Agrochemicals Market is driven by increasing demand for food production
The Agrochemicals market involves the production and use of various agrochemical products such as fertilizers, pesticides, and other agricultural chemicals that help boost crop yield and enhance food production globally. These chemicals play a vital role in enhancing soil fertility and protecting crops from pests and weeds. The growing world population has increased the pressure on farmers to produce more food on less land which has augmented the demand for agrochemicals. Advantages such as higher crop yields, increased farm productivity, and protection of crops from damage are fueling the adoption of agrochemicals in agriculture.
Global agrochemicals market was valued at US$ 81.27 Bn in 2023, and is expected to reach a value of US$ 123.83 Bn by 2030 at a CAGR of 6.2% between 2023 and 2030.
Key Takeaways
Key players operating in the Agrochemicals are ADAMA Ltd., Arysta Life Science, Bayer AG, Isagro Spa, K+S Aktiengesellschaft, Nufarm, Nutrien Ltd, OCI Nitrogen, Sociedad Quimica Y Minera De Chile, and The Mosaic Company among others. Key players are focused on enhancing their production capacities and product portfolios through organic and inorganic growth strategies such as acquisitions, collaborations, and new product launches to strengthen their market position.
Growing Agrochemicals Market Demand for food across the globe due to the rising population is a major factor augmenting demand for agrochemicals. Food production needs to be increased substantially to meet demand. With reduced arable land and adverse climatic conditions posing challenges to conventional agriculture practices, agrochemicals play a vital role in boosting crop yields.
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