Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Crop Protection Chemicals), By Application (Cereal & Grains, Oilseeds & Pulses), By Region, And Segment Forecasts, 2024 - 2030

Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Crop Protection Chemicals), By Application (Cereal & Grains, Oilseeds & Pulses), By Region, And Segment Forecasts, 2024 - 2030

Agrochemicals Market Growth & Trends

The global agrochemicals market size is expected to reach USD 289.56 billion by 2030, expanding at a CAGR of 3.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. This increase can be attributed by the need of fertilizers and awareness among insecticides and fertilizers among consumers. Rapid industrialization and population growth have reduced the amount of arable land available, which has led to an increase in the use of agrochemicals such fertilizers and plant growth regulators, which has further fueled market expansion. The agrochemicals sector has also benefited from the rising demand for crops as animal feed and fiber in the textile industry.

In 2023, fertilizers dominated the market for agrochemicals. Due of their low cost and simple availability, phosphate and nitrogen fertilizers were most frequently used. The demand for bio fertilizers has increased due to the recent trend of organic farming, which completely forgoes chemical-based fertilizers.

The market for agrochemicals was dominated by the fertilizer category. The pressure on agricultural land is rising due to the rising crop and food demand around the world, so farmers are using more fertilizer to boost crop production and yield. Plant growth regulators such as auxins and cytokinins are expected to grow at the highest rate over the forecast period. Growing popularity of organic farming is expected to be a major driver of this segment, increasing its penetration in the market over the analysis period.

The growing concern regarding environmental safety among consumers and industrialists is influencing manufacturers to launch eco-friendly agrochemical products that have no or minimal impact on the environment. The companies operating in agrochemicals market are consistently engaged in R&D and developing innovative and eco-friendly products. For instance, Clariant is offering bio-based green agricultural adjuvant “Synergen OS”. This product is made up of methylated seed oil.

The Asia Pacific region led by China, was the largest manufacturer and consumer of fertilizers and other agrochemicals in the same year. The economies of most of the countries in this region including India, China, and Japan are dependent on agriculture, which has increased the demand for fertilizers thereby increasing the demand for ammonium phosphates.

Europe was the largest consumer of nitric acid and held around half of the total consumption. This region, led by countries such as Sweden and Spain, has witnessed growth in its agriculture sector, driving the demand for nitric acid and ammonium nitrate. Other countries in this region, such as Russia and Ukraine located in East Europe, are known for manufacturing explosives such as bombs. This has also played a key role in the growth of the market for ammonium nitrate, and hence, nitric acid.

Agrochemicals Market Report Highlights

• The fertilizers product segment dominated the market with 66.0% revenue share in 2023 as they are very useful for the proper growth and nutrition of the crops
• Asia Pacific dominated the market due to factors like the presence of agro-based industries including vegetable oil manufacturing, textiles, sugar, and animal husbandry
• Agrium, Bayer CropScience, and Yara International were some of the key manufacturers in 2021 with distribution facilities spread across all regions

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