Global Agrochemicals Market to Reach USD 299.23 Billion by 2031 | CAGR of 3.6%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Agrochemicals Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Agrochemicals Market size was valued at USD 226.52 billion in 2023 and is projected to grow at a CAGR of 3.6%, reaching USD 299.23 billion by 2031. Agrochemicals, comprising fertilizers, pesticides, plant growth regulators, and soil conditioners, are pivotal for enhancing agricultural productivity. They ensure higher crop yields, protect crops from pests, and improve soil fertility, addressing global food security challenges. Agrochemicals are applied across various crop types, including cereals, oilseeds, and vegetables, contributing to sustainable agricultural practices.
The report comprises the Agrochemicals Market Share, Size & Industry Analysis, based on Product Type (Fertilizers, Pesticides, Plant Growth Regulators, Soil Conditioners, Others), Form (Liquid, Powder, Others), Application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Agrochemicals Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The growing demand for crop protection solutions and the rise in pesticide usage to combat climate-related challenges are key drivers boosting market growth.
Segmental Analysis :
Based on product type, the market is segmented into Fertilizers, Pesticides, Plant Growth Regulators, Soil Conditioners, and Others.
- The fertilizers segment accounted for the largest share in 2023, driven by the increasing use of nitrogenous and phosphatic fertilizers to enhance crop yields.
- The plant growth regulators segment is expected to grow at the fastest CAGR, supported by advancements in synthetic and bio-based growth regulators promoting sustainable farming.
Based on form, the market is segmented into Liquid, Powder, and Others.
- The liquid segment held the largest share in 2023, attributed to its precision application and effective nutrient delivery for pest and weed control.
- The powder segment is projected to grow steadily, favored for its longer shelf life and ease of handling.
Based on application, the market is segmented into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others.
- The cereals & grains segment dominated the market in 2023, driven by high global production of staple crops like wheat, rice, and maize.
- The oilseeds & pulses segment is anticipated to grow at the fastest rate, fueled by increasing demand for high-protein crops and edible oils.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Held the largest market share in 2023, accounting for 36.75%, driven by high agricultural output in China and India and government initiatives promoting advanced farming practices.
- North America: Expected to grow significantly due to the adoption of precision agriculture and stricter regulations promoting sustainable agrochemical use.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 299.23 Billion |
| CAGR (2024-2031) | 3.6% |
| Product Type | Fertilizers, Pesticides, Plant Growth Regulators, Soil Conditioners, Others |
| Form | Liquid, Powder, Others |
| Application | Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The Agrochemicals Market is highly competitive, with major players focusing on product innovation, R&D, and partnerships to enhance their market presence.
List of prominent players in the Agrochemicals Industry:
- BASF SE (Germany)
- Sumitomo Chemical Co., Ltd. (Japan)
- Bayer AG (Germany)
- Clariant (Switzerland)
- Solvay (Belgium)
- Bharat Group Co. (India)
- SABIC (Saudi Arabia)
- Dhanuka Agritech Ltd (India)
- Yara (Norway)
- ADM (United States)
Recent Industry Developments :
- September 2024: Ratnakar India Ltd. launched a new manufacturing unit in Gujarat, enhancing agrochemical production capacity.
- April 2024: Bayer AG introduced a novel bioinsecticide for sustainable pest control in arable crops.
- March 2024: Sumitomo Chemical India launched Promalin, a plant growth regulator improving fruit size and quality.
