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

Research Methodology

A three-pronged approach was followed for deducing the agrochemicals market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for agrochemicals market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of agrochemicals market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Agrochemicals Market Categorization:

The agrochemicals market was categorized into four segments, namely product (Fertilizer, Secondary Fertilizers (Calcium, Magnesium, and Sulfur Fertilizers), Plant Growth Regulators), application (Cereal & Grains, Oilseeds & Pulses, Fruits & Vegetables), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The agrochemicals market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The agrochemicals market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; Germany; U.K.; Italy; France; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; South Africa; UAE

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Agrochemicals market companies & financials:

The agrochemicals market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Clariant AG Clariant AG is one of the world’s leading specialty chemical manufacturing companies. It was founded in 1995 and is headquartered in Muttenz, Switzerland. Clariant has five business units, including oil and mining services, industrial and consumer specialties, functional minerals, catalysts, and additives. These units are reported in three business areas: catalysis, care chemicals, and natural resources. The company offers agricultural adjuvants under industrial and consumer specialties. As of 2020, Clariant had its production facilities in 39 countries with 126 production sites and 8 R&D centers. It employed 13,235 employees as of 2020.

  • Solvay Solvay is one of the global leading chemical manufacturing companies. It was founded in 1863 and is headquartered in Brussels, Belgium. Solvay has a global presence in 64 countries. The company's major markets include Asia Pacific, Europe and North America. As of 2020, it had 110 industrial sites and 20 major research and innovation centers. Solvay had more than 23,000 employees as of 2020. Solvay has expertise in chemicals, materials and solutions. The company offers its products and solutions to various industries such as automotive, healthcare, and water treatment. It is focusing on developing safer, cleaner, and sustainable solutions. Solvay offers agricultural adjuvants under crop protection product line. The company is offering bioactivator adjuvants and tank-mix adjuvants.

  • The Dow Chemical Company Dow is one of the top three chemical-producing companies in the world. It was founded in 1897 and is headquartered in Midland, U.S. Dow Chemical Company manufactures agrochemicals, rubber, specialty chemicals, and plastic materials. The company serves its products to several global agricultural, infrastructure, packaging, and consumer care industries. The Dow Chemical Company has its presence globally in all regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Its primary markets include North America and Asia Pacific. The company had more than 37,500 employees as of December 2020.

  • Huntsman International LLC. Huntsman International LLC is among the major chemical manufacturing companies globally. It was founded in 1970 and is headquartered in Utah, U.S. The company manufactures and supply specialty chemicals, commodity chemicals, polyurethanes, surfactants, aerospace composites, propylene oxides, electrical insulating materials, epoxy adhesives, and more. Huntsman comprises four divisions, including polyurethanes, advanced materials, performance products, and textile effects. The company generates the majority of its revenue from the polyurethane business division. Huntsman International LLC has a global presence in more than 30 countries. The company's primary markets include North America, Asia Pacific, and Europe. As of 2020, it had 66 production sites and 118 global locations. The company had around 10,000 employees as of 2020.

  • Evonik Industries AG Evonik Industries AG is one of the leading specialty chemical manufacturers globally. It was founded in 2007 and is headquartered in Essen, Germany. Evonik comprises five business divisions, including specialty additives, nutrition and care, smart materials, performance materials, technology, and infrastructure. The company's products are used in various industries, including agriculture, pharmaceuticals, polymer, and animal feed. Evonik has a global presence in more than 100 countries. As of 2020, the company had over 33,000 employees working at different locations across the globe.

  • BASF SE BASF SE is a renowned global leader in the field of chemistry. It was founded in 1865 and is headquartered in Ludwigshafen, Germany. BASF consists of six business segments, including chemicals, materials, agricultural solutions, industrial solutions, nutrition and care, and surface technologies. The company's products are used in various industries including agriculture, pharmaceuticals, polymer, and animal feed. BASF has a global presence in more than 90 countries. As of 2020, it had approximately 110,000 employees working at different locations across the globe.

  • Bayer AG Bayer AG is a leading agricultural and healthcare products manufacturing company. It was founded in 1863 and is headquartered in Leverkusen, Germany. Bayer's business line includes consumer health, pharmaceuticals, and crop science. The major crop science and agricultural brands are Gaucho, Confidor, and Nativo Produktfamilie und die Prosaro. Bayer AG has its presence globally in 83 countries. As of December 2020, it had 99,538 employees working at different locations across the globe. Major markets include Europe, Asia Pacific, and North America. Latin America and Asia Pacific are the growth markets for Bayer.

  • Nufarm Nufarm is one the global leading agricultural products manufacturing companies. It develops, manufactures and sells crop protection products, including insecticides, fungicides, and herbicides. The company has expertise in seed technologies and crop protection solutions. Nufarm was founded in 1916 and is headquartered in Laverton North, Australia. Nufarm’s product portfolio includes large number of crop protection products, plant growth regulators, and other agrochemical products. The key crops include cereals, corn, soybean, pasture, trees, nuts, vines, vegetable, turf, and ornamentals. The company's focused geographies include Europe, North America and Asia Pacific. Nufarm has its manufacturing and distribution sites in more than 30 countries. As of 2020, it employed 2,702 people supporting customers in more than 100 countries.

  • Croda International Plc Croda International Plc is a global company that manufactures and sells various types of chemicals. It was founded in 1925 and is headquartered in Snaith, UK. Croda offer its products to various markets such as agriculture, food, pharmaceutical, fragrances, water treatment, lubricant, wood & furniture, textile, electronics, automotive, beauty and personal care, among others. Croda International Plc offers crop protection products, adjuvants, chemical biostimulants, seed enhancement products, specialty additives for agricultural films, and animal health products. As of 2020, it employed 5,600 people at 30 manufacturing sites globally and several sales offices and laboratories across the globe.

  • Helena Agri-Enterprises, LLC Helena Agri-Enterprises, LLC is a global company that provides agronomic solutions. It manufactures and sells products that enhance agricultural productivity for greater returns to the growers. The company was founded in 1957 and is headquartered in Collierville, U.S. Helena Agri-Enterprises, LLC product portfolio includes adjuvants, fertilizers, crop protection products, crop enhancement products, and seed treatments. It also provides financial services and precision ag services. It is majorly focusing on North America market. As of 2020, the company employed 6,000 people at over 500 branch locations and division offices.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Agrochemicals Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Agrochemicals Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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