Agrochemicals Market Size to Record 2.9% CAGR Through 2030

The global agrochemicals market size was valued at USD 220.5 billion in 2020, and is predicted to be worth around USD 280.2 billion by 2030, registering a CAGR of 2.9% during the forecast period 2022 to 2030.

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Agrochemicals Market Growth Factors

The global market is predominantly driven by the increasing demand for crop protection products in the agricultural field across the globe. Approximately 25% of the world crop output is lost every year due to diseases and attacks by pests & weeds. Hence, agrochemicals play a vital role in enhancing crop yield and production. Growing food demand, increasing adoption of precision farming methods, shrinking arable land due to increasing population, and rapid urbanization & industrialization across the globe are some also among the key factors driving the market.

The market growth is dependent on pest attacks, crop yields, and agriculturists’ awareness levels & capacity to buy products depending on their availability of credit. Increasing demand for insecticides across the globe is also a major factor driving the market growth. The agrochemicals production has been impacted to some extent owing to the COVID-19 pandemic. Before the pandemic, some countries were dependent on China for raw material supply. Restrictions imposed on transportations and imports across borders in various nations have resulted in the shortage of raw materials.

Agrochemicals Market Report Coverage

By Product Analysis

The fertilizer segment led the market and accounted for 66.9% of the global revenue share in 2020. Fertilizers are being widely used to increase crop yield in a short period. The growing crop/food demand across the globe is increasing the pressure on the agricultural land, thus, farmers are utilizing more fertilizers to increase the productivity and yield of different crops.

Nitrogenous fertilizers are readily available and help in fast plant growth & enhance yields. However, increasing usage of nitrogenous fertilizers has bad effects on the surrounding environment including water bodies. The crop protection chemicals segment is expected to grow at a considerable CAGR over the forecast period, in terms of revenue.

Crop protection chemicals include insecticides, fungicides, herbicides, and other products, such as rodenticides, bactericides, etc. Herbicide is expected to dominate the crop protection chemical segment.

This growth can be attributed to the increasing demand for the product for various crops, such as cotton, paddy (rice crop), and fruits & vegetables among others. They are found effective in preventing early germination pest attacks in various crops. Insecticides are the second-largest application segment for agrochemicals.

By Application Analysis

The cereal & grains segment dominated the market with a revenue share of 47.2% in 2020. Cereal & grains are the largest consumed class of crops, mostly in Asia Pacific. Moreover, cereals and grains cover a vast area of cultivation in the world.

Soil nutrient deficiency can result in less bioavailable nutrients in crops, such as wheat and rice, and can cause decreased yields. The fruits & vegetable segment is expected to grow at the fastest CAGR over the forecast period.

By Regional Analysis

Asia Pacific was the leading regional market with a revenue share of 27.2% in 2020. The region is the major producer of agricultural products in the world. Countries, such as India, China, and Japan, are the key contributors to the regional market.

The region is expected to account for 53% of the global output of agricultural products and fish by 2030. The population in the region is growing at a CAGR of 0.6% and is expected to add 322 million people to the current 4.3 billion population by 2030.

The U.S. ranks first in the production of some of the crops, such as maize, sorghum, blueberry, and almonds. According to the FAO, the U.S. is one of the major producers, consumers, and exporters of agrochemicals.

Key Players

• Clariant AG
• BASF SE
• Huntsman International LLC
• Bayer AG
• The DOW Chemical Company
• Solvay
• Nufarm
• Evonik Industries AG
• Croda International Plc
• Helena Agri-Enterprises, LLC
• Ashland, Inc.
• Land O’ Lakes, Inc.
• FMC Corp.
• ADAMA Ltd.
• Stepan Company

Agrochemicals Market Segmentation

• By Product
  • Fertilizer
    • Nitrogenous
    • Phosphatic
    • Potassic
    • Secondary Fertilizers (Calcium, Magnesium, and Sulfur Fertilizers)
    • Others
  • Crop Protection Chemicals
    • Herbicides
    • Insecticides
    • Fungicides
    • Others
  • Plant Growth Regulators
  • Others
• By Application
  • Cereal & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Others
• Regional
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Central & South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2019-2021) and forecast (2022-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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