The size of the global agrochemicals market is expected to be worth USD 267.58 bn in 2023 and will reach a valuation of USD 316.27 billion by 2028 growing at a CAGR of 3.4% from 2023 to 2028.
With the shortage of land and water, there has been an increased emphasis on the acceptance of innovative technologies that can help increase crop harvest. As such, agrochemicals are observing a substantial demand since farmers are determined to attain nutritious and high-quality crop production. Agrochemicals consist of specialty chemical products such as synthetic fertilizers, pesticides, plant growth regulators, and adjuvants, which are employed in the agriculture industry. Agrochemicals’ task is to safeguard crops, increase crop yields, and sustain food and soil quality. Another important function of agrochemicals is to transform the growth progression of the plants.
The growth of the agrochemicals market is majorly driven by factors such as growing awareness towards the use of fertilizers and pesticides in key crop-producing countries, a wide range of pest control applications of agrochemicals, and decreasing arable land. Another major factor driving the market is the globally increasing population, which leads to the need for an increase in crop yield.
However, safer alternatives such as bio-farming and organic pesticides, volatile economies, and various environmental and health hazards linked with agrochemicals are the major restraining factors for the market.
Market Size Available
2022 to 2028
2022 to 2028
Based on Type, Application, and Region
Various Analyses Covered
Global, Regional, and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Bayer Crop Science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A
This research report on the global agrochemicals market has been segmented and sub-segmented based on type, application and region.
Global Agrochemicals Market – By Type:
The nitrogenous fertilizers segment is expected to lead the global agrochemicals market based on type during the forecast period. However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases. Currently, the pesticide market is being spearheaded by herbicide products, trailed by fungicides and insecticides.
Global Agrochemicals Market – By Application:
By application, grains & cereals lead the global market for Agrochemicals and this trend is anticipated to remain during the forecast period.
Global Agrochemicals Market – By Region:
The Asia Pacific has been leading the global agrochemicals market and this trend is projected to stay in the near future. North America is the second major consumer of agrochemicals, followed by Europe. Demand for agrochemicals in North America and Europe is expected to grow at a slow rate mainly due to market maturity and regulatory restrictions. Growing demand for agrochemicals in South America is anticipated to offer huge growth prospects for the market.
KEY MARKET PLAYERS:
The global market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop Science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
The global agrochemicals market is worth USD 267.58 billion in 2023
Asia-Pacific currently dominates the Global Agrochemical Market, holding the largest market share.
The Global Agrochemical Market is expected to grow at a CAGR of 3.40% over the forecast period.
Agrochemicals consist of specialty chemical products such as synthetic fertilizers, pesticides, plant growth regulators, and adjuvants, which are employed in the agriculture industry.
Bayer Crop Science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.
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