Agrochemicals Market Size, Share & Trends Report, 2029

 

Agrochemicals Market

Agrochemicals Market was worth USD 220.4 billion in 2021, and forecast to touch USD 290.2 billion in 2029, growing at a CAGR of 3.5% from 2022-2029.

The factors driving the growth of Agrochemicals Market includes growing use of fertilizers by famers around the world, rising awareness about the benefits of agrochemicals and increase in the consumption of fruits and vegetables. According to the report published by Statista, the Global Fertilizer Market was estimated around USD 171.76 billion in 2020 and is expected to reach USD 241.87 billion by the end of 2027, which will accelerate the Agrochemical Market Share in the approaching years. Moreover, agrochemicals enhance the productivity and maintains quality of the produce along with growing adoption of advanced technologies in the agriculture sector and rising popularity of crop protection chemicals such as herbicides and fungicides, are some of the additional factors supplementing the Agrochemicals Market size. In addition, the increasing investments by leading players on research and development, rise in the launch of innovative products, and growing disposable incomes, are further contributing towards the market growth.

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However, agrochemicals can contaminate the crop products by leaving harmful chemical residue is restricting the growth of Agrochemicals Market    

The prominent players operating in the market are E. I. Du Pont De Nemours and Company, Yara International ASA, Bayer AG, Bionema Limited, Nippon Soda Co., Ltd., Mitsui & Co., Ltd., BASF SE, The DOW Chemicals Company, Israel Chemicals Limited and Crystal Group, among others.

Based on Type, the Fertilizers segment is predicted to capture the alrg3st market share during the forecast period

Growing demand for bio-pesticides such as herbal pesticide, and plant-incorporated protectants to control to spread of weed and funguses, is pushing the growth of the segment.

Based on Crop Type, the Fruits & Vegetables segment is projected to grow at a remarkable CAGR over the forecast period

Growing emphasis on cultivating horticulture crops and increasing demand for organic fruits and vegetables, are some of the factors propelling the segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Increasing use of pesticide by farmers to enhance the productivity and maintaining soil’s health, rising awareness about the benefits of agrochemicals, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

  • In 2020, Crystal Crop Protection, agro-chemical based company in India and a part of Crystal Group, completed the acquisition of three insecticide companies Dursban, Nurelle-D and Predator in India from US-based Company, Corteva, Inc., this acquisition will help the company to diversify its product portfolio and strengthen its position in the Indian market.
  • In 2020, Mitsui & Co., Ltd. and Nippon Soda Co., Ltd., acquired majority shares in Bharat Insecticide Limited (BIL). Mitsui and Nisso intends to contribute to the expansion of BIL’s business in India by incorporating synergy with Mitsui’s global assets and Nisso’s competitive products into BIL’s business portfolio.
  • n 2020, Bionema Ltd., a biopesticide technology developer introduced a biocompatible wetting agent NemaSpreader for biopesticides. The NemaSpreader enhance the efficacy of beneficial nematodes up to 30% for controlling soil and foliar insect pests

Market Segmentation

Segmentation by Type

  • Fertilizers
  • Pesticides

Segmentation by Crop Type

  • Cereals & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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