Agrochemicals Market Size To Reach $288.04 Billion By 2030

Agrochemicals Market Growth & Trends

The global agrochemicals market size is expected to reach USD 288.04 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 3.0% from 2023 to 2030. This increase can be attributed by the need of fertilizers and awareness among insecticides and fertilizers among consumers. Rapid industrialization and population growth have reduced the amount of arable land available, which has led to an increase in the use of agrochemicals such fertilizers and plant growth regulators, which has further fueled market expansion. The agrochemicals sector has also benefited from the rising demand for crops as animal feed and fiber in the textile industry.

In 2022, fertilizers dominated the market for agrochemicals. Due of their low cost and simple availability, phosphate and nitrogen fertilizers were most frequently used. The demand for bio fertilizers has increased due to the recent trend of organic farming, which completely forgoes chemical-based fertilizers.

The market for agrochemicals was dominated by the fertilizer category. The pressure on agricultural land is rising due to the rising crop and food demand around the world, so farmers are using more fertilizer to boost crop production and yield. Plant growth regulators such as auxins and cytokinins are expected to grow at the highest rate over the forecast period. Growing popularity of organic farming is expected to be a major driver of this segment, increasing its penetration in the market over the analysis period.

The growing concern regarding environmental safety among consumers and industrialists is influencing manufacturers to launch eco-friendly agrochemical products that have no or minimal impact on the environment. The companies operating in agrochemicals market are consistently engaged in R&D and developing innovative and eco-friendly products. For instance, Clariant is offering bio-based green agricultural adjuvant “Synergen OS”. This product is made up of methylated seed oil.

Asia Pacific accounted for maximum ammonium phosphate consumption in 2022. The region, led by China, was the largest manufacturer and consumer of fertilizers and other agrochemicals in the same year. The economies of most of the countries in this region including India, China, and Japan are dependent on agriculture, which has increased the demand for fertilizers thereby increasing the demand for ammonium phosphates.

Europe was the largest consumer of nitric acid and held around half of the total consumption. This region, led by countries such as Sweden and Spain, has witnessed growth in its agriculture sector, driving the demand for nitric acid and ammonium nitrate. Other countries in this region, such as Russia and Ukraine located in East Europe, are known for manufacturing explosives such as bombs. This has also played a key role in the growth of the market for ammonium nitrate, and hence, nitric acid.

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Agrochemicals Market Report Highlights

• The fertilizers product segment dominated the market with 66.8% revenue share in 2022 as they are very useful for the proper growth and nutrition of the crops

• Asia Pacific dominated the market due to factors like the presence of agro-based industries including vegetable oil manufacturing, textiles, sugar, and animal husbandry

• The fruits and vegetables application segment is expected to expand with highest CAGR of 3.7%. This growth can be attributed by the high demand of fruits and vegetables from health enthusiast

• Agrium, Bayer CropScience, and Yara International were some of the key manufacturers in 2021 with distribution facilities spread across all regions

Agrochemicals Market Segmentation

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

Agrochemicals Product Outlook (Volume, Thousand Tons; Revenue, USD Billion, 2018 - 2030)

• Fertilizer

  • 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, Thousand Tons; Revenue, USD Billion, 2018 - 2030)

• Cereal & Grains

• Oilseeds & Pulses

• Fruits & Vegetables

• Others

Agrochemicals Regional Outlook (Volume, Thousand Tons; Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

• Central & South America

  • Brazil

  • Argentina

  • Colombia

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Agrochemicals Market

• 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