Fertilizers and Pesticides is fastest growing segment fueling the growth of Agrochemicals Market

 

The global Agrochemicals Market is estimated to be valued at US$ 81.27 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Agrochemical products such as fertilizers, pesticides, liming and acidifying agents help in enhancing the crop quality and soil health. These products help increase agricultural productivity and protect crops against pests, weeds and plant diseases. The growing population and decreasing farm land is increasing the need for high yielding crop varieties and agrochemicals.

Market key trends:

Increasing organic farming is one of the key trends being witnessed in the agrochemicals market. With the rising health concerns pertaining to the consumption of chemical-based fertilizers and pesticides, consumers are shifting towards organic foods. Organic farming promotes sustainability and uses processes/products that have a low impact on the environment. It maintains and replenishes soil fertility without the use of toxic and persistent chemical fertilizers and pesticides.

Segment Analysis

The global agrochemicals market is segmented by product type, application, and region. Based on product type, the market is segmented into fertilizers and pesticides. Fertilizers dominated the market in 2022 and are expected to continue their dominance over the forecast period. Fertilizers find widespread application in agriculture to increase crop yields and improve overall soil quality. Among fertilizers, nitrogen fertilizers account for the largest share due to high consumption.

Key Takeaways

The global agrochemicals market is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period 2023 to 2030, due to increasing demand for food grains and improving farming practices.

The market size for 2023 is US$ 81.27 Bn. Asia Pacific dominates the global agrochemicals market owing to the large farmer population and rising farm output in countries like China and India. Asia Pacific is expected to exhibit the highest CAGR over the forecast period.

Regional analysis: Asia Pacific accounts for over 40% of the global agrochemicals demand driven by countries like China, India, Japan and South Korea. The region is expected to continue dominating the market owing to the large agriculture sector and growing need to enhance farm productivity to meet the rising food demand of the huge population in the region.

Key players: Key players operating in the agrochemicals market are ADAMA Ltd., Arysta Life Science, Bayer AG, Isagro Spa, K+S Aktiengesellschaft, Nufarm, Nutrien Ltd, OCI Nitrogen, Sociedad Quimica Y Minera De Chile, and The Mosaic Company among others. The players are focused on developing new formulations and expanding production capacities to cater to the growing demand globally.

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