Agrochemicals Market Outlook
Agrochemicals Market Size was valued at USD 336.9 billion in 2022. The Agrochemicals market industry is projected to grow from USD 352.06 Billion in 2023 to USD 458.47 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 – 2030). Rising demand for fertilizers and the growing need for crop protection are the key market drivers enhancing market growth. according to a report by Market Research Future (MRFR).
Factors Driving the Growth of the Agrochemicals Market
The key factors driving the growth of the agrochemicals market include:
- Increasing demand for food production worldwide
- Growing population and rising disposable incomes
- Increasing awareness of the need for crop protection
- Rising adoption of precision agriculture technologies
- Government initiatives to promote the use of sustainable agrochemicals
Pesticides to Hold the Largest Share of the Agrochemicals Market
Pesticides are expected to hold the largest share of the agrochemicals market during the forecast period, accounting for over 60% of the market. This is due to the increasing demand for pesticides to protect crops from pests, diseases, and weeds.
Asia Pacific to Emerge as the Largest Market for Agrochemicals
The Asia Pacific region is expected to emerge as the largest market for agrochemicals during the forecast period, owing to the region’s large and growing population, rising disposable incomes, and increasing awareness of the need for crop protection.
Major Players in the Agrochemicals Market
Some of the major key players in the agrochemicals market include:
- Bayer Crop Science
- BASF SE
- Corteva Agriscience
- Syngenta AG
- Sumitomo Chemical Co., Ltd.
- Nufarm Limited
- FMC Corporation
- UPL Limited
- Adama Agricultural Solutions Ltd.
The agrochemicals market is expected to witness significant growth in the coming years, driven by increasing demand for food production worldwide, growing population and rising disposable incomes, increasing awareness of the need for crop protection, rising adoption of precision agriculture technologies, and government initiatives to promote the use of sustainable agrochemicals. The Asia Pacific region is expected to be the largest market for agrochemicals, owing to the region’s large and growing population, rising disposable incomes, and increasing awareness of the need for crop protection.
Additional Insights from the MRFR Report
The MRFR report provides a comprehensive analysis of the agrochemicals market, including:
- Detailed market segmentation by product type, application, and region
- Analysis of the competitive landscape
- Identification of key growth drivers and challenges
- Porter’s Five Forces analysis
- SWOT analysis
- Company profiles of major players
The report also includes forecasts of the market size and growth rates for each segment and region.
- The agrochemicals market is expected to grow at a CAGR of 3.2% from 2021 to 2027.
- Pesticides are expected to hold the largest share of the market, followed by fertilizers.
- Asia Pacific is expected to be the largest market, followed by North America and Europe.
- Increasing demand for food production, growing population, and rising disposable incomes are key drivers of market growth.
- Agrochemical companies should focus on developing innovative products that are sustainable and meet the needs of farmers.
- Governments should invest in research and development of sustainable agrochemicals.
- Farmers should adopt precision agriculture tech