Agrochemicals Market Report
Global Agrochemicals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028 See less
Global Agrochemicals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
The Agrochemicals Market is segmented by Product Type (Fertilizers, Crop Protection Chemicals), by Application Type (Cereal & Grains, Oilseeds & Pulses), and by Region (North America [USA, Canada, and Mexico], Europe [Germany, France, UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
The agrochemicals market was estimated at US$ 231 billion in 2021 and is expected to grow at a CAGR of 2.6% during 2022-2028 to reach US$ 270 billion by 2028.
The agrochemicals market refers to the market for various chemicals used in agriculture, including pesticides, fertilizers, and plant growth regulators.
Some of the major players operating in the market include:
The global agrochemicals market has been growing steadily over the years, driven by factors such as the increasing global population, which requires higher food production, and the need to improve crop yields to meet this demand. The market is also influenced by technological advancements in the agricultural industry, including the development of genetically modified crops that are more resistant to pests and diseases.
This has led to increased demand for crop protection chemicals, such as herbicides, insecticides, and fungicides.However, the use of agrochemicals has raised concerns about the environmental impact of these chemicals, including their potential effects on human health and the ecosystem. This has led to increased regulation of agrochemicals, which could impact the growth of the market in the future.
Overall, the agrochemicals market is expected to continue to grow in the coming years, driven by increasing demand for food and advancements in agricultural technology, but will also face challenges in terms of regulation and sustainability.
The COVID-19 pandemic has had a mixed impact on the agrochemicals market, with both positive and negative effects.
One of the positive impacts of the pandemic has been an increase in demand for food due to panic buying and stockpiling, which has led to increased demand for agrochemicals. Farmers have been striving to meet this demand and have continued to use agrochemicals to improve crop yields and protect crops from pests and diseases.
However, the pandemic has also caused disruptions to the supply chain for agrochemicals, with logistical challenges, labour shortages, and disruptions to manufacturing and transportation. This has led to supply chain constraints and increased prices for some agrochemical products.
Additionally, the economic impacts of the pandemic have led to reduced purchasing power in some markets, which has affected demand for agrochemicals. The closure of restaurants and food service establishments has also impacted demand for certain crops and thus the use of agrochemicals to grow them.
Overall, the impact of the COVID-19 pandemic on the agrochemicals market has been mixed, with some positive and negative effects. The long-term impact will depend on how the pandemic continues to unfold and the extent to which the global economy is able to recover.
Several companies have made significant investments in the Agrochemicals market in recent years. Some of these investments include:
Merger & Acquisition: Bayer acquired Monsanto for $63 billion, creating the world's largest agrochemical company. This acquisition gave Bayer control of Monsanto's popular herbicide brand, Roundup, as well as its genetically modified seed business.
Merger & Acquisition: Dow Chemical and DuPont merged to form DowDuPont. The new company split into three separate entities including Corteva Agriscience, which focuses on agrochemicals and seed production.
Merger & Acquisition: Chinese chemical company Sinochem purchased a majority stake in Israeli agrochemical company Adama Ltd. for $2.4 billion. This acquisition gave Sinochem a stronger presence in the global agrochemicals market.
Merger & Acquisition: BASF acquired a range of businesses from Bayer for $7 billion, including its vegetable seeds business and its digital farming platform.
These investments are a reflection of the growing demand for agrochemicals and related products, driven by the need to increase global food production to feed a growing population. However, the use of agrochemicals has also been the subject of controversy due to concerns over their environmental impact and potential health risks.
The market is categorized into fertilizers and crop protection chemicals. Fertilizers are products used to provide nutrients to crops and improve soil fertility. They can be further categorized into nitrogenous, phosphatic, and potassic fertilizers based on the primary nutrient they provide. Fertilizers are essential for improving crop yields and ensuring sustainable agriculture practices.
Crop protection chemicals, also known as pesticides, are products used to protect crops from pests, diseases, and weeds. They can be further categorized into insecticides, herbicides, and fungicides based on the type of pest or disease they target. Crop protection chemicals are crucial for ensuring food security by preventing crop losses due to pest infestations and diseases.
Both fertilizers and crop protection chemicals are important products in the agrochemicals market, and their demand is expected to grow due to increasing global population and demand for food. However, there are also concerns about the negative environmental and health impacts of excessive use of these products, and efforts are being made to promote sustainable agriculture practices that reduce reliance on agrochemicals.
The market is segmented into Cereal & Grains, Oilseeds & Pulses. Cereal and grains include crops such as wheat, rice, corn, and barley. These crops are staple foods around the world, and therefore, there is a high demand for agrochemicals to increase their yields and protect them from pests and diseases.
Oilseeds and pulses include crops such as soybean, canola, and peanuts. These crops are primarily grown for their oil or protein content and are used in various food products, such as cooking oils, margarine, and protein supplements. As with cereal and grains, there is a high demand for agrochemicals in oilseeds and pulses to increase yields and protect them from pests and diseases.
Other crop categories for agrochemicals include fruits and vegetables, cotton, and sugarcane. The demand for agrochemicals varies depending on the crop type and the region where they are grown. For example, the demand for cotton pesticides is high in the UnitedStates, whereas the demand for rice pesticides is high in Asia.
Overall, the application segment of the agrochemicals market is an important factor to consider when analyzing the demand for agrochemical products, as different crops have different needs and challenges in terms of pest control and nutrient management.
The Global Agrochemicals Market can be segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is a significant market for agrochemicals due to its large agricultural industry. The demand for agrochemicals in North America is driven by the need to increase crop yields and protect crops from pests and diseases. The European market for agrochemicals is driven by the demand for sustainable agriculture practices and the need to reduce the use of harmful chemicals. The Asia-Pacific market for agrochemicals is the largest in the world, driven by the significant agricultural industry and the need to increase food production to feed the growing population.
Overall, the demand for agrochemicals varies depending on the region due to differences in climate, soil type, crop type, and government regulations. However, the global market for agrochemicals is expected to grow due to increasing demand for food and the need to improve agricultural productivity.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
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The market is expected to grow at a CAGR of 2.6% during 2022-2028.
The market size was estimated at US$ 231 billion in 2021 and is projected to reach US$ 270 billion by 2028.
Some of the major players operating in the market include Adama Agricultural Solutions Ltd., America Vanguard Corporation, Arysta Lifesciences Corporation, BASF SE, Bayer Cropscience AG, DuPont de Nemours, Inc., FMC Corporation, Jiangsu Yangnong Chemical Group Co. Ltd., Monsanto Company, Nufarm Limited, Sumitomo Chemical Co. Ltd, Syngenta AG, The Dow Chemical.
The Asia-Pacific market for agrochemicals is the largest in the world, driven by the significant agricultural industry and the need to increase food production to feed the growing population.
The global agrochemicals market has been growing steadily over the years, driven by factors such as the increasing global population, which requires higher food production, and the need to improve crop yields to meet this demand. The market is also influenced by technological advancements in the agricultural industry, including the development of genetically modified crops that are more resistant to pests and diseases. This has led to increased demand for crop protection chemicals, such as herbicides, insecticides, and fungicides.
The study period of the market is 2016-2028.
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