The Asia-Pacific agrochemicals market size is expected to reach USD 125.66 billion in 2024 and reach USD 150.26 billion by 2029, growing at a CAGR of 3.64% from 2024 to 2029. The Agrochemicals market is deemed to be one of the most essential segments of agro-inputs, owing to the increasing commercial farming of high-value crops to meet the growing diversified food demand.
Agrochemicals are therefore seen as those products which boost the return on investment and also help in meeting farmers' as well as customer demands from the economic and health standpoint with growing per hectare production of quality agricultural crops.
The growth of the Asia-Pacific agrochemicals market is majorly driven by factors such as rising population, a wide range of pest control applications of agrochemicals, and decreasing arable land. However, safer substitutes such as bio-farming and organic pesticides and the volatile nature of economies in this region are the major restraining factors for the market in this region. Furthermore, agrochemicals get amassed on the land surface and may even pollute groundwater.
Nitrogenous fertilizers lead the agrochemicals market on the basis of type. 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.
By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. The Asia-Pacific region accounts for more than 40% of the global market for the agrochemicals market, with China and India being the most populous countries in this region, contributing to the increasing global share. Presently, China is leading the regional market with its evolving agricultural sector, along with the need for its ever-growing populace. Internationally, China is not only the biggest producer but also the biggest consumer of fertilizers.
The 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.
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