The transportation and storage benefits associated with packaging solutions for agrochemicals are the major factors contributing to the growth of this market, globally. However, recycling and proper disposal of these packaging wastes can act as a restraining factor against the growth of this market. Packaging helps prevent transportation and storage losses of pesticides and fertilizers, and also helps reduce environmental hazards. The agricultural packaging market is projected to reach USD 5.02 billion by 2023, at a CAGR of 5.00% from 2018 to 2023.
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Increase in trade of agrochemicals across the world promotes the need for minimizing transportation loss, which necessitates optimum packaging conditions of the agrochemical products. Moreover, owing to the increasing ban on chemical pesticides in major countries, there is an immense scope and increasing demand for the development of agricultural biologicals. Packaging for these biological products has opened opportunities in the agricultural packaging market since advanced technologies such as aseptic packaging techniques would be of utmost importance for biologicals.
Advances in packaging technology for agrochemicals and stringent regulations regarding the packaging and labeling of pesticides and fertilizers are expected to play a significant role in the growth of the agricultural packaging market. However, the absence of systematic rules and protocols for the disposal of packaging waste result in delayed environmental problems in key markets such as Asia Pacific and Europe. The proposals for improved regulatory governance of agricultural packaging, especially plastic disposal and recycling, if amended, could remove the entry barriers faced by the small and medium-sized enterprises, and thus spur market growth.
The dominance of plastics in the agricultural packaging market can be attributed to the extensive use of HDPE and PET bottles, cans, and drums for the packaging of liquid formulation of chemical pesticides. They are also increasingly adopted for the packaging of biologicals by key players. Flexible packaging products such as plastic pouches and bags are adopted majorly for dry formulations of fertilizer and pesticide packaging. The increase in trade opportunities for agrochemicals in the global market and the advent of competitive and cost-effective packaging materials are the major factors boosting the demand for plastics. Fertilizer production across the globe has witnessed a positive trend in recent years due to their increasing demand, which has set standard agricultural packaging materials to qualify for better price grades. This makes it an important market driver among manufacturers, even in developing markets, to implement a sustainable packaging approach.
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Asia Pacific accounted for the largest share in 2017; followed by North America, owing to the high production rate of chemical pesticides and fertilizers for crop protection in countries such as China, India, Japan, and the US. Increasing export of agrochemical solutions from these countries necessitates effective transport and storage of these products; this, in turn, fuels the demand for optimum packaging solutions to minimize losses and increase their shelf life. The strong presence of key agrochemical manufacturers and base of the packaging industry in these regions, also supports the dominance of Asia Pacific and North America in the global market. Owing to the dominance in the production rate of pesticides and fertilizers in China and India, Asia Pacific is projected to be the fastest-growing region in the global agricultural packaging market. R&D investments for the development of optimum and cost-effective packaging solutions and installation of new production capacities by key players are expected to boost the market in the next five years.
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