The Global Agrochemicals Market size valued to USD 239.85 billion in 2019, is expected to reach USD 365.16 billion by 2030, witnessing a CAGR of 3.8%from 2020-2030.
Agrochemicals are agricultural chemicals used to manage the agriculture ecosystem, hence increasing the crop yield, and decreasing the generation of fungi, weeds, insects, and such other aspects hindering the agricultural growth. Agrochemical refers to pesticides including insecticides, herbicides, fungicides and nematicides. It also includes synthetic fertilizers, liming and acidifying agents, hormones, soil conditioners, and other chemical agents used in raising of livestock such as antibiotics and hormones. Agrochemicals are either manufactured synthetically or biologically. However, many synthetic agrochemicals are toxic as well as their prolonged use may impose health risks and threat to the environment. Henceforth, the use of bio-based fertilizers and pesticides is gaining momentum in sustainable development of the global agricultural sector.
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The global agrochemicals market witnessed a volumetric sale of 289.07 million-tons in 2019, that is projected to elevate up-to 402.18 million-tons by 2030, with a CAGR of 3.0% from 2020-2030.
Market Dynamics and Trends:
With consistently multiplying global population, there is a rising demand for increase in crop production. Henceforth, the global agrochemicals market is on a spur to cater the surging demand for agriculture produce. Besides, the advantages of agrochemicals, such as high yield, reduced crop losses, protection of crop as well as enhanced crop quality and quantity, are to boost the agrochemicals market growth during the forecast period. However, hurdles like rising environmental concerns due to prolonged use of synthetic chemicals, increasing health-risks due to toxicity of such chemicals, contamination of air water and soil due to excessive use of synthetic agrochemicals as well as shortfall to market-players due to infringement of intellectual property rights, are to impede the agrochemicals market growth during the forecast period.
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North-America is expected to show a considerable agrochemicals market growth, owing to presence of large population and lack of cultivatable land. However, prevailing advanced infrastructures, higher technological developments followed by growing demand of agricultural commodities, are to fuel-up the growth of agrochemicals market in future. Asia-Pacific dominated the global agrochemicals market in the past, and is expected to grow at the highest CAGR, maintaining its dominance throughout the forecast period. The increasing population resulting to increasing demand of agriculture produce such as fruits, vegetables, cereals, pulses, and others for both direct consumption and processing, are supplementing the market growth in this region. Moreover, factors like increasing R&D activities and cutting-edge innovations in farming technologies as well as levitating awareness in farmers about the correct use of agrochemicals are to create lucrative opportunities in future.
The agrochemicals market, which is highly competitive, consists of various market players. Some of the major market players include Bayer AG, Agrium Inc., BASF SE, Dow AgroSciences LLC, Monsanto Company, E. I. du Pont Nemours and Company, Syngenta AG, Sumitomo Chemical Co., Yara International ASA and The Mosaic Co. among others.
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