Visiongain has published a new report entitled Agrochemicals Market Report 2024-2034: Forecasts by Formulation (Liquid, Granular/Powder), by Pesticide Type (Herbicides, Insecticides, Fungicides), by Fertiliser Type (Nitrogenous, Phosphatic, Potassic, Other), by Product Type (Pesticides, Fertilisers, Plant Growth Regulators, Soil Conditioners, Other), by Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Turf and Ornamentals, Cotton and Sugarcane, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.
The global agrochemicals market is estimated at US$245.4 billion in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period 2024-2034.
Economic Growth and Increased Investment in Agriculture
Economic growth in emerging markets leads to increased investment in agriculture, further driving the demand for agrochemicals. As economies grow, there is a shift towards modern agricultural practices that involve the use of advanced inputs, including agrochemicals. For example, in regions like Southeast Asia and Africa, economic development has led to greater investment in agricultural infrastructure and inputs, boosting the demand for fertilisers and pesticides. Increased investment in agriculture also promotes research and development of new and more effective agrochemical products.
Expansion of Genetically Modified (GM) Crops
The cultivation of genetically modified (GM) crops has expanded significantly over the past few decades. GM crops are engineered to be more resistant to pests, diseases, and herbicides, reducing the need for chemical treatments. However, these crops still require specific agrochemicals to achieve optimal growth and yield. For example, herbicide-tolerant GM crops allow farmers to use herbicides more effectively, controlling weeds without damaging the crops. The adoption of GM crops drives the demand for compatible agrochemicals that support their growth and protection.
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How will this Report Benefit you?
Visiongain’s 406-page report provides 120 tables and 212 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the agrochemicals market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Agrochemicals. Get financial analysis of the overall market and different segments including formulation, pesticide type, fertilizer type, product type, and crop type and capture higher market share. We believe that there are strong opportunities in this fast-growing agrochemical market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Changes in Climate Patterns Increase the Incidence of Pests and Diseases, Driving the Need for Effective Agrochemicals
Climate change is increasingly influencing agricultural practices, particularly in the context of pesticide usage. As temperatures rise and weather patterns become more erratic, farmers are facing heightened challenges from pests and diseases that thrive in these changing conditions. A recent report from the Pesticide Action Network highlights this issue, Pointing out that as climate change reduces the effectiveness of pesticides, farmers are compelled to use larger quantities to achieve the same level of pest control. This phenomenon is particularly evident in regions like California, where agricultural pesticide use is already significantly higher than the national average.
Climate change not only diminishes the efficacy of pesticides but also exacerbates pest pressures and crop health issues. This dual impact underscores the urgent need for more resilient agricultural strategies. Moreover, many synthetic pesticides are derived from fossil fuels and contribute to greenhouse gas emissions throughout their lifecycle—from production to application in the field. This environmental footprint further underscores the unsustainability of current pesticide practices in the face of climate change.
Integration with Smart Farming Driving the Agrochemicals Market
The evolution of smart farming, also known as precision agriculture, marks a transformative shift in the agricultural sector, leveraging cutting-edge technologies to enhance productivity while minimizing environmental impact. As the world population is projected to reach 9.7 billion by 2050, a 70% increase in agricultural production will be necessary to meet global food demand, as highlighted by the FAO. This daunting challenge underscores the critical role of smart farming in achieving sustainable agriculture, aligning with global goals such as SDG 2 to end hunger.
Smart farming encompasses a range of technologies at the forefront of the Fourth Industrial Revolution, tailored to optimize resource utilization and maximize crop yield. Drones equipped with infrared and multispectral imaging capabilities enable comprehensive monitoring of crop health, soil conditions, and pest infestations across vast agricultural landscapes. This aerial intelligence facilitates precise decision-making, from irrigation management to identifying pathogens, thereby minimizing the need for excessive pesticide use.
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Where are the Market Opportunities?
Development of Bio-based Agrochemicals
The development of bio-based agrochemicals presents a promising opportunity for the agrochemicals market. Bio-based agrochemicals, derived from natural sources such as plants, microorganisms, and minerals, are increasingly being viewed as sustainable alternatives to traditional synthetic chemicals. These products include bio-pesticides, bio-fertilisers, and bio-stimulants, which offer several advantages such as reduced environmental impact, lower toxicity, and improved soil health.
For instance, bio-pesticides made from neem oil or bacillus thuringiensis are effective in controlling pests without harming beneficial insects or causing long-term soil degradation. Similarly, bio-fertilisers containing nitrogen-fixing bacteria can enhance soil fertility naturally, promoting sustainable agricultural practices. The rising consumer preference for organic and sustainably produced food is driving the demand for bio-based agrochemicals. Farmers are increasingly adopting these products to meet the growing market for organic produce and to comply with stringent environmental regulations.
Adoption of Integrated Pest Management (IPM) Practices
Integrated Pest Management (IPM) practices represent a major opportunity for the agrochemicals market. IPM is a sustainable approach to managing pests that combines different management strategies and practices to grow healthy crops with minimal use of pesticides. This method emphasises the use of biological controls, cultural practices, mechanical tools, and chemical treatments as a last resort. The goal is to reduce reliance on chemical pesticides and minimise the environmental impact while effectively controlling pest populations.
The adoption of IPM practices is gaining momentum globally due to increasing awareness of the environmental and health impacts of excessive pesticide use. Governments and agricultural organisations are promoting IPM through training programs, regulations, and incentives. For example, the European Union’s Common Agricultural Policy encourages the use of IPM principles to achieve sustainable agriculture. Farmers are also recognising the economic benefits of IPM, such as reduced pesticide costs and improved crop health and yields.
Competitive Landscape
The major players operating in the agrochemicals market are Adama Ltd,, BASF SE, Bayer AG, Compass Minerals International, Inc., Corteva, Inc., EuroChem Group AG, Isagro SpA, K+S AG, , Nufarm Limited, Nutrien Ltd., Sociedad Química y Minera de Chile S.A. (SQM), Sumitomo Chemical Co., Ltd., Syngenta Group , UPL Limited, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 20 Feb 2024, Leaders in agricultural innovation Syngenta Crop Protection and Lavie Bio Ltd., a leading ag-biologicals firm and a subsidiary of Evogene Ltd. has entered into a collaboration for the discovery and development of novel biological insecticidal solutions.
- 09 Jan 2024, The worldwide supplier of sustainable agricultural solutions, UPL Ltd. acquired Corteva Agriscience’s single mancozeb global fungicide business, which is located outside of China, Japan, South Korea, and EU member states.
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To find more Visiongain research reports on the Food and Drink, click on the following links:
- Agricultural Robots Market Report 2023-2033
- Agricultural Micronutrients Market Report 2021-2031
- Indonesia Crop Protection Chemicals Market Report to 2031
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