Geographically, The APAC region dominates the global agrochemicals market. China, in particular, has the highest proportion of the global agrochemicals market. As farmland acreage is shrinking, China’s usage of organic N, P, and K fertilizers is falling. According to the China Green Food Development Center, roughly 9.84 million hectares of farmland in China were certified as organic farmland in 2021, a decline from 13.9 million hectares in 2019. Fruit and vegetable cropland area is expanding, while cereal cropland area is declining. Similarly, India’s significant production of cereal crops, such as rice and wheat, is a major component driving the market expansion. Pesticide use in India is rapidly increasing. The revenues of a few prominent pesticide and agrochemical firms as of June 2022 are a clear indication of the country’s and region’s agrochemical market growth.
New Delhi, Feb. 16, 2023 (GLOBE NEWSWIRE) — 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.
Sample Request @ https://www.blueweaveconsulting.com/report/global-agrochemicals-market/report-sample
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.
Please Visit the Press Release: https://www.blueweaveconsulting.com/press-release/global-agrochemicals-market-size-grows-at-steady-rate-to-reach-whopping-usd-279-1-billion-by-2029
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.
Don’t miss the business opportunity in the Global Agrochemicals Market. Consult our analysts to gain crucial insights and facilitate your business growth.
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.
Recent Development
- In February 2022 – Adama introduced Timeline FX, an enhanced cross-spectrum spring foliar herbicide for cereals. To give producers with a variety of applications, the herbicide is designed with three active components that have complementary modes of action, as well as a built-in adjuvant.
- In January 2022 – Yara and Lantmännen signed a commercial deal to deliver fossil-free fertilizers to market. The collaboration between the firms resulted in a commercial contract for green fertilizers, which will be made by Yara and supplied in Sweden by Lantmännen beginning in 2023.
Scope of the Report
Attributes | Details |
Years Considered | Historical Data – 2019–2022 |
Base Year – 2022 | |
Estimated Year – 2023 | |
Forecast Period – 2023–2029 | |
Facts Covered | Revenue in USD Billion |
Market Coverage | North America, Europe, Asia Pacific, Latin America, Middle East and Africa (MEA) |
Product/ Service Segmentation | Product Type, Application, Region |
Key Players | 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., Stepan Company |
By Product Type
- Fertilizer
- Crop Protection Chemicals
- Plant Growth Regulators
By Application
- Cereal & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
Please Find Below Some Related Topics:
- Nematicide Market – Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Vietnam Plasma Feed Market – Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Brazil Agriculture Robots Market – Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Middle East & Africa Smart Greenhouse Market – Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Drip Irrigation Market – Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
[email protected]
https://www.blueweaveconsulting.com/
https://www.linkedin.com/company/blueweaveconsulting/
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Mango Bunch takes no editorial responsibility for the same.