Westford, USA, Aug. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Agrochemicals market will attain a value of $288.36 Billion by 2031, with a CAGR of 2.80% over the forecast period (2024-2031). Agrochemicals are pesticides, herbicides, and fertilizers used in agriculture to control ecosystems. Farmers have used crude agrochemicals for millennia to control agricultural pest populations and increase crop yields. Agrochemicals fall into two categories: fertilizers and insecticides. A few factors dominate the global agrochemical market include rise in food consumption, due to population growth, deteriorated soil, and shrinking arable land, and increase in consumer awareness of agrochemical benefits.
In addition, the growth of the animal husbandry and animal feed sectors is expected to drive the global agrochemicals market. The largest feed industry in the world is in the U.S., as per a survey conducted by SkyQuest Technology. According to the American Feed Industry Association (AFIA), 32.4 thousand tons of animal feed worth USD 13 billion were exported from the US in 2013. Turkey, Bolivia, Romania, and Tunisia have all witnessed substantial growth rates in recent years.
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Browse in-depth TOC on "Agrochemicals Market"
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Agrochemicals Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $231.20 Billion |
| Estimated Value by 2031 | $288.36 Billion |
| Growth Rate | Poised to grow at a CAGR of 2.80% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fertilizer Type, Pesticide Type, Crop Type, Mode of Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Precision agriculture, Digital Farming |
| Key Market Drivers | Rise in population and food demand |
Strategic Insights: Nitrogen Fertilizers Hold Largest Share in Agrochemicals due to its feature of aiding plant growth.
The nitrogen fertilizer segment of the agrochemicals industry holds the largest proportion. Nitrogen-containing fertilizers are readily available, aid in accelerating plant growth, and increase crop yields. It is uncommon for farmers to require nitrogen fertilization to supply the proper quantity of nutrients for plant growth in their gardens and farms. The nitrogenous fertilizer industry includes the production of synthetic ammonia, nitric acid, ammonium nitrate, and urea. Artificial ammonia and nitric acid are mostly used as bridges in the urea and ammonium nitrate fertilizer manufacturing processes.
The herbicides segment is expected to propel the agrochemicals market due to rise in its global adoption.
The herbicides segment is expected to hold the largest share during the projection period. Herbicide use is increasing globally. With millions of people moving from rural to urban regions, there is a manpower shortage in many developing nations (China, Bangladesh, India). This makes it difficult to maintain weed fields. In many countries, herbicides are far more affordable and widely available than physical weeding labor. Historical events show that as laborers fled agriculture in traditionally industrializing countries such as the US, Germany, Japan, and South Korea, herbicides were adopted.
North America Dominated Market due to Presence of Advanced Agricultural Industries
North America has been a dominant region within the sector. The region has gained 31.40% of market share. This is due to presence of well-established agricultural industry players within the U.S. and Canada. Technological advancements and presence of commercial farms are anticipated to grow agrochemicals market in the region. The report has highlighted about an instance of the U.S. Department of Agriculture. According to the department, several new pesticide products were registered for use on major crops, including corn and cotton. The adoption of genetically modified seeds drives the growth of the market in the region.
Asia-Pacific to Grow as Fastest Growing Region due to Presence of Large Agricultural Sector
Asia Pacific is anticipated to be the leader of the regional market and controls a substantial revenue share. Globally, the region is the top producer of agricultural goods. Some of the major suppliers to the regional market are China, India, and Japan. China is the global top producer and exporter of pesticides, according to reports from the FAO and the International Trade Center (ITC). India is the world's fourth-largest producer of agrochemicals, after the U.S., China, and Japan, according to the Food and Agriculture Organization (FAO) and the Organization for Economic Co-operation and Development (OECD). The agricultural sector has a major impact on the region's per capita income. Across the globe, China is the country that uses the most pesticides in agriculture, according to Baojing GU of the Universities of Melbourne and Zhejiang.
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Argochemicals Market Insights
Drivers:
- Increase in awareness related to effects of synthetic agrochemicals
- Rise in population and food demand
- Need for improving agricultural efficiency
Restraints:
- Stringent government regulations
- Rise in organic fertilizer sector
- Counterbalance
Leading players in the Agrochemicals Market:
The following are the Top Agrochemicals Companies
- Solvay
- Nufarm
- FMC Corp.
- ADAMA Ltd.
- Bayer AG
- Stepan Company
- Ashland, Inc.
- Clariant AG
- Croda International Plc
- Evonik Industries AG
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Key Questions Covered in the Agrochemicals Market Report
- What factors hamper the growth of the market?
- What are the segments covered in the agrochemicals market report?
- What is the growth rate of the market during the forecast period?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (rise in population and food demand), restraints (rise in organic fertilizer sector), opportunities (precision agriculture), and challenges (stringent government regulations) influencing the growth of the agrochemicals market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the agrochemicals market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the agrochemicals market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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Water Treatment Chemicals Market
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