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.

Comments

Post a Comment

Popular posts from this blog

Nonylphenol Ethoxylate Market Size 2023 | Key Growth Drivers and Latest Opportunities

Image
Nonylphenol Ethoxylate  Nonylphenol ethoxylate (NPE) is a group of nonionic surfactants that are commonly used in a variety of industrial and household applications. They are produced by reacting nonylphenol with ethylene oxide, resulting in a range of products with varying degrees of ethoxylation. NPEs have been used in detergents, cleaning products, and personal care products as a surfactant, emulsifier, and wetting agent. They are also used in industrial applications, such as in the production of textiles, paper, and leather. However, NPEs have been found to be persistent in the environment, and are known to be toxic to aquatic life. They are also known to disrupt the endocrine system of animals, including humans, by mimicking the effects of estrogen. For these reasons, the use of NPEs has been restricted or banned in some countries, including the European Union and Canada. Many manufacturers have switched to using alternative surfactants, such as alcohol ethoxylates, which are cons
Read more

Hydrogen Peroxide Market Unveiled: Exploring Global Trends, Growth Drivers, and Future Prospects

Image
  Hydrogen Peroxide Market Overview Hydrogen peroxide (H₂O₂) is a chemical compound with a variety of industrial and consumer applications. It is a pale blue liquid, commonly used as a disinfectant, bleaching agent, and oxidizer. The hydrogen peroxide market is driven by its extensive use across various sectors, including healthcare, paper and pulp, textiles, food processing, electronics, and water treatment. Market Drivers Healthcare Industry:  Hydrogen peroxide is widely used as a disinfectant and antiseptic in the healthcare sector. It is employed for cleaning wounds, sterilizing medical equipment, and as a mouthwash. The ongoing emphasis on healthcare and hygiene has contributed to the  hydrogen peroxide market growth . Paper and Pulp Industry:  Hydrogen peroxide is utilized as a bleaching agent in the paper and pulp industry. It helps to whiten paper products and remove impurities, contributing to the production of high-quality paper. Textile Industry:  In the textile sector, hydr
Read more

Polyferric Sulfate Market Analysis: Growth, Trends, and Opportunities

Image
Polyferric sulfate, also known as PFS, is a chemical compound that finds widespread application in various industries. This inorganic coagulant is primarily utilized for water treatment and purification processes. It is an iron-based coagulant that is highly effective in removing impurities, such as suspended solids, organic matter, and contaminants, from water sources. Polyferric sulfate is known for its superior coagulation and flocculation properties, making it a preferred choice for treating both industrial and municipal water supplies. The market for polyferric sulfate has witnessed significant growth over the years due to increasing concerns about water quality and the need for efficient water treatment solutions. As populations grow, industrial activities expand, and environmental regulations become more stringent, the demand for reliable water treatment chemicals like polyferric sulfate has surged. This has led to a robust market expansion, driven by the critical role that PFS
Read more