Agrochemicals Market – By Type (Fertilizer, Pesticides, and Others), Mode of Application (Foliar, Fertigation, and Others), By Crop Type (Cereals, Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others), and By Region- Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Agrochemicals Market valued 157.7 USD billion in 2020 and is expected to reach 392.7 USD billion by 2030, at a CAGR of 4.3% during the forecast period. Agrochemical serves as a specially engineered chemical product used for agriculture, to enhance crop productivity and helps to protect from herb, insect, and fungi. It is a chemical product used in agriculture, horticulture, and floriculture. It includes a broad range of chemical growth agents, pesticides, hormones, concentrated stores of raw animal manure, and synthetic fertilizers. Additionally, according to the Proceedings of the National Academy of Sciences (PNAS) of the United States of America, pathogens and pests cost nearly $40 billion to the plants and forest crop production in the U.S. every year. This statistic is reflective of the need for agricultural chemicals such as herbicides, insecticides, fungicides, and pesticides on a large scale. The commercial and residential gardens are also affected by the resultant economic loss. As a result, they incorporate agrichemical fertilizers and sprays to eradicate pest issues along with promoting plant growth and crop yields significantly.

Market Segmentation:

On the basis of type, the global agrochemicals market is segmented into fertilizer, pesticides, and others. On the basis of mode of application, the market is classified into foliar, fertigation, and others. On the basis of crop type, the market is divided into oilseeds & pulses, grains, fruits & vegetables, cereals, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

The global agrochemicals market is driven due to the practices of new technological farming by farmers in the developing nation. The increasing population demand for food grains and the declining cultivable land due to urbanization and industrialization is also one of the main factors driving the global market growth. Crops such as vegetables, fruits, and grains. Which provide the higher value, along with the protected crops have been gaining more return in investments, which help to boost the market growth. However, growing acceptance of genetically modified seeds by the farmers, along with government initiatives towards organic farming and integrated pest management (IPM) can restrain the market growth. Increasing government programs to educate farmers and provide them with the best possible methods to produce high-quality crop yield, farms and livestock is considered an opportunity for the market to grow in a positive manner.

Geographic Analysis:

Asia-pacific is dominating the market across the world. The growth in this region attributed to the government initiative towards farmers by providing agricultural subsidy in the form of financial aid to farmers to supplement their income and manage the supply of agricultural commodities. Europe is the second-largest dominating region across the world. In which France accounted for the highest market share of agrochemicals in the European market in the year 2018. North America is anticipated to show significant growth in the upcoming years. Owing to the rising demand for pesticides and fertilizers to induce higher crop production in the region. 

Competitive Scenario:

The leading market players of the global agrochemicals market are BASF SE, Bayer AG, DowDuPont, FMC Corporation, DuSolo Fertilizers, Yara International ASA, The Mosaic Company, Israel Chemicals Limited (ICL), WinHarvest Pty Ltd, Syngenta AG, Nutrient Ltd., PhosAgro, Saudi Arabia Fertilizer Company (SAFCO), OCI N.V., S.A OCP, Jordan Abyad Fertilizers and Chemicals Company, K+S KALI GmbH and Heringer.

Agrochemicals Market Report Scope