PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320224
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320224
Agrochemicals Market size was valued at USD 290.1 Million in 2022, expanding at a CAGR of 4.9% from 2023 to 2030.
Agrochemicals are chemical formulations that are generally used to control pests, and pathogens, and supply nutrients to the soil. The use of agrochemicals (growth regulators, pesticides, and fertilizers) has increased the yield and growth of crops and thus providing stability to agricultural production. While agrochemicals play an important role in ensuring global food security by assisting farmers in increasing crop yields, their use creates environmental and health issues. Agrochemical exploitation or overuse can cause environmental contamination and harm to non-target creatures. In addition, the industry and regulatory bodies are working to develop and promote more environmentally friendly agrochemicals, such as bio-based fertilizers and insecticides.
Pesticides provide an important role in controlling pests, weeds, and diseases that can drastically lower agricultural production. Agrochemicals help to increase yield by protecting crops from various dangers. The need to increase agricultural yield to meet the growing global need for food has driven up demand for agrochemicals, especially crop protection chemicals. The Food and agricultural organization of United nation statistics revealed that the global production of primary crops increased by 52 percent between 2000 and 2020, to 9.3 billion tonnes in 2020. Four individual crops accounted for half the global production of primary crops in 2020 like sugar cane, maize, rice, and wheat. Increasing research on bio-agrochemicals, which use natural organisms or compounds to manage pests and promote crop health, anticipate proficiently the industry's future. These products could help address the growing demand for environmentally friendly farming operations. However, Environmental and health issues, including water pollution and harm to non-target organisms may hinder the growth of the Agrochemicals market.
The Global Agrochemicals Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into four categories based on product type: Fertilizers, Pesticides, Adjuvants, and Plant Growth Regulators. Fertilizers dominate the market. Fertilizers are compounds that offer essential nutrients for plant growth and are an important component of agrochemicals. These nutrients include macronutrients such as nitrogen (N), phosphorus (P), and potassium (K), which are required in significant numbers, as well as micronutrients such as iron, manganese, zinc, and copper, which are required in lesser amounts.
The market is divided into three categories based on application: Grains and Cereals, Pulses and Oilseeds, Fruits and Vegetables, and Others. The Grains and Cereals sector dominates the market and is likely to maintain its dominance during the forecast period. Agrochemicals are important in the expansion of grains and cereals, which are staple foods for a large section of the world's population. Wheat, rice, maize (corn), barley, oats, and other crops are among them.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate Agrochemicals Market, due to the high population and subsequent increase in the demand for food, and soil degradation. North America has a large population with high food consumption levels. This leads to an increased demand for agricultural products, driving the use of agrochemicals to enhance crop yields. According to the U.S. Department of Agriculture, in 2021, 35.5 pounds per person of corn products (flour and meal, hominy and grits, and food starch) were available for consumption in the United States, increasing steadily over the last five decades. The overall amount of vegetables available for consumption in the United States was 382.5 pounds per capita in 2020 below the 20-year average of 389.8 pounds but increased from 371.6 pounds in 2019. Europe is another region expected to provide growth opportunities for Agrochemicals Market, due to an increase in awareness among consumers regarding the benefits of agrochemicals.
The agrochemicals industry is a dynamic and competitive sector driven by rising global food demand, changing farming practices, and advances in technology in agriculture. Companies in the agrochemicals market are always spending on development and research to create new and creative products that provide better results, are ecologically friendly, and endure changing climate conditions. Bio-based agrochemicals are in demand as they are regarded to be more environmentally friendly than synthetic rivals. This has created new prospects for agrochemical firms. For instance, on March 2023, BASF presents the latest advancements in its agricultural innovation pipeline of crop protection, seeds and traits, and digital solutions. Their focus is to provide much-needed solutions for farmers to overcome local and crop system-specific pest pressures, climate challenges, changing regulatory requirements and rising consumer expectations.
On May. 10, 2023, Dow, through its Industrial Solutions business, introduced a new innovative online tool, DOW Crop Solver, to accelerate agricultural formulation development. DOW Crop Solver provides a guided journey that helps formulators speed up inert ingredient selection and evaluation, and quickly assess inert ingredient properties all from an experience optimized for desktop and mobile use.