Agrochemicals Market

Report Overview

[170+ Pages Research Report] Agrochemicals Market to surpass USD 320.7 billion by 2032 from USD 226.1 billion in 2021 at a CAGR of 3.2% throughout the forecast period 2022-32

Product Overview

Agrochemicals are herbicides, pesticides, or fertilizers that are used for managing ecosystems in agricultural domains. Chemicals used in farming like insecticides, synthetic fertilizers, and herbicides. The majority are chemical mixes made up of two or more than two chemicals; the active ingredients produce the intended effects, while the inert ingredients stabilize, preserve, or facilitate the administration of the active ingredients. A major component of modern agriculture is the use of agrochemicals. The difficulties in maintaining a crop free of harm have grown as farms have become larger. Agrochemicals are therefore frequently used today to boost production. In order to increase the output of agricultural crops, the use of agrochemicals is essential.

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Market Highlights

The Agrochemicals Market is expected to project a notable CAGR of 3.2% in 2032.

Agrochemicals Market to surpass USD 320.7 billion by 2032 from USD 226.1 billion in 2021 at a CAGR of 3.2% in the coming years, i.e., 2022-32. The growth of the Agrochemicals Market is attributed to the rising demand for crop protection and fertilizers in the global agricultural sector. Another important element fueling the need for agrochemicals is the growing use of chemical fertilizers by farmers to feed their crops nutrients and increase their yield.

Figure - Market Analysis of Agrochemicals Market

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Agrochemicals Market: Segments

The Crop Protection Chemicals segment is expected to grow with a higher CAGR during 2022-32

Agrochemicals Market is categorized on the basis of Product into Fertilizers, Crop Protection Chemicals, Plant Growth Regulators, and Others. The Fertilizers segment dominated the agrochemicals market in terms of revenue share in 2020 since fertilizers are frequently used to increase crop output quickly. The Crop Protection Chemicals segment is anticipated to grow at a faster rate in the coming years. Crop protection chemicals include, insecticides, fungicides, herbicides, and other pesticides like bactericides and rodenticides. Herbicides are widely employed as insecticides in the agricultural sector.

The Cereals & Grains segment is expected to grow with a higher CAGR during 2022-32

Agrochemicals Market is categorized on the basis of Application into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others. The Cereals & Grains segment held a major portion of revenue and it is expected to continue to dominate the market during the forecast period as well. The most extensively consumed crops, particularly in Asian nations, are cereals and grains. Also, a sizable amount of the agricultural area in the world is covered by this sector. To produce cereals and grains, fertilizers are essentially always used.

Figure - Market Analysis of Global Agrochemicals Market

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Market Dynamics

Growth Drivers

Growing Population and Rising Awareness for the Use of Agrochemicals

The primary factors propelling the global Agrochemicals Market are the rising population and corresponding growing food consumption, lack of arable land, soil degradation, and increasing consumer awareness of the benefits of agrochemicals. Agrochemicals harm the ecology and contaminate surface waters when applied in higher doses. The production of bio-based fertilizers and pesticides has consequently opened up a wide variety of chances for the major market participants, which eventually has an impact on the Agrochemicals Market.

Constant Technological Advancements and Change in Farming Practices

Farming practices have changed due to the agriculture industry's continual technological advancements. The demand for goods with novel active ingredients to protect crops has increased due to the rising export and import of agricultural products across various geographies, mainly in developing nations. The Asian crop protection markets are significantly impacted by the globalization of the agrochemical industry. The need for different agrochemicals, including herbicides and pesticides, is growing due to highest population growth in the world, economic growth, and rising food demand. These factors are ultimately driving the Agrochemicals Market.

Restraint

Growth of the Organic Fertilizer Industry to Hamper the Agrochemicals Market

The organic food industry has quickly grown in emerging nations as a result of a greater understanding of the rules governing animal welfare, health and food safety, and environmental preservation. Organic food is becoming more widely available. The need for wholesome and secure food products and rising per capita income are expected to stimulate the organic food industry and increasing the use of biofertilizers will alter the chemical fertilizer's composition. Therefore, throughout the projected period, the growth of the global Agrochemicals Market would be constrained by the rising organic fertilizer industry.

Recent Developments

• A leading provider of biological products, Valagro, will be acquired by Syngenta Group's Syngenta Crop Protection its business unit, as per the announcement made in October 2020. The investment places Syngenta Crop Protection in a position to become one of the major international businesses that will help shape the speedily expanding biologicals industry, which is anticipated to roughly double in size over the following five years.
• Four Nufarm South American businesses were acquired by Sumitomo Chemical in April 2020. This acquisition helped Sumitomo Chemical to expand its reliable crop protection product development and sales network in South America, including Brazil, the largest crop protection market in the world.
• A joint venture between Anthea, a key manufacturer of specialty chemicals in India, and Solvay was established as "CATàSYNTH Speciality Chemicals" in December 2019. This was to be used by the two businesses to start making catechol derivatives.

Agrochemicals Market: Key Players

• Bayer AG

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• The DOW Chemical Company
• Evonik Industries AG
• Solvay
• Clariant AG
• Arysta Lifesciences Corporation
• UPL Ltd.
• Huntsman International LLC
• Croda International Plc
• Ashland Inc.
• PI Industries Ltd.
• Dhanuka Agritech Ltd.
• Excel Crop Care Ltd.
• Meghmani Organics Ltd (Meghmani)
• Insecticides India Ltd.
• Other Prominent Players

Agrochemicals Market: Regions

Agrochemicals Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2020, a major regional market share was held by Asia Pacific. The region is a major producer of agricultural products. The top regional market contributors include Japan, China, and India. The Asia Pacific region's larger share is attributed to the presence of significant countries that produce multiple crops.

North America is expected to grow faster over the projected period. The region's total amount of agricultural land is decreasing owing to rapid urbanization, expanding population, and industrialization. Hence, farmers use agrochemicals to increase output and quality.

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Impact of Covid-19 on Agrochemicals Market

The demand for agrochemicals in 2020 had been impacted by the coronavirus's detrimental impacts, which were already visible on a global scale. Owing to the disruptions in the supply chain for different agrochemical products, the COVID-19 pandemic had little effect on the Agrochemicals Market. The Agrochemical Market soon resumed its previous level of activity due to the increased production of food grains in both developing and developed economies.

Agrochemicals Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Agrochemicals Market report also contains analysis on:

Agrochemicals Market Segments:

• By Product 
  • Fertilizers
  • Crop Protection Chemicals
  • Plant Growth Regulators
  • Others
• By Fertilizer Type 
  • Nitrogen Fertilizer
  • Phosphatic Fertilizer
  • Potassic Fertilizer
• By Pesticide Type 
  • Herbicides
  • Insecticides
  • Others
• By Application
  • Cereals & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Others 
• Agrochemicals Market Dynamics
• Agrochemicals Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Agrochemicals Market Report Scope and Segmentation

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