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The Agrochemicals Market size was valued at USD 218 billion in 2021, and is expected to reach USD 286.93 billion by 2030, with a CAGR of 3.1% from 2022 to 2030.
Agrochemical, also known as agrichemical, is a chemical product used in agriculture to prevent the crops from degradation caused by insects, pest infestation, and diseases. It includes synthetic fertilizers, chemical growth agents, and concentrated stores of raw animal manure that are manufactured either synthetically or biologically.
New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agrochemicals Market by Product Type and by Crop Type - Global Opportunity Analysis and Industry Forecast 2022-2030" - https://www.reportlinker.com/p06318551/?utm_source=GNW
Agrichemicals are often water-insoluble and sprayed with solvents to increase the performance and bio-efficacy of the product. The latest agrochemical methods include advanced molecular biology and the development of herbicide tolerant plants such as Glyphosate and Glufosinate.
Market Dynamics and Trends
The demand for agrochemicals is high owing to increasing population across the world along with consequent rise in food demand in several countries such as China, India and USA, among others. The emergence of harmful organisms such as fungi, bacteria and viruses that degrades the quality of the soils results in the utilization of agrochemicals to safeguard crops. Also, the surge in import and export of agricultural fertilizers across the world is expected to fuel the market growth of agrochemicals in the forecasted period. For instance, in March 2022, Corteva Agriscience announced its growers will have reinstated access to Enlist One and Enlist Duo herbicides for the 2022 growing season. This will help the growers remove geographic restrictions for two listed species, the Eastern Massasauga Rattlesnake and the American Burying Beetle.
However, infringements of intellectual property rights and contamination of air, water, and soil due to excessive use of synthetic agrochemicals are the factors that are expected to restrain the growth of the market during the forecast period. Also, the increasing market demand for organic foods and rising usage of bio-fertilizers are further hampering the market growth. On the contrary, introduction of synthetic pesticides to accelerate the planting and culture process along with incorporation of organic fertilizers to boost yields are factors expected to provide lucrative opportunities for market players in the future.
Market Segmentations and Scope of the Study:
The global agrochemicals market is segmented on the basis of product type, crop type, and geography. Based on product type, the market is classified into fertilizers, pesticides, adjuvants, and plant growth regulators. The fertilizers segment is sub-divided into synthetic fertilizers and bio fertilizers. The synthetic fertilizers segment is further bifurcated into nitrogenous, phosphatic, potassic, and others. The pesticides segment is sub-divided into insecticides, herbicides, and fungicides. The insecticides segment is further bifurcated into synthetic insecticides and bio insecticides. The herbicides are further bifurcated into synthetic herbicides and bio herbicides. The fungicides are further bifurcated into synthetic fungicides and bio fungicides. On the basis of crop type, the market is categorized into cereals & grains, oil seed & pulses, fruits & vegetables, and others. Geographical breakdown and analysis of each of the aforesaid classification includes regions such as North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia-Pacific holds the maximum share in the global agrochemicals market and is expected to continue its dominance throughout the forecast period as well. This is attributed to factors such as rapid increase in population resulting in rising demand for large production of fruits, vegetables, and cereal crops such as wheat and rice. Moreover, factors such as increasing R&D activities coupled with awareness among farmers about the correct use of agrochemicals products are driving the growth of market in this region.
On the other hand, North America demonstrated substantial growth in the agrochemicals market due to significant technological advancements in the form of biotechnology and bio-pesticides, followed by growing demand of agricultural commodities which results in large scale utilization of agrichemicals for high yield and crop loss. The decrease in arable land per person in this region resulted in a significant rise in the use of pesticides, which in turn is expected to boost the market growth in the coming years.
Competitive Landscape
Market players operating in the global agrochemicals market include BASF SE, Bayer AG, Corteva Agriscience, Yara International ASA, Syngenta, Gharda Chemicals Ltd., ICL Group Ltd., Adama Agricultural Solutions, and Mosaic. These market players are adopting various strategies such as product launches and partnership to maintain their dominance in the global agrochemicals market. For instance, in March 2021, Corteva Agriscience announced the launch of two new global brands for Naturally Derived Spinosyn Insecticides namely Qalcova active and Jemvelva active that demonstrates the results of Corteva Agriscience’s exceptional research, development, and testing capabilities. Also, in January 2022, Adama launched two new herbicides, Diverge Silk and Diverge EC, for reliable weed control. They provide effective control against the growth of grasses and broadleaf weeds in rice. In 2021, BASF Canada Agricultural Solutions received an approval for the Health Canada Pest Management Regulatory Agency (PMRA) label expansion for its fungicide, Serifel. It is now approved for use on a range of fruits, leaf root, cucurbit vegetables, and berries. Additionally, in March 2020, Bayer AG announced its strategic partnership with Agribazaar, an agritech firm in India. The aim of this partnership was to enhance Bayer AG’s reach to smallholder farmers and offer personalized solutions, thereby enabling them to achieve superior harvests more sustainably.
KEY MARKET SEGMENTS
• Agrochemicals Market – By Product Type
o Fertilizers
Synthetic Fertilizers
Nitrogenous
Phosphatic
Potassic
Others
Bio Fertilizers
o Pesticides
Insecticides
Synthetic Insecticides
Bio Insecticides
Herbicides
Synthetic Herbicides
Bio Herbicides
Fungicides
Synthetic Fungicides
Bio Fungicides
o Adjuvants
o Plant Growth Regulators
• Agrochemicals Market - By Crop Type
o Cereals & Grains
o Oilseed & Pulses
o Fruits & Vegetables
o Others
• Agrochemicals Market - By Geography
o North America
U.S.
Canada
Mexico
o Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
o Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
o RoW
UAE
Saudi Arabia
South Africa
Brazil
Remaining countries
Read the full report: https://www.reportlinker.com/p06318551/?utm_source=GNW
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