High Need for Improved Crop Protection and Agricultural Efficiency Widening Application Scope of Agrochemicals.
ROCKVILLE, Md., July 30, 2024 /PRNewswire/ — According to a newly published industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Agrochemical Market is projected to reach a value of US$ 269.3 million in 2024. Revenue from the sales of agrochemicals has been forecasted to increase at a CAGR of 5.1% from 2024 to 2034.
Constantly increasing demand for crop protection and agricultural effectiveness is stimulating the consumption of agrochemicals. They are used for protecting crops from weeds, diseases, and pests. Increased need for improved agricultural productivity, higher crop yield, decreasing arable land, and population growth are contributing to the growing demand for agrochemicals. Surging demand for vegetables and fruits is leading to the judicious consumption of agrochemicals, such as fertilizers and pesticides, for higher yields with quality standards and high food safety. Growing production of sustainable and bio-based agrochemicals with less toxic ingredients is helping in organic farming and matching the requirements of farmers seeking environment-friendly solutions.
East Asia is the leading regional market for agrochemicals, with North America and Europe not doing too badly. Pesticides account for more than half of overall agrochemical sales at present, though the demand for other products such as soil conditioners and acidifying agents is expected to increase much faster over the coming years.
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Key Takeaway from Agrochemical Market Study:
- The global market for agrochemicals has been forecasted to increase to a size of US$ 442.9 million by the end of 2034.
- East Asia is estimated to capture a share of 38.4% of the global market by 2034-end.
- Demand for agrochemicals in Japan is expected to increase at a CAGR of 6% from 2024 to 2034.
- Sales of agrochemicals in South Korea are analyzed to rise at 3.2% CAGR through 2034.
- Worldwide demand for fertilizers is projected to increase at a CAGR of 6% and reach a market value of US$ 131.1 million by the end of 2034.
- The market in Canada is projected to expand at 6.8% CAGR from 2024 to 2034.
“Incorporating sustainability in agrochemical production is helping market players in resource conservation and reducing environmental impacts, thereby increasing profit share,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Agrochemical Market:
Some of the leading agrochemical manufacturers are BASF SE, Nutrien Ltd., Bayer AG, YARA International ASA, Israel Chemicals Ltd., The Mosaic Company, PhosAgro, Fengro Industries Corp., DowDuPont Inc., Fertilizates Heringer S.A., Syngenta AG, Saudi Arabia Fertilizer Company, FMC Corporation, OCI N.V., WinHarvest Pty Ltd., Nufarm Ltd., and The Archer-Daniels-Midland Company.
High Demand for Pesticides for Ensuring Security of Food Products from Diseases and Infections
Worldwide demand for pesticides is projected to increase at a CAGR of 3.9% and reach a market value of US$ 219.7 million by the end of 2034. They are utilized for protecting crops from weeds, diseases, and pests. Herbicides, insecticides, and fungicides are further sub-segments of pesticides. In addition, these chemicals are vital for ensuring the security of food products by preventing crop losses because of diseases and pest infestations.
Agrochemical Industry News:
- In 2022, Corteva Inc. developed a new postemergence herbicide for maize called Kyro. It is the first product on the market to combine acetochlor, topramezone, and clopyralid, among other active chemicals, into a single premix. This recently created solution offers longer residual control by combining efficiency modes to handle approximately 65 of the most challenging and weed-resistant spices.
- In January 2022, Lantmannen and Yara International ASA signed a contract to introduce fertilizers devoid of fossil fuels. A business agreement was reached as a result of this partnership for green fertilizers, which will be produced by Yara and sold by Lantmannen.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type:
- Fertilizers
- Pesticides
- Others
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Usage:
- Cereals
- Pulses & Oilseeds
- Fruits & Vegetables
- Lawns & Turfs
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the agrochemical market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type (fertilizers [nitrogen-based, potassium-based, phosphorous-based, others], pesticides [insecticides, fungicides, herbicides, bactericides, others], others [soil conditioners, acidifying agents]) and usage (cereals pulses & oilseeds, fruits & vegetables, lawns & turfs, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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