Agrochemicals Market Size is projected to reach USD 286 Billion by 2030, growing at a CAGR of 2.89%
New York, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Agrochemicals are chemical or biological compounds used to improve crop quality and yield. Agrochemicals are fertilizers and pesticides. Fertilizers increase crop quality by adding nutrients to the crop and soil, while pesticides kill or repel pests and weeds. Current worldwide population trends require more arable land to feed the world's rising population. Agrochemicals assist farmers boost crop quality and quantity.
Population expansion and rising food consumption, soil degradation, shortage of arable land, and consumer awareness of agrochemicals' benefits drive the worldwide agrochemicals market. Synthetic pesticides like 2, 4-D and atrazine herbicide may hinder industrial growth. Higher agrochemical concentrations pollute water and destroy the environment. Bio-based fertilizers and pesticides have created many opportunities.
Global Agrochemicals Market: DRIVERS
Emerging Nations Use More Agricultural Chemicals
Technology has changed farming methods. Growing export and import of agricultural commodities, especially in developing nations, has led to the emergence of new harmful species, increasing the need for crop protection solutions.
Globalization of agrochemicals affects Asian crop protection markets. Growing populations, higher agricultural demands, and a rising economy drive demand for herbicides and pesticides. As urbanization reduces farmland, farmers must use more agricultural chemicals to preserve soil health and increase yield.
Agricultural Productivity Enhancement
Government measures have enhanced global agrochemicals demand. In exchange for subsidies and tax exemptions, farmers must help the government. Agriculturally dependent countries need improved fertilizers the most. Under these conditions, worldwide agrochemicals market revenue should rise. Cash crop farming generally incorporates agrochemicals, which will expand the agrochemicals industry in the next years.
Global Agrochemicals Market: KEY FUTURE OPPORTUNITIES
Recent Agricultural and Chemical Industry Research
Pesticides and insecticides stimulate crop growth. Synthetic pesticides used to speed up planting and cultivation have boosted the agrochemicals sector. Organic fertilizers are also recommended by several agricultural professionals to boost crop yields. Farmers and other agriculturalists must use their resources wisely. These groups work hard to acquire high-quality seeds and fertilizers. Progress in agricultural and chemical research offers profitable opportunities for the global agrochemicals market during the projection period.
Regional Overview of Global Agrochemicals Market
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa make up the Global Agrochemicals Market Revenue Share.
Asia Pacific accounted for 30% of revenues in 2021. It's the world's top agricultural producer. India, China, and Japan are major regional players. ITC and FAO say China is the world's leading exporter and manufacturer of pesticides (FAO). According to the OECD and FAO, India is the world's fourth-largest producer of agrochemicals. Agriculture is the region's most lucrative industry.
Asia Pacific's revenue share was around 30% in 2021. This is due to huge crop-producing countries. China imports, exports, and manufactures fertilizers and insecticides. China uses the most insecticides in agriculture. One-third of the world's pesticides and fertilizers are used there.
North America is second. North America grows maize, sorghum, blueberries, and almonds. The US produces, consumes, and exports agrochemicals. Better grain prices, excellent weather, and reducing trade tensions with China propel the market. Western drought has boosted miticide demand.
The US dominated North American agrochemicals due to high demand for maize, sorghum, soybeans, and blueberries. The U.S. also produces maize, sorghum, blueberries, and almonds. It's the second-largest soybean producer behind Brazil. These are the main market growth drivers.
The Global Agrochemicals Market Size was valued at USD 221.38 billion in 2021. The market is projected to grow from USD 227.78 billion in 2022 to USD 286.08 billion by 2030, increasing at a CAGR of 2.89% during the forecast period 2022 to 2030.
By Product, the Global Agrochemicals Market is segmented into Fertilizers, Plant Growth Regulators and others. The fertilizer segment dominates the global revenue. Fertilizers boost crop output quickly.
By Application, the Global Agrochemicals Market is segmented into Cereal & Grains, Fruits & Vegetables and others. In 2021, cereal & grains dominated the market share.
By Geography, the Global Agrochemicals Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific has a dominant revenue share.
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