Market Overview

Agrochemicals are chemical products that have been specially engineered for use in agriculture to increase crop yield and protect crops from pests, insects, weeds, fungi, and other pests. Agrochemicals can be produced in both, chemical as well as biological methods. Synthetic agrochemicals are a threat for the environment and are gradually being replaced by bio-based pesticides and fertilizers. An evolution in synthetic chemical manufacture has vastly improved pesticide processes to accommodate for the enormously growing global population and the consequent increases in food demands. However, it is estimated that up to 40% of the world’s crops are spoiled by plant pests and diseases – even with the effective implementation of pesticides.

The global agrochemicals market is estimated to surpass US$ 103,383.4 Mn by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2021 to 2027).

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Market Dynamics

Surging global population is boosting the demand for food. On the other hand, urbanization is reducing agricultural land, thus driving the need to increase crop production in limited agricultural land. Moreover, rising awareness regarding the advantages of agrochemicals are expected to propel the adoption of agrochemicals throughout the forecast period.

Factors such as continuous advancements in the technology used in agriculture have led to a shift in farming practices. Furthermore, with the course of time, with the advent of the era of globalization, liberalization, and privatization, the manufacturing and service industries became the forefront of employment for the masses and increasingly brought them into the fold of urbanization for livelihood and consumption. This shift required more land to be diverted from agriculture to other commercial and residential uses, and, as a result, it reduced more area from under the fold of agricultural and other related practices. Thus, this trend has increased the demand for more agrochemicals to produce more food in less land.

Detailed Segmentation:

Global Agrochemicals Market, By Origin:

Synthetic

Organic

Global Agrochemicals Market, By Product Type:

Insecticides

Fungicides

Herbicides

Others (Rodenticides, etc.)

Key companies covered as a part of this study include ADAMA Ltd., Arysta Life Science, Bayer AG, Isagro Spa, K+S Aktiengesellschaft, Nufarm, Nutrien Ltd, OCI Nitrogen, Sociedad Quimica Y Minera De Chile, and The Mosaic Company.


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