Agrochemicals Market

Analysts at GMI Research estimates that the Agrochemicals Market was worth USD 228.1 billion in 2022, and forecast to touch USD 300.4 billion in 2030, growing at a CAGR of 3.5% from 2023-2030.

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Major Agrochemicals Market Drivers

Rapid growth in population, shrinking crop harvesting area, and need for better yield of crops are some of the major factors that are expected to boost the growth of the agrochemical market during the forecast period. In addition, increasing cultivation of horticultural crops such as fruits & vegetables, floricultural plants, livestock feed are further expected to augment the demand of agrochemical products over the forecast period. Moreover, various benefits offered by agrochemicals that includes enhanced yield quality, crop protection, reduced crop loss, pest control, and others is further accelerating the growth of the market. Furthermore, increasing research and development of bio pesticides is expected to provide huge growth opportunity to the global agrochemicals market. However, the rising environmental concerns regarding the harmful effects of using excessive chemicals in agriculture is expected to hamper the growth of the agrochemical market.

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Type – Segment Analysis

Based on type, the market is segmented into fertilizers and pesticides. The fertilizers segment is anticipated to dominate the agrochemical market during the forecast period. This is primarily due to increasing demand of bio pesticides including microbial pesticides, herbal pesticide, and plant-incorporated protectants in the agriculture industry. In addition, rising application of pesticides for controlling the spread of weeds, insects, and funguses is expected to accelerate the growth of the market.

Crop Type – Segment Analysis

Based on crop type, the market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The fruits & vegetables segment is projected to grow at a higher CAGR during the forecast period mainly due to the increasing focus of marginal farmers on cultivating horticulture crops owing to short duration crops that are mostly grown on small patches of land. Additionally, rising awareness about health benefits of fruits and green vegetables coupled with the growing demand for organic fruits and vegetables is further stimulating the growth of the market.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is anticipated to lead the agrochemicals market during the forecast period. This is primarily due to the growing population and increasing demand to improve food productivity. In addition, rising application of pesticides and fertilizers to maintain soil health and increase land productivity in the emerging economies including China, Japan, India, Indonesia, and South Korea are further boosting the market growth in the region. On the other hand, North America is projected to grow at a faster CAGR in the agrochemicals market owing to the rapid economic development, rising focus on utilizing microbe based pesticides and bio fertilizers for yield enhancement, and increasing consumer demand for organic food in the region.

Top Market Players

Various notable players operating in the global Agrochemicals market include BASF SE, The DOW Chemicals Company, E. I. Du Pont De Nemours and Company, Yara International ASA, Bayer AG, Israel Chemicals Limited, Crystal Group, Bionema Limited, Nippon Soda Co., Ltd., and Mitsui & Co., Ltd., among other companies. 

Key Developments:

• • In 2020, Crystal Crop Protection, one of the leading research and development based crop protection agro-chemical companies in India and a part of Crystal Group, acquired three insecticide companies namely, Dursban, Nurelle-D and Predator in India from US-based Company, Corteva, Inc. This acquisition helped the company to diversify the product portfolio and thus strengthening the market presence across India.
  • In 2020, Mitsui & Co., Ltd. and Nippon Soda Co., Ltd., acquired majority shares in Bharat Insecticide Limited (BIL), an Indian agrochemical company. Through this acquisition, Mitsui and Nisso are intended to contribute to the expansion of BIL’s business in India by integrating synergy with Mitsui’s global assets and Nisso’s competitive products into BIL’s business portfolio.
  • In 2020, Bionema Ltd., a biopesticide technology developer launched a biocompatible wetting agent NemaSpreader for biopesticides. The NemaSpreader helped to increase the efficacy of beneficial nematodes up to 30% for controlling soil and foliar insect pests

Segments Covered in the Report:

The global Agrochemicals market has been segmented on the type, crop type, and region. Based on type, the market is segmented into fertilizers and pesticides. Based on crop type, the market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others.

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Key questions answered in this research report:

• • At what pace is global Agrochemicals market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Agrochemicals market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Agrochemicals market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various crop type of global Agrochemicals market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Agrochemicals Market by Type

• • Fertilizers
  • Pesticides

Global Agrochemicals Market by Crop Type

• • Cereals & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Others

Global Agrochemicals Market by Region

• • North America Agrochemicals Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Crop Type
    • US Market All-Up
    • Canada Market All-Up

  • Europe Agrochemicals Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By Crop Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Agrochemicals Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By Crop Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Agrochemicals Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By Crop Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Agrochemicals Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • The DOW Chemicals Company
  • I. Du Pont De Nemours and Company
  • Yara International ASA
  • Bayer AG
  • Israel Chemicals Limited
  • Crystal Group
  • Bionema Limited
  • Nippon Soda Co., Ltd.,
  • Mitsui & Co., Ltd.