PUBLISHER: Meticulous Research | PRODUCT CODE: 1576670
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576670
Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type-Global Forecast to 2030
According to a new market research report titled 'Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type-Global Forecast to 2030' published by Meticulous Research(R), the agrochemicals market is expected to reach $338.49 billion by 2030, at a CAGR of 4.0% from 2024 to 2030. The report provides an in-depth analysis of the agrochemicals market across five major geographies, along with current market trends, market sizes, recent developments, and forecasts to 2030.
Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of key industry drivers, restraints, opportunities, challenges, and trends.
The growth of the agrochemicals market is primarily driven by the rising demand for low-cost crop protection solutions, the growing need to increase crop yield and quality, growth in organic farming and the rising demand for organic food, growing awareness about environmental safety, increasing focus on soil management practices, and increasing government initiatives to promote the use of biopesticides. However, stringent and non-standardized regulations, high demand for synthetic fertilizers, and lack of education & awareness among farmers restrain the growth of this market.
Furthermore, the increasing focus on integrated pest management and emerging economies in Asia-Pacific and Latin America are expected to provide significant opportunities for the growth of this market. However, lengthy product registration & approval processes are a major challenge in the agrochemicals market.
Key Players
The key players operating in the agrochemicals market are BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (a part of China National Chemical Corporation/Chemchina) (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Jiangsu Yangnong Chemical Co. Ltd. (China), Loveland Products, Inc. (a part of Nutrien AG Solutions) (U.S.), Eastman Chemical Company (U.S.), Evonik Industries AG (Germany), American Vanguard Corporation (U.S.), Koppert B.V. (Netherlands), Gowan Company LLC (U.S.), Biolchim SPA (Italy), Lallemand Inc. (Canada), ADAMA Agricultural Solutions Ltd. (Israel), and Isagro S.p.A. (Italy).
Based on type, the agrochemicals market is segmented into fertilizers, synthetic crop protection chemicals, biological crop protection chemicals, biostimulants, plant growth regulators, soil conditioners, and other types. In 2024, the fertilizers segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the growing demand for fertilizers such as anhydrous ammonia, ammonium nitrate, and urea, the rising number of initiatives launched by government agencies along with increasing awareness about the need for sustainability in modern agriculture, and the increasing adoption of advanced farming techniques with drip irrigation and sprinklers. In addition, the lack of nutrients in the soil due to the use of pesticides and other harmful chemicals has led to a decline in agricultural productivity, which is expected to boost the demand for fertilizers.
Based on form, the agrochemicals market is segmented into dry form and liquid form. In 2024, the dry form segment is expected to account for the larger share of the agrochemicals market. The large market share of this segment is attributed to the high adoption of dry agrochemicals, especially synthetic fertilizers, for agricultural land, lawns & gardens, owing to their long-lasting effects and high efficiency in all climatic conditions and the wide & easy availability of raw materials. Additionally, dry agrochemicals are generally less expensive to produce, transport, and store compared to liquid agrochemicals. They can be easily stored for longer periods without the need for special storage facilities, which results in cost savings for farmers and distributors.
Based on mode of application, the agrochemicals market is segmented into seed treatment, foliar spray, soil treatment, fertigation, and other modes of application. In 2024, the soil treatment segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the benefits of soil treatment, including precise placement of agrochemicals in the root zone of plants, reducing wastage, and ensuring that plants receive nutrients and the protection they need, reduced environmental impact, long-lasting effects, enhanced root development, and reduced pest and disease pressure. In addition, soil treatment can make contaminated soil usable for agriculture and other purposes. Also, biological soil treatment processes can typically be implemented at low costs. These benefits increase the preference for soil treatment among farmers.
Based on crop type, the agrochemicals market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops. In 2024, the cereals & grains segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the growing need to increase cereal & grain production, minimize cereal & grain losses due to pests and diseases, and the increasing use of these crops in animal feed, biofuel, and starch & ethanol production. Additionally, governments in many countries actively support cereal & grain production due to their importance in food security. Government support often includes policies and subsidies that incentivize the use of modern agricultural practices, including the use of agrochemicals.
Based on geography, in 2024, Asia-Pacific is expected to account for the largest share of the agrochemicals market. Asia-Pacific's major market share is attributed to several factors, including rapid growth in the population, the increasing demand for quality agricultural products & organic produce, and the rising need for high productivity and yield.
Moreover, APAC is also slated to register the highest growth rate during the forecast period. The growth of this regional market is driven by the huge areas under organic cultivation, rapid population & income growth, increasing mechanization and irrigation facilities, and the presence of several organic operators in the region. Furthermore, supportive government policies and initiatives by organizations to promote and expand the organics industry contribute to the growth of the agrochemicals market in APAC.
Agrochemicals Market Assessment-by Type
Agrochemicals Market Assessment-by Form
Agrochemicals Market Assessment-by Mode of Application
Agrochemicals Market Assessment-by Crop Type
Agrochemicals Market Assessment-by Geography
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)