Agrochemicals Market to Grow with a CAGR of 3.24% through 2028
Advancements in
agricultural biotechnology are expected to drive the Global Agrochemicals Market
growth in the forecast period, 2024-2028.
According
to TechSci Research report, “Agrochemicals Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Agrochemicals Market stood at USD 221.18 billion in 2022 and is
anticipated to grow with a CAGR of 3.24% in the forecast period, 2024-2028. The
global agrochemicals market is experiencing a period of significant growth and
transformation, driven by several key market drivers. As the world's population
continues to expand, the demand for food, feed, and fiber is increasing,
necessitating higher agricultural productivity. Agrochemicals play a pivotal
role in meeting this demand by enhancing crop yields and protecting crops from
pests, diseases, and weeds.
One of the primary drivers of the agrochemicals market is the relentless
growth of the global population. To feed this burgeoning population, farmers
must produce more crops from limited arable land. Agrochemicals, including
fertilizers, pesticides, and herbicides, help optimize crop production and
ensure food security.
Modern agriculture
has witnessed a paradigm shift towards advanced farming techniques and
technologies. Precision agriculture, which involves the use of data and
technology to make informed decisions about crop management, is becoming
increasingly prevalent. Farmers are utilizing satellite imagery, drones, and
GPS-guided machinery to optimize planting, irrigation, and harvesting.
Agrochemicals are a crucial component of precision agriculture, allowing for
targeted and efficient application, reducing waste, and improving overall crop
yields.
The adoption of
genetically modified crops, engineered to resist pests and diseases or tolerate
specific herbicides, has been a game-changer in agriculture. GM crops, such as
Bt cotton and herbicide-tolerant soybeans, have gained widespread acceptance in
many regions. These crops require specific agrochemicals for optimal
performance, further driving demand for agrochemical products.
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While
agrochemicals have been instrumental in boosting agricultural productivity,
concerns about their environmental impact have prompted changes in the
industry. There is a growing emphasis on sustainable agriculture practices that
minimize adverse effects on the environment. As a result, agrochemical
manufacturers are investing in the development of eco-friendly and
biodegradable products. Biopesticides, organic fertilizers, and integrated pest
management (IPM) strategies are gaining traction as more sustainable
alternatives to traditional agrochemicals.
The Global Agrochemicals
Market is segmented into Product, Application, Regional Distribution, And
Company.
Based
on the Product, fertilizer emerged as the dominant segment in the global market
for Global Agrochemicals Market in 2022. Fertilizers address a fundamental need
in agriculture – the provision of essential nutrients to crops. With the
ever-increasing global population and the consequent need for enhanced food
production, the demand for fertilizers remains consistently high. the emphasis
on sustainable agriculture practices and precision farming techniques has led
to a growing demand for customized fertilizers, designed to meet the specific
nutritional requirements of different crops and soil types.
Moreover,
governments and agricultural agencies worldwide have been promoting the
responsible use of fertilizers to maximize agricultural productivity, which has
fuelled their adoption. Fertilizers cater to a wide range of crops, including
cereals, grains, fruits, vegetables, and more. Their versatility makes them
indispensable in diverse agricultural practices and geographical regions,
further contributing to their dominance.
Based on the
Application, the Cereals & Grains segment emerged as the dominant player in
the global market for Global Agrochemicals Market in 2022. cereals and grains,
such as rice, wheat, maize, and barley, serve as staple foods for billions of
people around the world. These crops form the foundation of diets in many
countries and provide a significant portion of daily calorie intake. The demand
for high yields and quality in cereal and grain production is therefore
consistently high. Ensuring an adequate supply of cereals and grains is
fundamental to food security. These crops provide the foundation for various
food products, including bread, pasta, rice, and animal feed. Maintaining a
stable supply is essential for preventing food shortages and price volatility.
Cereals and
grains are typically high-yield crops, making them crucial for meeting the food
demands of a growing global population. Agrochemicals, including fertilizers,
pesticides, and herbicides, play a vital role in optimizing yields and
protecting these crops from pests, diseases, and weeds.
Asia-pacific
emerged as the dominant player in the global Agrochemicals Market in 2022,
holding the largest market share. Asia-Pacific has a significant number of small-scale
and large-scale farmers, and agriculture remains a major livelihood for many.
The adoption of agrochemicals, including fertilizers, pesticides, and
herbicides, is widespread among these farming communities. The region has
witnessed rapid advancements in agricultural technology and practices. The
adoption of precision agriculture, digital tools, and biotechnology in farming
has led to more efficient and effective use of agrochemicals. Many governments
in Asia-Pacific actively support agriculture through subsidies, incentives, and
policies that promote agrochemical use. This support aims to enhance
agricultural productivity and ensure food security for their populations.
Major companies
operating in Global Agrochemicals Market are:
- Solvay SA
- Dow Inc.
- Huntsman International LLC
- Evonik Industries AG
- BASF SE
- Bayer AG
- Nufarm Limited
- Croda International Plc
- Helena Agri-Enterprises, LLC
- FMC Corporation
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“Anticipated
population growth, urbanization, and changing dietary preferences are expected
to drive the demand for increased agricultural productivity. This will
necessitate the use of agrochemicals, including fertilizers, pesticides,
herbicides, and innovative biotechnology solutions, to optimize crop yields and
protect against pests and diseases. Moreover, the growing awareness of
environmental sustainability and the need for eco-friendly farming practices
will drive innovation in the agrochemical sector, leading to the development of
more environmentally responsible and bio-based products. As the world seeks to balance the need for
food security with environmental stewardship, the Global Agrochemicals Market
is expected to witness continuous innovation and expansion to meet the
challenges and opportunities of the coming years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Agrochemicals
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Product (Fertilizers, Crop Protection Chemicals, Plant
Growth Regulators, Others), By Application (Cereals & Grains, Oilseeds
& Pulses, Fruits & Vegetable, Others) By Region and Competition”,
has evaluated the future growth potential of Global Agrochemicals Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Agrochemicals Market.
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