Agrochemicals Market to be Worth $338.49 Billion by 2030

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 Agrochemicals Market to be Worth $338.49 Billion by 2030

  

 
Meticulous Research®—a leading global market research company, published a research report titled, ‘Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type - Global Forecast to 2030.

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The agrochemicals market is expected to reach $338.49 billion by 2030, at a CAGR of 4.0% from 2023 to 2030. The growth of this market is driven by the rising demand for low-cost crop protection solutions, the growing need to increase crop yield and quality, growth in organic farming & the rising demand for organic food, growing awareness about environmental safety, increasing focus on soil management practices to drive the demand for soil conditioners, and increasing government initiatives to promote the use of biopesticides. Furthermore, an increasing focus on integrated pest management and emerging economies in Asia-Pacific and Latin America are expected to provide significant growth opportunities for players operating in this market. However, stringent and non-standardized regulations, high demand for synthetic fertilizers, and lack of education & awareness among farmers hinder the growth of this market. On the other hand, lengthy product registration and approval processes are a major challenge for market growth.

Key Players

The key players operating in the agrochemicals market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (A Part of China National Chemical Corporation/Chemchina) (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Jiangsu Yangnong Chemical Co. Ltd. (China), Loveland Products, Inc. (A Part of Nutrien AG Solutions) (U.S.), Eastman Chemical Company (U.S.), Evonik Industries AG (Germany), American Vanguard Corporation (U.S.), Koppert B.V. (Netherlands), Gowan Company LLC (U.S.), Biolchim SPA (Italy), Lallemand Inc. (Canada), ADAMA Agricultural Solutions Ltd. (Israel), and Isagro S.p.A. (Italy).

The agrochemicals market study presents historical market data in terms of value & volume (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type, form, mode of application, crop type, and geography.

Based on type, the agrochemicals market is segmented into fertilizers, synthetic crop protection chemicals, biological crop protection chemicals, biostimulants, plant growth regulators, soil conditioners, and other types. In 2023, the fertilizers segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the growing demand for fertilizers such as anhydrous ammonia, ammonium nitrate, and urea, the rising number of initiatives by government agencies along with increasing awareness about the need for sustainability in modern agriculture and increasing adoption of advanced farming with drip irrigation and sprinklers. In addition, the lack of nutrients in the soil due to the use of pesticides and other harmful chemicals has led to a decline in agricultural productivity. This is expected to boost the demand for fertilizers. 

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Based on form, the agrochemicals market is segmented into dry form and liquid form. In 2023, the dry form segment is expected to account for the larger share of the agrochemicals market. The large market share of this segment is attributed to the higher adoption of dry form agrochemicals, especially synthetic fertilizers on agricultural land and lawn & garden applications, owing to their long-lasting effects and high efficiency in all climatic conditions and the wide & easy availability of raw materials. Additionally, dry form agrochemicals are generally less expensive to produce, transport, and store compared to liquid form agrochemicals. They can be easily stored for longer periods without the need for special storage facilities, which results in cost savings for farmers and distributors.

Based on mode of application, the agrochemicals market is segmented into seed treatment, foliar spray, soil treatment, fertigation, and other modes of application. In 2023, the soil treatment segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to its benefits, including precise placement of agrochemicals in the root zone of plants, reducing wastage, and ensuring that the plants receive the nutrients or protection they need, reduced environmental impact, long-lasting effects, enhanced root development, and reduced pest and disease pressure. In addition, soil treatment can make contaminated soil usable for agriculture and other purposes. Also, biological soil treatment processes are typically implemented at low costs. These benefits increase the preference for soil treatment among farmers.

However, the foliar spray segment is projected to witness significant growth during the forecast period of 2023–2030. The rapid growth of this segment is mainly driven by the high efficiency in the application, uniform distribution of chemicals, and minimum to no wastage of crop protection chemicals in the foliar spray mode of application.

Based on crop type, the agrochemicals market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops. In 2023, the cereals & grains segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the growing need to increase cereal & grain production, minimize cereal & grain loss due to pests and diseases, and the increasing use of these crops in animal feed, biofuel, and starch & ethanol production. Additionally, in many countries, governments actively support cereals & grains production due to their importance in food security. This often includes policies and subsidies that incentivize the use of modern agricultural practices, including the use of agrochemicals.

Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the agrochemicals market. Asia-Pacific’s major market share is attributed to several factors, including the rapid growth in population, increasing demand for quality agricultural products & organic produce, and the rising need for high productivity and yield is expected to increase the consumption of agrochemicals in Asia-Pacific, especially in China, India, and Japan.

Moreover, it is also slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the huge areas under organic cultivation, rapid population & income growth, increasing mechanization and irrigation facilities, and the presence of several organic operators. Furthermore, supportive government policies and initiatives by organizations to promote and expand the organics industry contribute to the growth of the agrochemicals market in this region.

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Key Questions Answered in the Report:

·  Which are the high-growth market segments in terms of type, form, mode of application, crop type, and geography?

·  What is the historical market size for agrochemicals across the globe?

·  What are the market forecasts and estimates for the period 2023–2030?

·  What are the major drivers, restraints, opportunities, and challenges in the agrochemicals market?

·  Who are the major players in the market, and what are their market shares?

·  Who are the major players in various countries, and what are their market shares?

·  How is the competitive landscape for the agrochemicals market?

·  What are the different strategies adopted by the major players in the agrochemicals market?  

·  What are the key geographic trends, and which are the high-growth countries?

·  Who are the local emerging players in the agrochemicals market, and how do they compete with other players?

 

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