Agrochemicals Market Outlook
The market size for agrochemicals was estimated at USD 336.9 billion in 2022. According to projections, the market for agrochemicals will increase from USD 352.06 billion in 2023 to USD 458.47 billion in 2030, with a compound annual growth rate (CAGR) of 4.50% over the forecast period (2023–2030). The primary market drivers accelerating market growth are the rising demand for fertilisers and the expanding necessity for crop protection.
Due to global population growth and rising income, consumption habits are altering. In addition to growing output to fulfil demand, there is a need to address the nutritional needs of a population that is becoming more affluent. For instance, the IMF predicts that India’s population would reach 1.39 billion people in 2021.
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FAO estimates that 11.7% of people worldwide would experience acute food insecurity in 2021. Waste is a significant barrier to maintaining food and nutritional security since arable land is diminishing and crops are being destroyed by pests. The total area of land utilised for farming in the US has declined yearly since 2000, according to the US Department of Agriculture. Farmland was down by over 50 million acres as of 2021, to 895.3 million acres worldwide. The demand for agrochemicals rises because of these factors, raising agricultural output.
The rise of the animal husbandry and animal feed sectors is also projected to have a positive impact on the growth of the global agrochemicals market. The United States has the world’s largest feed industry.
According to the American Feed Industry Association (AFIA), the United States would export 32.4 thousand tonnes of animal feed worth USD 13 billion in 2020. As a result, the CAGR for the global agrochemicals market has increased.
Pesticides and fertilisers are two of the products included in the market segmentation for agrochemicals. In 2022, the fertilisers market segment retained the lion’s share, accounting for 65–67% of the Agrochemicals market’s revenue.
Potassic, nitrogenous, and phosphatic products are included in the market segmentation for agrochemicals. The nitrogenous segment dominated the market in 2022 and is anticipated to grow at the fastest rate from 2022 to 2030.
The food grains, cash crops, plantation crops, and horticulture crops are the four crop categories into which the agrochemicals market data has been divided. In 2022, the market was dominated by the food grains category, and it is anticipated that this segment will have the fastest growth over the coming years.
The report breaks down the markets by region, covering North America, Europe, Asia-Pacific, and the rest of the world. The market for agrochemicals in the Asia Pacific region, which is predicted to reach USD 154.3 billion in 2022, is anticipated to rise at a substantial CAGR. China, Japan, and India are the top three contributors to the regional market. The International Trade Centre (ITC) and FAO both rank China as the top producer and exporter of pesticides globally.
India, behind China, Japan, and the United States, is the world’s fourth-largest producer of agrochemicals, according to the Organisation for Economic Co-operation and Development (OECD) and FAO. In addition, the India agrochemicals market had the quickest rate of growth in the Asia-Pacific region and held the greatest market share.
the Agrochemicals industry has provided various products reaping significant benefits. The Agrochemicals market major player such as The Mosaic Company (US), Bayer CropScience Limited (Germany), The Dow Chemical Company (US), BASF SE (Germany), Monsanto Company (US), Syngenta AG (Switzerland), Adama Agricultural Solutions Ltd (Israel), Nufarm Limited (Australia), Arysta Lifescience Corporation (Japan), and Crystal Crop Protection Pvt. Ltd. (India), and others are working on expanding the market demand by investing in research and development activities.
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