Agrochemicals Market Size To Reach $390.17 Billion By 2030

Agrochemical Market Growth & Trends

The global agrochemicals market size is anticipated to reach USD 390.17 billion by 2030, growing at a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for agrochemicals is projected to be driven by a surging need for fertilizers and crop protection products in the agricultural sector on a global scale. The growing usage of fertilizers by farmers around the world to supply essential nutrients to crops and boost their productivity stands as a significant driver for the agrochemicals demand.

Due to the rapid population growth, farmers are facing the challenge of producing greater amounts of food grains within a limited timeframe. Additionally, the availability of arable lands has decreased due to urbanization, industrialization, and population growth, placing additional pressure on farmers to maximize crop yields within limited land resources. This is a significant concern for economies heavily reliant on agriculture, such as India. Consequently, farmers are compelled to use fertilizers, crop protection chemicals, and other agrochemicals to enhance their yields, thus boosting the product demand.

However, synthetic agrochemicals, including fertilizers, pesticides, and plant growth regulators, are commonly used in agriculture, but they can be harmful. Strict regulations, especially in Europe and North America, limit their use. Some countries, like Germany and the UK, support organic alternatives such as biofertilizers and biopesticides. Thus, regulatory bodies like REACH and the EPA hamper industry growth.

As the agrochemical market is influenced by a rise in regulations, there has been a robust demand for environment friendly products. This trend has led manufacturers to focus on developing bio-based agricultural products. For example, Marrone Bio Innovations uses naturally occurring microorganisms and plants to create high-performance, eco-friendly agricultural products that promote crop health and manage pests, weeds, and crop diseases.

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Agrochemicals Market Report Highlights

• Based on product, the crop protection chemicals segment is expected to witness the highest CAGR of 5.7% from 2024 to 2030. Crop protection chemicals include insecticides, fungicides, herbicides, and other products like rodenticides and bactericides. The increased utilization of these products in the agricultural sector, aimed at enhancing crop yields by safeguarding crops against pests and weed incursions, is a key driver of the market.

• Based on application, the fruits & vegetables segment is likely to grow at the highest CAGR of 6.0% from 2024 to 2030. This is mainly due to the increasing consumption of vegetarian foods globally. Additionally, the growing demand for fresh fruits and vegetables due to increasing health consciousness among consumers is a key driving factor.

• Asia Pacific is expected to witness the fastest growth of 6.1% from 2024 to 2030. The robust regional growth can be attributed to factors such as the expanding population, driving a heightened demand for nutritious food, as well as the increasing production of agricultural commodities in countries such as India, China, Japan, and Australia. Furthermore, India and China, both being agrarian and most populous economies with ample arable land, experience substantial demand for fertilizers.

• In October 2023, Bayer launched a bio-fungicide product, SERENADE SC,  that boosts crop quality and yield, thereby offering an effective, safe, and eco-friendly crop protection solution for Vietnamese farmers.

Agrochemicals Market Segmentation

Grand View Research has segmented the global agrochemicals market based on the product, application, and region:

Agrochemicals Product Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Fertilizers

  • Nitrogenous

  • Phosphatic

  • Potassic

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

  • Others

• Crop Protection Chemicals

  • Herbicides

  • Insecticides

  • Fungicides

  • Others

• Plant Growth Regulators

• Others

Agrochemicals Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Cereal & Grains

• Oilseeds & Pulses

• Fruits & Vegetables

• Others

Agrochemicals Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

• Central & South America

  • Brazil

  • Argentina

  • Colombia

List of Key Players in the Agrochemicals Market

• Royal Dutch Shell plc

• OCP Group

• SABIC

• PhosAgro

• Yara International

• Rashtriya Chemical Fertilizer Ltd.

• Adjuvants Plus Inc.

• Merck KGaA

• Praxair Technology, Inc.

• Southern Agricultural Insecticides,

• Inc.

• NCP Chlorchem (Pty) Ltd

• Ineos Group Ltd

• Royal Dutch Shell plc

• Graham Chemical Corporation

• Evonik Industries

• Cargill Incorporated

• Targray Technology International Inc