PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400973
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400973
Asia Pacific Agrochemical Additives Market size was valued at USD 63,255 Million in 2022, expanding at a CAGR of 2.9% from 2023 to 2030.
Pesticides and fertilizers, sometimes known as agrochemicals, are used in agriculture to manage weeds and insects, fend against disease, and promote plant development. Agrochemicals are made up of a variety of substances, including fungicides, insecticides, herbicides, and fertilizers.
Agrochemical Additives Market- Market Dynamics
Increasing demand for packed food consumption and agricultural products are expected to propel market demand
Rising demand for agricultural products because of a rise in the use of packaged foods in the APAC region. In order to promote crop productivity and advancements in the agriculture industry, there is also a rise in the usage of agricultural chemicals. To meet the growing demand for food, the use of agrochemicals, such as pesticides and fertilizers, has become necessary. Agrochemicals are essential for enhancing soil moisture, plant growth, and crop output and quality. Agrochemicals are divided into pesticides, insecticides, fertilizers, and other categories based on their types. Because all fertilizers have the ability to increase soil and crop nutritional values, crop yields, the production of agricultural products, and fertility are all increased on a wide scale, this in projected to boost the market growth over the forecast period.
Agrochemical Additives Market- Key Insights
As per the analysis shared by our research analyst, the Asia Pacific market is estimated to grow annually at a CAGR of around 2.9% over the forecast period (2023-2030)
Based on Type segmentation, fertilizers segment was predicted to show maximum market share in the year 2022, Fertilizers have demand due to their control over insects and better crop yield, these factors are fueling the market growth.
Based on Crop Type segmentation, cereals and grains was the leading market in 2022, due to high demand for agrochemicals in crop fertilization.
Based on Application segmentation, pesticides was the leading market in 2022, due to increasing demand for pesticides to improve the quality of plants and seeds.
On the basis of country, India held significant revenue share in 2022 mainly due to the growing demand from agriculture sector.
The Asia Pacific Agrochemical Additives Market is segmented on the basis of Type, Crop Type, Application, and Region.
The market is divided into five categories based on Type: fertilizers, pesticides, insecticides, herbicides, fungicides. The fertilizers dominate the market. The high demand from agricultural chemicals to improve crop production is proliferating the market growth.
The market is divided into four categories based on Crop Type: cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The cereals & grains dominates the market and is likely to maintain its dominance during the forecast period. The high demand for agrochemicals in crop production for cereals is driving the market growth.
The market is divided into five categories based on Application: pesticides, seed treatment, micronutrients and fertilizers, soil health, and others. Pesticides segment held the largest share in 2022. The segment is expected to witness significant growth owing to rising crop advancement is mainly boosting the market growth.
Agrochemical Additives Market- Country Insights
Country wise, this market is widespread into India, China, South Korea, Japan, Australia, Thailand, Indonesia, Philippines, Malaysia, Taiwan, Vietnam, Hong Kong, New Zealand, Singapore, Myanmar, and the rest of the Asia-Pacific (APAC) region. India is expected to capture a significant market share during the forecast period. India has a significant and diverse agriculture sector, and the demand for agrochemicals, including additives, is influenced by factors such as population growth, increasing food demand, and the need to enhance crop yields.
The Asia-Pacific region's two most developing countries are China and India are contributing majorly to market growth. The demand for agrochemicals to raise agricultural yields rises in these highly populated countries due to rising food demands, which in turn drives up the agrochemicals industry in these nations. New market participants are being drawn in by the agriculture industry's growing industrial innovation, growing environmental concerns, advances in plant breeding, and management know-how. As a result, the usage of agrochemical additive is growing.
In September 2023, the market debut of the first Chlorantraniliprole series of insecticides, which are based on the company's own production technique, has been announced by Adama with the introduction of Cosayr® and Lapidos® in India.
The scope of this report covers the market by its major segments, which include as follows:
ASIA PACIFIC AGROCHEMICAL ADDITIVES MARKET KEY PLAYERS
BASF SE
Heringer
FMC Corporation
DowDuPont
Bayer Group
Syngenta
PhosAgro
Yara International
OCPJordan
Abyad Fertilizers and Chemicals Company
OCI N.V., Nutrient Ltd.
The Mosaic Company
WinHarvest Pty Ltd
Others
ASIA PACIFIC AGROCHEMICAL ADDITIVES MARKET, BY TYPE
Fertilizers
Pesticides
Insecticides
Herbicides
Fungicides
ASIA PACIFIC AGROCHEMICAL ADDITIVES MARKET, BY CROP TYPE
Cereals & grains
Oilseeds & pulses
Fruits & vegetables
Others
ASIA PACIFIC AGROCHEMICAL ADDITIVES MARKET, BY APPLICATION
Pesticides
Seed treatment
Micronutrients and fertilizers
Soil health
Others
ASIA PACIFIC AGROCHEMICAL ADDITIVES MARKET, BY REGION
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Malaysia
Taiwan
Vietnam
Hong Kong
New Zealand
Singapore
Myanmar
Rest of APAC