Global Agrochemicals Market Size Grows at Steady Rate to Reach Whopping USD 279.1 billion by 2029.
Global agrochemicals market is flourishing because of increasing adoption of genetically modified crops that require more agrochemicals and a surging demand for higher yielding crops to ensure food security for growing world population.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global agrochemicals market size at USD 224.12 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global agrochemicals market size to grow at a steady CAGR of 3.36% reaching a value of USD 279.09 billion by 2029. Major growth factors of global agrochemicals market include an increasing global need for fertilizers and crop protection chemicals in agriculture. Farmers' increasing usage of fertilizers to provide nutrients to crops and increase yield as well as surging demand for pesticides and excessive use of agrochemicals in liquid form are two major elements boosting the demand for agrochemicals across the world. Rapid urbanization and industrialization have resulted in a decline in cultivable land as the number of industries, residences, roadways, and other infrastructure investment structures has increased. Likewise, rising population demand for more food, increasing adoption of technology advancements in the agricultural industry, a scarcity of arable land, rising environmental concerns, and advancements in plant breeding and management capability are all influencing the market growth, leading to an increasing use of agrochemicals. Also, population growth has boosted global food consumption, increasing demand for agricultural products. This has led to an increase in the usage of agricultural chemicals to improve crop output and agriculture developments. As a result, the usage of agrochemicals, such as fertilizers and pesticides, has become critical to meet the spurring demand for food products. It is also increasing global demand for innovative agriculture practices and inputs. These factors are expected to propel the growth of global agrochemicals market during the forecast period. However, high and stringent regulations and intense competition are anticipated to restrain the growth of global agrochemicals market during the period in analysis.
Global Agrochemicals Market - Overview:
Agrochemicals are chemical products that are employed in agriculture fields to manage the environment. They are specialized chemical products used to increase crop yield in agriculture production, floriculture, and horticulture. Agrochemicals include fertilizers, insecticides, soil conditioners, liming and acidifying chemicals, and hormones. The substance is used to increase crop growth and yield, eliminate pests and weeds, and control parasites and infectious diseases in crops and cattle. Animals are also given hormones on a regular basis to help them develop and produce more. They are designed to safeguard crops from pests, boost agriculture, and keep crop quality intact. Pesticides protect crops by attempting to prevent, kill, or repel pests and weeds that harm the crop. Fertilizers improve crop quality by supplying important nutrients to the crop and soil. Agrochemicals play a key role in agriculture, supporting farmers in increasing crop quality and quantity.
Impact of COVID-19 on Global Agrochemicals Market
COVID-19 had a detrimental impact on agrochemicals market. Due to pandemic, World Health Organization proclaimed a public health emergency. There have been a considerable number of deaths worldwide as a result of the disease's expansion to over 100 countries. The worldwide manufacturing, tourism, finance, and export-import sectors all suffered significant losses. The downward pressure on the world economy has once again increased, after initially showing hints of improvement. The virus outbreak has increased the already fragile development of the global economy. The world economy is reportedly going through its most challenging period since the fiscal crisis, according to various international organizations.
Global Agrochemicals Market - By Product Type:
By product type, global agrochemicals market is divided into Fertilizers, Crop Protection Chemicals, and Plant Growth Regulators segments. The fertilizers segment is expected to hold the highest market share. Fertilizers supply nutrients that crop require for optimum growth. They are available in powder, granular, and liquid forms. Potassium fertilizers, nitrogen fertilizers, and phosphorous fertilizers are among the most commonly utilized fertilizers. Among them, the nitrogen fertilizer segment of the agrochemicals market is forecast to dominate. Farmers may need to apply nitrogen fertilizer to their farms and gardens on occasion to guarantee that their plants get the exact nutrients they require to grow. The nitrogenous fertilizer industry produces synthetic ammonia, nitric acid, ammonium nitrate, and urea. The primary use of synthetic ammonia and nitric acid are as intermediates in the manufacturing of fertilizers, such as ammonium nitrate and urea. The use of inorganic nitrogen fertilizers on diverse crops has been continuously growing around the world for many decades.
Competitive Landscape:
Major players operating in global agrochemicals market include: Clariant AG, BASF SE, Huntsman International LLC, Bayer AG, The DOW Chemical Company, Solvay, Nufarm, Evonik Industries AG, Croda International Plc, Helena Agri-Enterprises, LLC, Ashland, Inc., Land O' Lakes, Inc., FMC Corp., ADAMA Ltd., and Stepan Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Agrochemicals Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Agrochemicals Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
