Global Agrochemical Market Overview:
Global Agrochemical Market is projected to achieve a value of USD 227.92 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 298.64 Billion by 2033 with a CAGR of 3.2% during the forecast period 2024-2033.
The agrochemical market is comprised of the industry involved in producing, distributing, and selling agricultural chemicals. These chemical substances are designed to enhance crop yields, safeguard them from pests and diseases, and enhance soil quality. This market segment encompasses a variety of products, including fertilizers, pesticides (such as herbicides, insecticides, and fungicides), soil conditioners, and plant growth regulators.
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Market Growth Factors:
Agrochemicals are commonly used in agricultural activities. It improves the productivity of agricultural enterprises. This is why agrochemicals have become so vital in agriculture. Continuous research and development activities are conducted to generate high-quality agrochemicals for the market. Agriculture has a major impact on food consumption. As a result, government officials pay more attention to the agricultural sector. As a result of the factors discussed above, the global agrochemicals market is likely to grow over the forecast period.
Agrochemicals are chemical or biological agents that aim to increase crop quality and productivity. Agrochemicals are categorized into two types: insecticides and fertilizers. Pesticides protect crops by controlling, killing, and repelling pests and weeds that threaten them. Fertilizers improve crop quality by providing essential nutrients to both the crop and the soil, whereas pesticides protect crops by suppressing, killing, and repelling weeds and pests that threaten them.
Market Application Analysis:
Most important application area in the market is oilseeds and pulses, which account for 25% of total market share. Oilseeds and pulses are vital sources of vegetable oil and protein, and they are farmed all over the world. Agrochemicals are used on oilseeds and pulses to boost crop yield, protect plants from pests and diseases, and improve crop quality.
Cereals and grains are the largest application category in the agrochemical sector, accounting for 45% of total market share. Cereals and grains are the world’s most widely grown crops, and they are used to manufacture a variety of food products such as bread, pasta, and rice. Agrochemicals are applied to cereals and grains to increase crop yields, protect plants from pests and diseases, and enhance harvest quality.
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Market Segments:
Market, By Product:
- Fertilizer
- Nitrogenous
- Phosphoric
- Pota sic
- Secondary Fertilizers (Calcium, Magnesium, and Sulphur Fertilizers)
Crop Protection Chemicals:
- Herbicides
- Insecticides
- Fungicides
- Others
- Plant Growth Regulators
- Others
Market, By Application:
- Cereal & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Others
Market by Geography Analysis:
Asia Pacific is the largest shareholder in the agrochemical market, accounting for 35% of the global share. This is attributable to several factors, including the region’s huge and growing population, rising food demand, and ideal agricultural circumstances.
North America is the world’s second largest agrochemical market, accounting for 25% of the total. North American farmers are early adopters of new technology and are prepared to invest in agrochemicals to increase crop yields and guard against pests and illnesses.
Europe is the world’s third largest agrochemical market, comprising 20% of overall market share. European farmers are also early adopters of new technologies, and they are more concerned with environmentally friendly agricultural approaches.
Latin America is the world’s fourth largest agrochemical market, accounting for 15% of worldwide production. Farmers in Latin America are increasingly using agrochemicals to boost crop production while also protecting against pests and diseases.
The Middle East and Africa have the smallest agrochemical market share, accounting for 5% of the global total.
Top Key Players included in the Agrochemical Market:
- BASF SE
- Adam Agricultural Solutions Ltd
- Arista Lifesciences Corporation
- America Vanguard Corporation
- Jiangsu Yangon Chemical Group Co. Ltd
- The Dow Chemical
- Sumitomo Chemical Co. Ltd
- Bayer Crop science AG
- Nonfarm Limited
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Frequently Asked Questions?
- What is the Global Agrochemical market value?
- Which are the upcoming countries within the Agrochemical market?
- Who are the key competitors of market Players?
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