The Agrochemicals Market is poised to exhibit a robust compound annual growth rate (CAGR) of 4.50% by the year 2030, reaching a substantial value of USD 458.47 billion. As of 2022, the market size for agrochemicals was estimated at USD 336.9 billion. Projections indicate significant growth, with the market set to increase from USD 352.06 billion in 2023 to the aforementioned USD 458.47 billion by 2030.

The primary drivers fueling this anticipated market growth include the escalating demand for fertilizers and the expanding necessity for crop protection. As global population growth and rising income alter consumption habits, there is a growing need to address the nutritional requirements of an increasingly affluent population. For instance, the IMF predicts that India's population will reach 1.39 billion people in 2021.

Furthermore, the Food and Agriculture Organization (FAO) estimates that 11.7% of people worldwide will experience acute food insecurity in 2021. Challenges such as waste, diminishing arable land, and pest-related crop destruction underscore the critical role of agrochemicals in sustaining food and nutritional security. The decline in farmland area in the US, for instance, has led to an increased demand for agrochemicals to enhance agricultural output.

The growth of the animal husbandry and animal feed sectors, particularly in the United States, the world's largest feed industry, is expected to positively impact the global agrochemicals market. According to the American Feed Industry Association (AFIA), the United States exported 32.4 thousand tonnes of animal feed worth USD 13 billion in 2020, contributing to an increased Compound Annual Growth Rate (CAGR) for the global agrochemicals market.

Buy Now Premium Research Report - Get Comprehensive Market Insights : https://www.marketresearchfuture.com/sample_request/1267

In terms of market segmentation, pesticides and fertilizers are the two major categories within agrochemicals. In 2022, the fertilizers segment accounted for 65-67% of the market's revenue. The market segmentation also includes potassic, nitrogenous, and phosphatic products, with the nitrogenous segment expected to exhibit the fastest growth rate from 2022 to 2030.

In terms of crop categories, agrochemicals are divided into food grains, cash crops, plantation crops, and horticulture crops. The food grains category dominated the market in 2022, and it is anticipated to experience the fastest growth in the coming years.

Regionally, the market breakdown covers North America, Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific region, particularly China, Japan, and India, is expected to play a significant role, with a substantial CAGR predicted for the agrochemicals market. China, recognized as the top global producer and exporter of pesticides by the International Trade Centre (ITC) and FAO, is a key contributor to the regional market.

India, ranked fourth globally in agrochemicals production, has witnessed the fastest growth rate in the Asia-Pacific region and holds the greatest market share in the India agrochemicals market.

Key companies in the agrochemicals market include The Mosaic Company, Bayer CropScience Limited, The Dow Chemical Company, BASF SE, Monsanto Company, Syngenta AG, Adama Agricultural Solutions Ltd, Nufarm Limited, Arysta Lifescience Corporation, and Crystal Crop Protection Pvt. Ltd. These industry leaders play a pivotal role in shaping the trajectory of the agrochemicals market on a global scal

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), and Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team has a supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which helps to answer all their most important questions.
To stay updated with the technology and work process of the industry, MRFR often plans & conducts meetings with the industry experts and industrial visits for its research analyst members.
Contact

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street,5Th Floor, New York, New York 10013, United States of America

Sales:  ? +1 (855) 661-4441    ? +44 1720 412 167

Website :  https://www.wantstats.com

E:Mail : Sales@marketresearchfuture.com