing consumption of fruits and vegetables, and the growing popularity of flowers and ornamental plants are some of the major factors propelling the market.
Agrochemicals are chemical substances used to enhance crop production and protect plants from pests, diseases, and weeds. They play a significant role in modern farming practices by promoting higher yields and ensuring crop quality. They encompass various products, such as fertilizers, pesticides, herbicides, and fungicides. They have developed to optimize agricultural output while addressing the challenges posed by pests and environmental factors. They aid in managing plant growth and development, which allows farmers to schedule harvests more effectively and ensure the produce reaches the market at the right time.
The expansion of large-scale commercial farming operations requires efficient pest and disease management, which is strengthening the growth of the market around the world. Moreover, initiatives undertaken and subsidies and incentives offered by governing agencies of numerous countries for agricultural productivity encourage farmers to invest in agrochemicals to improve yields, which is favoring the growth of the market. In addition, the increasing consumption of fruits and vegetables is contributing to the market growth. Apart from this, the rising popularity of flowers and ornamental plants is catalyzing the demand for agrochemicals that support the specific needs of these crops worldwide.
Phosphorus is another essential nutrient required for plant growth, particularly in root development, energy transfer, and overall metabolism. Phosphatic fertilizers supply plants with phosphorus to support strong root systems, seed formation, and early plant growth. Some of the common phosphatic fertilizers include single superphosphate and triple superphosphate.
Potassium is crucial for the overall health of plants and plays a significant role in strengthening their resistance to diseases and environmental stresses. Potassic fertilizers provide plants with potassium, which promotes strong root systems and improves their ability to absorb water.
Fungicides are chemicals designed to target and control fungal diseases that can affect plants. These diseases can cause various issues, such as wilting, leaf spots, and rot. They work by inhibiting the growth and reproduction of fungi, which helps to protect the plants from fungal infections.
Insecticides are pesticides used to combat insect pests that can damage crops by feeding on leaves, stems, fruits, or roots. They are available in various forms, including contact insecticides that directly kill the insects on contact and systemic insecticides and are absorbed by the plant and kill insects when they feed on the treated plant.
Oilseeds encompass crops like soybeans, sunflowers, canola, sesame, which are cultivated for their oil-rich seeds. Pulses include crops like lentils, chickpeas, peas, and beans, which are rich in protein and other nutrients. Agrochemicals used for oilseeds and pulses are tailored to promote oil production or enhance protein content, and address challenges related to pest management and nutrient requirements.
The increasing farming activities represents one of the primary factors driving the demand for agrochemicals in the Asia Pacific region. Moreover, rising food security concerns and the growing awareness about the harmful effects of chemical-based pesticides are influencing the market positively in the region. Besides this, the surging prevalence of soil-borne diseases is bolstering the market growth.
North America is estimated to witness stable growth, owing to the integration of advanced technologies and product innovations.
These technologies ensure that agrochemicals are used only where needed, which reduces overall chemical use and minimizes environmental contamination. Besides this, key players are developing biopesticides and biologicals derived from natural sources like beneficial microbes, fungi, or plant extracts that offer effective pest and disease management while being less harmful to non-target organisms and reducing chemical residues in produce.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
2. What is the expected growth rate of the global agrochemicals market during 2024-2032?
3. What are the key factors driving the global agrochemicals market?
4. What has been the impact of COVID-19 on the global agrochemicals market?
5. What is the breakup of the global agrochemicals market based on the fertilizer type?
6. What is the breakup of the global agrochemicals market based on the pesticide type?
7. What is the breakup of the global agrochemicals market based on the crop type?
8. What are the key regions in the global agrochemicals market?
9. Who are the key players/companies in the global agrochemicals market?
Agrochemicals are chemical substances used to enhance crop production and protect plants from pests, diseases, and weeds. They play a significant role in modern farming practices by promoting higher yields and ensuring crop quality. They encompass various products, such as fertilizers, pesticides, herbicides, and fungicides. They have developed to optimize agricultural output while addressing the challenges posed by pests and environmental factors. They aid in managing plant growth and development, which allows farmers to schedule harvests more effectively and ensure the produce reaches the market at the right time.
The expansion of large-scale commercial farming operations requires efficient pest and disease management, which is strengthening the growth of the market around the world. Moreover, initiatives undertaken and subsidies and incentives offered by governing agencies of numerous countries for agricultural productivity encourage farmers to invest in agrochemicals to improve yields, which is favoring the growth of the market. In addition, the increasing consumption of fruits and vegetables is contributing to the market growth. Apart from this, the rising popularity of flowers and ornamental plants is catalyzing the demand for agrochemicals that support the specific needs of these crops worldwide.
Agrochemicals Market Trends/Drivers:
Increasing concerns about food security
With the growing global population, which ensures food security has become a critical concern. Agrochemicals, including fertilizers and pesticides, help boost crop yields and protect crops from pests and diseases, which ensures a steady and abundant food supply. They enable farmers to produce more food on limited arable land, which meets the rising demand for agricultural products. Agrochemicals have become indispensable tools in modern agriculture, supporting sustainable and efficient farming practices to feed an expanding population.Rise in adoption of high-yielding crop varieties
As global agricultural demands are rising, farmers are seeking ways to optimize their yields. High-yielding crop varieties have become an essential strategy to meet this goal. However, these intensive crop varieties are often more susceptible to pests and diseases. Agrochemicals, such as insecticides, fungicides, and herbicides, play a crucial role in protecting these high-yielding crops from potential threats, which ensures their productivity and viability. As farmers strive for increased output and profitability, the demand for agrochemicals will continue to rise alongside the adoption of high-yielding crop varieties.Growing need for sustainable farming practices
Sustainability is becoming a central focus in agriculture, driven by concerns about environmental impact and resource conservation. Agrochemical manufacturers are responding to this need by developing eco-friendly and bio-based products. Biopesticides, organic fertilizers, and biostimulants have gained popularity as alternatives to conventional agrochemicals, which promotes more sustainable farming practices. These environmentally friendly solutions provide effective pest and disease management while reducing the harmful effects on ecosystems and human health. As consumers and regulatory bodies are emphasizing on sustainable agriculture, the demand for such agrochemical products is rising worldwide.Agrochemicals Industry Segmentation:
The publisher provides an analysis of the key trends in each segment of the global agrochemicals market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on fertilizer type, pesticide type and crop type.Breakup by Fertilizer Type:
- Nitrogen Fertilizer
- Phosphatic Fertilizer
- Potassic Fertilizer
- Others
Nitrogen fertilizer dominates the market
Phosphorus is another essential nutrient required for plant growth, particularly in root development, energy transfer, and overall metabolism. Phosphatic fertilizers supply plants with phosphorus to support strong root systems, seed formation, and early plant growth. Some of the common phosphatic fertilizers include single superphosphate and triple superphosphate.
Potassium is crucial for the overall health of plants and plays a significant role in strengthening their resistance to diseases and environmental stresses. Potassic fertilizers provide plants with potassium, which promotes strong root systems and improves their ability to absorb water.
Breakup by Pesticide Type:
- Fungicides
- Herbicides
- Insecticides
- Others
Herbicides hold the largest share in the market
Fungicides are chemicals designed to target and control fungal diseases that can affect plants. These diseases can cause various issues, such as wilting, leaf spots, and rot. They work by inhibiting the growth and reproduction of fungi, which helps to protect the plants from fungal infections.
Insecticides are pesticides used to combat insect pests that can damage crops by feeding on leaves, stems, fruits, or roots. They are available in various forms, including contact insecticides that directly kill the insects on contact and systemic insecticides and are absorbed by the plant and kill insects when they feed on the treated plant.
Breakup by Crop Type:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Others
Cereals and grains dominate the market
Oilseeds encompass crops like soybeans, sunflowers, canola, sesame, which are cultivated for their oil-rich seeds. Pulses include crops like lentils, chickpeas, peas, and beans, which are rich in protein and other nutrients. Agrochemicals used for oilseeds and pulses are tailored to promote oil production or enhance protein content, and address challenges related to pest management and nutrient requirements.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific exhibits a clear dominance, accounting for the largest agrochemicals market share
The increasing farming activities represents one of the primary factors driving the demand for agrochemicals in the Asia Pacific region. Moreover, rising food security concerns and the growing awareness about the harmful effects of chemical-based pesticides are influencing the market positively in the region. Besides this, the surging prevalence of soil-borne diseases is bolstering the market growth.
North America is estimated to witness stable growth, owing to the integration of advanced technologies and product innovations.
Competitive Landscape:
The leading companies are utilizing technologies like a global positioning system (GPS), drones and remote sensing to create detailed maps of fields, which allows farmers to apply agrochemicals with precision. This targeted approach reduces waste, optimizes resource utilization, and minimizes the impact on non-target areas. They are also incorporating smart spraying systems that are integrated with sensors and artificial intelligence (AI) algorithms to detect weeds, pests, or diseases and adjust the spray application accordingly.These technologies ensure that agrochemicals are used only where needed, which reduces overall chemical use and minimizes environmental contamination. Besides this, key players are developing biopesticides and biologicals derived from natural sources like beneficial microbes, fungi, or plant extracts that offer effective pest and disease management while being less harmful to non-target organisms and reducing chemical residues in produce.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- BASF SE
- Bayer AG
- Corteva Inc.
- Dow Inc.
- FMC Corporation
- Nufarm Ltd
- Nutrien Ltd
- Syngenta Group
- The Archer-Daniels-Midland Company
- Yara International ASA
Recent Developments:
- In 2022, Corteva Inc. launched the new postemergence corn herbicide by the name Kyro. Kyro herbicide is the first product on the market to combine the active ingredients acetochlor, topramezone, and clopyralid into one premix. It combines effective modes of action to control more than 65 of the most difficult, resistant weed species and can provide extended residual control at a higher use rate.
- In January 2022, Yara International ASA and Lantmännen signed a commercial agreement to bring fossil-free fertilizers to the market. The collaboration resulted in a commercial contract for green fertilizers, which will be produced by Yara and marketed by Lantmännen in Sweden.
- In 2020, Syngenta Group purchased one of the leading biologicals companies Valagro by their business unit Syngenta crop protection.
Key Questions Answered in This Report
1. How big is the global agrochemicals market?2. What is the expected growth rate of the global agrochemicals market during 2024-2032?
3. What are the key factors driving the global agrochemicals market?
4. What has been the impact of COVID-19 on the global agrochemicals market?
5. What is the breakup of the global agrochemicals market based on the fertilizer type?
6. What is the breakup of the global agrochemicals market based on the pesticide type?
7. What is the breakup of the global agrochemicals market based on the crop type?
8. What are the key regions in the global agrochemicals market?
9. Who are the key players/companies in the global agrochemicals market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Agrochemicals Market
6 Market Breakup by Fertilizer Type
7 Market Breakup by Pesticide Type
8 Market Breakup by Crop Type
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- BASF SE
- Bayer AG
- Corteva Inc.
- Dow Inc.
- FMC Corporation
- Nufarm Ltd
- Nutrien Ltd
- Syngenta Group
- The Archer-Daniels-Midland Company
- Yara International ASA etc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 288.2 Billion |
| Forecasted Market Value ( USD | $ 390 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
