Dublin, Feb. 23, 2021 (GLOBE NEWSWIRE) -- The "Agrochemicals Market by Type - Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Agrochemicals Market was valued at USD 239.85 billion in 2019 and is expected to reach USD 365.16 billion by 2030 expanding at a CAGR of 3.8% during the forecast period from 2020 to 2030. Based on volumetric sale, the demand for agrochemicals was valued at 289.07 million tons in 2019, and is anticipated to reach 402.18 million tons by 2030, rising at a CAGR of 3.0% from 2020 to 2030.
Agrochemicals are used to manage the agriculture ecosystem and increase the crop yield by decreasing the growth of fungi, weeds, and insects that hinder the growth of agricultural produce. Agrochemical refers to pesticides including insecticides, herbicides, fungicides, and nematicides. It includes synthetic fertilizers, liming and acidifying agents, hormones, soil conditioners. Agrochemicals also include chemical agents, such as antibiotics and hormones, which are used for livestock.
Agrochemicals are either manufactured synthetically or developed biologically. Many synthetic agrochemicals are toxic and their prolonged use can cause health risks and environmental damage. As a result, the use of bio-based fertilizers and pesticides is rising in the global agricultural sector.
Market Dynamics and Trends
Surging global population is boosting the demand for food. On the other hand, urbanization is reducing agricultural land, thus driving the need to increase crop production in limited agricultural land. Also, rising awareness regarding the advantages of agrochemicals are expected to propel the adoption of agrochemicals throughout the forecast period.
However, increasing environmental concerns due to prolonged use of synthetic chemicals, rising health-risks caused by high toxicity of such chemicals, and deteriorating quality of air, water, and soil caused by excessive use of synthetic agrochemicals are impeding the agrochemicals market.
Conversely, increasing cultivable land area for horticultural crops such as fruits, vegetables, and floriculture plants, rising inclination toward organic farming, and growing use of bio pesticides are creating opportunities in the market. Moreover, increasing R&D activities and cutting-edge innovations in farming technologies and growing awareness among farmers about the appropriate use of agrochemicals are creating lucrative opportunities in the market.
The agrochemicals market in North-America is expected grow at a high pace owing to the presence of large population and lack of cultivatable land, prevailing advanced infrastructures, constant technological developments, and growing demand for agricultural produce.
Asia-Pacific dominates the global agrochemicals market and this trend is projected to continue during the forecast period due to increasing population, rising demand of agriculture produce for direct consumption and processing.
Key players in the global agrochemicals market include Bayer AG, Agrium Inc., BASF SE, Dow AgroSciences LLC, Monsanto Company, E. I. du Pont Nemours and Company, Syngenta AG, Sumitomo Chemical Co., Yara International ASA, and The Mosaic Co.
In August 2019, Yara and Nel confirmed their shared ambition of developing clean hydrogen. Also, in March 2020, Ascenza, also known as Sapec Agro, announced the launch of its Sea4CS project that aims at producing sustainable microencapsulated formulations from marine resources. The project intends to utilize renewable sources of co-formulants, to develop innovative formulations of insecticides and herbicides.
Key Topics Covered:
2. Market Snapshot, 2019-2030 Million Usd
2.1. Market Snapshot
3. Porter's Five Force Model Analysis
4. Market Dynamics
4.1. Growth Drivers
5. Global Agrochemicals Market, by Type
5.2.1 Global Fertilizers Market, by Type
188.8.131.52 Synthetic Market, by Region
184.108.40.206.1 North America Synthetic Market, by Country
220.127.116.11.2 Europe Synthetic Market, by Country
18.104.22.168.3 Asia-Pacific Synthetic Market, by Country
22.214.171.124.4 Rest of World Synthetic Market, by Country
126.96.36.199 Phosphatic Market, by Region
188.8.131.52 Potassic Market, by Region
184.108.40.206 Biofertilizers Market, by Region
5.2.2 Fertilizers Market, by Region
5.3.1 Global Pesticides Market, by Type
220.127.116.11 Herbicides Market, by Region
18.104.22.168 Bioherbicides Market, by Region
22.214.171.124 Insecticides Market, by Region
126.96.36.199 Fungicides Market, by Region
188.8.131.52 Synthetic Fungicides Market, by Region
184.108.40.206 Bio Fungicides Market, by Region
5.3.2 Pesticides Market, by Region
6. Global Agrochemicals Market, by Region
7. Company Profiles
Dow AgroSciences LLC
E. I. du Pont Nemours and Company
Sumitomo Chemical Co.
Yara International ASA
The Mosaic Co
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