GVR Report cover Agrochemicals Market Size, Share & Trends Report

Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Crop Protection Chemicals), By Application (Cereal & Grains, Oilseeds & Pulses), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-935-7
  • Number of Report Pages: 120
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Bulk Chemicals

Agrochemicals Market Size & Trends

The global agrochemicals market size was estimated at USD 234.27 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.1% from 2024 to 2030. The growth is attributed to the increasing demand for fertilizers and crop protection products in the field of agriculture across the globe. Increasing use of fertilizers by the farmers to supply nutrients to the crops and enhance their yield is a key factor driving the agrochemicals demand. The growing animal husbandry and animal feed sectors are expected to have a positive impact on the growth of the global market.The feed industry in the U.S. is the largest in the world. According to the American Feed Industry Association (AFIA), in 2020, the export value of animal feed in the U.S. was USD 13 billion and the volume was 32.4 thousand tons.

U.S. Agrochemicals Market size and growth rate, 2024 - 2030

The market size and penetration of fertilizers are expected to remain high over the forecast period on account of growing demand for food grains and population explosion. This demand was mainly driven by the growing market in the Asia Pacific region, with countries such as India and China. For instance, in 2019-20, consumption of fertilizers in India stood at 57.35 million tonnes, with urea being the most widely used fertilizer. Crop protection chemicals such as herbicides and fungicides are expected to witness increased penetration in the market owing to the growing frequency of rodent and pest attacks on crops.

The growing consumption of crop protection chemicals is expected to drive the market. According to the Food and Agriculture Organization (FAO), global consumption of pesticides was recorded at 4.2 million thousand tons in 2019—11.6% higher compared to the consumption in 2009. This signifies that an increment of 436 thousand tons in the consumption of pesticides has been seen in ten years. This growth in global pesticide consumption is propelling the market.

Among other countries, Turkey, Bolivia, Romania, and Tunisia grew at positive rates over the last few years. According to the International Feed Industry Federation (IFIF), commercial production of feed takes place in over 130 countries and generates an annual turnover of USD 400 billion every year.

Market Dynamics

Due to the population explosion, farmers are required to produce more food in a short span. Also, the sizes of arable lands have shrunk due to growing population, urbanization, and industrialization, further increasing the pressure on farmers to produce a higher yield on less land area. This is a massive concern for agriculture-based economies such as India, which depend highly on agriculture and related activities. Thus, farmers resort to using fertilizers, crop protection chemicals, and other agrochemicals to increase the yield in a short period.

Fertilizers are used to improve the yield of the soil. They can be classified into organic and inorganic. Manure, fish meal, granite meal, and seaweed fall under the organic fertilizers, whereas, inorganic fertilizers include nitrogen fertilizers, potassium fertilizers, phosphorus fertilizers, and others. Inorganic fertilizers are more commonly used as compared to organic fertilizers since they give quick results.The consumption of fertilizers has witnessed a positive growth over the years with increased demand for both, chemical as well as organic fertilizers, which are fueling growth of the market.

Product Insights

Based on product, the fertilizer segment dominated the market with a revenue share of over 66.0% in 2023. Fertilizers such as anhydrous ammonia, ammonium nitrate, and urea are preferred for cereals & grains. Fertilizers can be applied in three possible ways to cereals & grains. They can be mixed with other fertilizers, which are applied to seedlings, these fertilizers can be also top-dressed separately, or sprayed. The use of an appropriate amount of fertilizers at an appropriate rate is key for improving cereal & grain yields. Approximately 60% of global nitrogen is used for producing three major cereal crops, namely, rice, wheat, and maize.

Nitrogenous fertilizers are widely accessible, aid in accelerating plant growth, and increase crop yields. However, use of nitrogenous fertilizers is increasing, and this has negative consequences on the surrounding area, especially water bodies. In terms of revenue, the crop protection chemicals market is anticipated to expand at a sizable CAGR during the forecast period.

Chemicals used for crop protection include insecticides, fungicides, herbicides, and other items including rodenticides and bactericides. The market for crop protection chemicals is predicted to be dominated by herbicide. Pesticides that target plants are frequently employed in agriculture. They are employed to eradicate weeds and other undesirable plants from crops.

Application Insights

Based on application, the cereal & grains segment dominated the market with a revenue share of over 47.0% in 2023. Agrochemicals are crucial to development of fruits and vegetables. Pesticides assist farmers in growing fruit and vegetable crops that are secure, of good quality, and cost-effective. Fertilizers assist in giving fruits and vegetables an abundance of nutrients. To give numerous nutrients at once, many farmers employ a combination of nitrogen, phosphorus, and potassium (NPK) fertilizers.

The majority of the world's cereal and grain consumption occurs in Asia Pacific. In addition, there is a significant global area under cultivation for grains and cereals. The use of fertilizers in cultivation of grains and cereals has almost become a need. Demand for fertilizers is being driven by rising consumption of cereals and grains in different other regions, including rice, wheat, rye, corn, oats, sorghum, and barley. About rice, wheat, and other cereals and grains, agrochemical use is at its greatest.

Global Agrochemicals Market share and size, 2023

Lack of soil nutrients can reduce bioavailability of nutrients in crops like wheat and rice and can lower yields. Over the projection period, the category for fruits and vegetables is anticipated to increase at the quickest CAGR. Due to rising health consciousness among consumers, there is a growing global demand for fresh fruits and vegetables, which can be attributed to this growth.

Regional Insights

Asia Pacific region dominated the market with a revenue share of over 27.0% in 2023. The area is the world's top producer of agricultural goods. India, China, and Japan are among primary contributors to the regional market. China is the world's biggest exporter and manufacturer of pesticides, according to the International Trade Center (ITC) and FAO. India, behind China, Japan, and the United States, is the world's fourth-largest producer of agrochemicals, according to the Organization for Economic Co-operation and Development (OECD) and FAO. The agricultural industry has a significant impact on regional per capita income.

The existence of significant nations that produce a lot of crops explains the high percentage share of the Asia Pacific region. China is a major consumer, exporter, and manufacturer of fertilizers and insecticides worldwide. According to Baojing Gu of the Universities of Melbourne and Zhejiang, China is the country that uses most pesticides in agriculture globally. Over 30% of the world's pesticides and fertilizers are consumed there, while over 90% of the world's technical raw material needs are met.

Agrochemicals Market Trends, by Region, 2024 - 2030

The region is anticipated to produce 29% of the world's seafood and agricultural goods by 2030. The region's population, which currently numbers 4.3 billion, will increase by 322 million people at a CAGR of 0.6% by 2030. The total amount of arable land in the area is decreasing as a result of rising population, and fast urbanization and industrialization. As a result, farmers use agrochemicals that aid in boosting productivity and production. The United States is one of largest producers of food and is also one of top 10 countries in terms of geography.

Due to rising demand for commodities including blueberries, sorghum, soy, and maize, the U.S. had the lion's share of the North American agrochemicals industry. In addition, the United States is the biggest producer of blueberries, almonds, sorghum, and maize. It is also, after Brazil, the country that produces the most soybeans. These are the main drivers of market expansion in the nation. According to FAO, the United States is a significant producer, consumer, and exporter of agrochemicals. The country's agrochemical industry is expanding as a result of better weather patterns, higher pricing for grain commodities, and fewer trade tensions with China, among other factors.

Key Companies & Market Share Insights

There are many tier I, tier II, and local players, which makes the worldwide market quite competitive. The market is flooded with items from manufacturers, such as fertilizers with increased potency and pesticides like herbicides, rodenticides, fumigants, insecticides, fungicides, and plant growth regulators. Players compete against one another based on a variety of factors, such as product quality, costs, and services, as well as innovation, sustainability, and corporate reputation. The main approaches used by businesses to increase their market share include joint ventures, M&As, distribution networks and geographic expansions, and introduction of new products. For instance, Monsanto was acquired by Bayer in 2018.

In December 2022, ADAMA Ltd. announced the acquisition of AgriNova New Zealand, Ltd, a manufacturer of crop protection products, biosolutions, and plant growth regulators. With this acquisition, ADAMA aims to expand its product range in the New Zealand market and enter complementary segments such as plant nutrition, plant growth regulators, and biologicals.

Key Agrochemicals Companies:

  • Clariant AG
  • BASF SE
  • Huntsman International LLC
  • Bayer AG
  • The DOW Chemical Company
  • Solvay
  • Nufarm
  • Evonik Industries AG
  • Croda International Plc
  • Helena Agri-Enterprises, LLC
  • Ashland, Inc.
  • Land O’ Lakes, Inc.
  • FMC Corp.
  • ADAMA Ltd.
  • Stepan Company

Agrochemicals Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 241.0 billion

Revenue forecast in 2030

USD 289.56 billion

Growth rate

CAGR of 3.1% from 2023 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

Report updated

November 2023

Quantitative units

Volume in tons, revenue in USD million/billion, and CAGR from 2024 to 2030

Report coverage

Volume & revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; Italy; France; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; South Africa; UAE

Key companies profiled

Clariant AG; BASF SE; Huntsman International LLC; Bayer AG; The DOW Chemical Company; Solvay; Nufarm; Evonik Industries AG; Croda International Plc; Helena Agri-Enterprises, LLC; Ashland, Inc.; Land O’ Lakes, Inc.; FMC Corp.; ADAMA Ltd.; Stepan Company

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Agrochemicals Market Segmentation

This report forecasts revenue & volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global agrochemicals market report based on product, application, and region:

Global Agrochemicals Market Report Segmentation

  • Product Outlook (Volume, Thousand Tons; Revenue, USD Million, 2018 - 2030)

    • Fertilizer

      • Nitrogenous

      • Phosphatic

      • Potassic

      • Others

    • Secondary Fertilizers (Calcium, Magnesium, and Sulfur Fertilizers)

      • Crop Protection Chemicals

      • Herbicides

      • Insecticides

      • Fungicides

      • Others

    • Plant Growth Regulators

    • Others

  • Application Outlook (Volume, Thousand Tons; Revenue, USD Million, 2018 - 2030)

    • Cereal & Grains

    • Oilseeds & Pulses

    • Fruits & Vegetables

    • Others

  • Regional Outlook (Volume, Thousand Tons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • U.K..

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

    • Central & South America

      • Brazil

      • Argentina

      • Colombia

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • South Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.