Global Agrochemicals Market to Valuation of USD 285 Billion By 2030 | Infinium Global Research

 By- Infinium Global Research

A recent Infinium Global Research report dives deep into the global and regional agrochemicals market, analyzing its various segments and sub-segments. It explores the factors influencing this market, both positive and negative, in the short and long term. This comprehensive report provides insights into current trends, forecasts, and market value.

The global agrochemicals market was valued at nearly USD 223 billion in 2022 and is expected to reach more than USD 285 billion in 2030, with a CAGR of over 3% during the forecast period 2023-2030.

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Engineered chemical products, agrochemicals play a crucial role in agriculture. They enhance crop yields and protect them from pests, diseases, and weeds. Available in both chemical and biological forms, synthetic options are gradually being replaced by bio-based alternatives due to environmental concerns. With a growing global population, increasing food production on existing arable land is critical. Agrochemicals empower farmers to achieve this goal by improving both crop quality and quantity.

High population growth has led to a global rise in food consumption, driving the demand for agricultural products. This, in turn, has increased the use of agrochemicals to boost crop production and advancements in agricultural practices. Fertilizers and pesticides have become essential tools to meet the rising food demands, prompting the development of new agricultural technologies worldwide.

While agrochemicals are vital for yield and quality improvement, the increasing consumer preference for safe and healthy food, coupled with rising per capita income, is anticipated to fuel the organic food industry and biofertilizer use. This trend might pose a challenge to the conventional agrochemicals market in the near future.

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The Asia Pacific region dominates the global agrochemicals market and is poised to maintain its leadership role. This region has witnessed a shift in consumption patterns due to urbanization and rapid income growth, with a significant rise in processed food, meat, and dairy consumption, all of which contribute to market growth. Europe follows closely as the second-largest market, driven by increased investments in agriculture and advancements in water conservation techniques. Within Europe, Western countries like Spain, Germany, France, and Italy are expected to be the regional leaders in this market.

The report delves further into market segmentation by type (fertilizers and pesticides) and crop type (cereals & grains, oilseeds & pulses, fruits & vegetables, and others), providing a detailed picture of the global agrochemicals market landscape.

Market Segmentation:

  • Type: This segment focuses on the different types of agrochemicals used in agriculture, including fertilizers and pesticides.
  • Crop Type: This segment analyzes the specific crops that utilize these agrochemicals, such as cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops.

Market Dynamics:

  • Technological Advancements: New technologies in agriculture have led to changes in farming practices, creating a need for novel active ingredients to protect crops from emerging threats.
  • Globalization: Increased trade of agricultural products across borders has introduced new pests and diseases, driving demand for innovative agrochemicals.
  • Rising Food Demand: The rapid population growth in Asia, coupled with economic development, is creating a significant need for increased food production, leading to higher demand for agrochemicals like herbicides and pesticides.
  • Shrinking Landmass: Urbanization is reducing available agricultural land, prompting farmers to use agrochemicals to maintain soil health and maximize productivity.
  • Government Support: Governments play a crucial role in stimulating demand for agrochemicals by providing subsidies and tax breaks to encourage farmers to use them.
  • Organic Food Movement: Growing awareness of health, food safety, and environmental concerns has fueled the rise of the organic food sector, leading to increased use of biofertilizers and a potential decline in the use of chemical fertilizers.

Market Keyplayers:

  • IFFCO
  • Adama Agricultural Solutions
  • Mosaic
  • Sumitomo Chemical Co., Ltd.
  • BASF SE
  • Dow AgroSciences (acquired by Corteva Agriscience)
  • ICL GROUP LTD
  • Yara
  • Bayer AG
  • OCP Group

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Email: info@infiniumglobalresearch.com

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