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Market Summary The global agrochemicals market was valued at USD 224.9 billion in 2021 and it is predicted to reach USD 272.0 billion by 2030, rising at a compound annual growth rate (CAGR) of 2.8 % from 2022 to 2030.

The growing population is going to create an additional need for food. Crop production, agricultural activities and commercial farming will have to be increased to meet the needs of the growing population. Decreased agricultural land and crop losses due to pest infestation led to damage, posing a major challenge to ensuring food security and nutrition. In addition, farmers will increase the use of agrochemicals to increase crop production, which is expected to increase the need for pesticides, herbicides, fungicides, and fertilizers during the given forecast period.

Government initiatives in developing countries to modernize agriculture and increase penetration of precision farming technologies increase the awareness amongst the farmers about the use of agrochemicals. In addition, farming as a service (FaaS) is going to aid the use of agrochemicals. The rising AgriTech industry will help the agrochemicals companies by imparting the knowledge of prudent use of agrochemicals.

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SEGMENT OUTLOOK: By Fertilizer Type: In 2021, nitrogenous fertilizer dominated the market with a notable CAGR, followed by phosphatic and potassic. In terms of revenue, the segment is predicted to grow at a notable CAGR over the forecast period. Nitrogenous fertilizers are used widely because it is a major nutrient in the chlorophyll which helps in photosynthesis. Due to its frequent use in agriculture, the nitrogenous fertilizers demand is bound to increase.

By Crop Protection Type: In 2021, herbicides dominated the market with a significant share. In terms of revenue, the segment is predicted to grow at a notable CAGR over the forecast period followed by fungicide and insecticide. Herbicides are used to control unwanted plants on the field wherein insecticides are used to control the population of unwanted insects-pests on the farm.

By Crop Type: In 2021, Cereals and grains dominated the market followed by fruits and vegetables. In terms of revenue, the Cereals & Grains segment is predicted to grow at a noteworthy CAGR over the forecast period. Between 2000 and 2050, cereal crop output will grow by 60%, according to the United Nations Food and Agriculture Organization which would act as a major force in driving the demand.

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By Regional Outlook: In 2020, Asia-Pacific dominated the market, accounting for about 43% of the global agrochemicals market. 60% of global nitrogenous fertilizer demand is coming from Asia pacific due to its large population and suitable climate for agriculture. Rice, maize, and wheat comprise of two- third of human food consumption and 90% of rice is grown in Asia pacific leading to higher use of agrochemicals.

In 2021, the Asia Pacific is expected to grow at the fastest rate during the projection period. Asia Pacific’s densely populated countries, such as China, India, and Indonesia with limited arable land fuels the use of agrochemicals. The dense population of Asian countries needs the efficient use of fertilizer to feed people, which is the driving factor of the demand.

By Key Competitors and Market Share Analysis: As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position. The competition among the players is based on numerous parameters including quality, innovation, product offerings, price, and corporate reputation.

The following are some of the major market players operating across the globe:

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Segments Covered in the Report This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this report, Data Lab Forecast has segmented the global Agrochemicals Market report on the basis of Fertilizer Type, Crop Protection Type, Crop Application Type, and region:

The report segment of the global Agrochemicals market is as follows: Global Agrochemicals Market: By Fertilizer Type Outlook (Revenue, USD Million, 2021 – 2030)

Global Agrochemicals Market: By Crop Protection Type Outlook (Revenue, USD Million, 2021 – 2030)

Global Agrochemicals Market: By Crop Application Type Outlook (Revenue, USD Million, 2021 – 2030)

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