Agrochemicals Market to Reach $289.5 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, August 30, 2022 /PRNewswire/ — The Global agrochemical market the size should reach $289.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 3.2% over the forecast period. This increase can be attributed to the need for fertilizers and consumer awareness of insecticides and fertilizers.
Key industry insights and findings from the report:
- Fertilizer products segment has been dominating the market as they are very useful for the proper growth and nutrition of crops. The segment was valued at $150,356.8 million in 2021 and is expected to reach $188,082.9 million by 2030, registering a CAGR of 3.2% over the forecast years.
- Asia Pacific dominated the market owing to factors such as the widespread presence of agro-industrial industries, including vegetable oil manufacturing, textiles, sugar, and animal husbandry, in the region.
- The fruit and vegetable application segment is expected to grow with the highest CAGR till 2030. This growth can be attributed to the high demand for fruits and vegetables from health enthusiasts.
- Agrium, Bayer CropScience and Yara International were among the top manufacturers in 2021, with distribution facilities spread across all regions.
Read the full 100-page market research report for more information,’Agrochemicals Market Size, Share & Trends Analysis Report by Product (Fertilizers, Crop Protection Chemicals), by Application (Cereals & Grains, Oilseeds & Pulses), by Region and Forecast segments, 2022-2030‘, published by Grand View Research.
Agrochemicals Market Growth and Trends
Rapid industrialization and population growth have reduced the amount of arable land available, leading to an increase in the use of agrochemicals such as fertilizers and plant growth regulators, which has further fueled the expansion of the market. The agrochemicals sector has also benefited from the growing demand for crops needed for the role of animal feed and fibers in the textile industry.
In 2021, fertilizers dominated the agrochemicals market. Due to their low cost and availability, phosphate and nitrogen fertilizers were the most frequently used. The demand for biofertilizers has increased due to the recent trend of organic farming, which completely forgoes chemical fertilizers.
The agrochemicals market was dominated by the fertilizer category. Pressure on farmland is increasing due to growing demand for crops and food around the world, so farmers are using more fertilizers to increase crop production and yield. The industry was worth $150.3 billion in 2021 and is expected to reach $188.08 billion by 2030, expanding at a CAGR of 2.8% over the forecast years.
Plant growth regulators such as auxins and cytokinins are expected to grow at the highest rate during the forecast period. The growing popularity of organic farming is expected to be a major driver for this segment, increasing its market penetration over the analysis period.
Growing concern about environmental safety among consumers and manufacturers is pushing manufacturers to launch environmentally friendly agrochemicals that have little or no impact on the environment. Companies operating in the agrochemicals market are constantly engaged in R&D and the development of innovative and environmentally friendly products. For example, Clariant offers a biobased green agricultural adjuvant “Synergen OS”. This product is composed of methylated seed oil.
Asia Pacific accounted for the peak consumption of ammonium phosphate in 2019. The region, led by China, remained the largest manufacturer and consumer of fertilizers and other agrochemicals in the same year. The economies of most countries in this region, including India, Chinaand Japan depend 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 accounted for about half of the total consumption. This region, led by countries such as Sweden and Spain, has seen growth in its agricultural sector, driving the demand for nitric acid and ammonium nitrate. This has played a key role in the growth of the ammonium nitrate and nitric acid market.
Segmentation of the agrochemicals market
Grand View Research has segmented the global agrochemicals market based on product, application, and region:
Product Outlook (Volume; Revenue, USD Million, 2018 – 2030)
- Secondary fertilizers (calcium, magnesium and sulfur fertilizers)
- Crop Protection Chemicals
- Plant Growth Regulators
Application Outlook (Volume; Revenue, USD Million, 2018 – 2030)
- Cereal seeds
- Oil seeds and pulses
- Fruits and vegetables
Regional Outlook (Volume; Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
List of Agrochemicals Market Key Players
- Clariant S.A.
- BASF SE
- Huntsman International LLC
- Bayer AG
- The DOW Chemical Company
- Evonik Industries SA
- Croda International Plc
- Helena Agri-Enterprises, LLC
- Ashland, Inc.
- Land O’Lakes, Inc.
- FMC Corp.
- ADAMA Ltd.
- Stepan Company
Check out other related studies published by Grand View Research:
- Agricultural organic products market – The size of the global agricultural biologics market is expected to reach $14.7 billion by 2027, registering a CAGR of 9.4%, according to a new report from Grand View Research, Inc. Growing demand for organically grown food products, coupled with supportive government initiatives undertaken in all major agrarian economies , is expected to stimulate the market. Significant agricultural reforms were carried out around the world after the dangers associated with synthetic fertilizers and crop maintenance chemicals were recognized.
- Agricultural Adjuvants Market – The global agricultural adjuvants market size is expected to reach $4.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.1% from 2021 to 2028. The market is primarily driven by growing demand for crop protection products in agriculture across the globe.
- Phosphate Fertilizer Market – The global phosphate fertilizer market size is expected to reach $176.06 billion by 2040, registering a CAGR of 5.7% from 2022 to 2040, according to a new report from Grand View Research, Inc. The growth can be attributed to the growing demand for fertilizers to be used in agricultural applications and is expected to drive market growth during the forecast period.
Browse Grand View Research results Agrochemicals and fertilizers industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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