by The global Agrochemicals Market is estimated to be valued at US$ 81,274.23 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Agrochemicals products include fertilizers, pesticides, and other agrochemical products that boost crop production and protect crops from weeds, pests, and diseases. These products play a vital role in improving crop yields to meet the food demand of the growing global population.
Market key trends:
One of the major trends driving the growth of the agrochemicals market is the growing popularity of biopesticides and biofertilizers. With increasing concerns regarding the adverse effects of synthetic agrochemicals, farmers and consumers are shifting towards eco-friendly and sustainable farming practices. Biopesticides derived from natural materials like animals, plants, bacteria, and certain minerals, are considered environment-friendly and cause minimal harm to humans and non-target organisms compared to chemical pesticides. Many agrichemical companies are investing in R&D of biopesticides and biofertilizers to cater to the rising demand and strengthen their product portfolios.
SWOT Analysis
Strength: Agrochemicals help in increasing crop yield and protecting crops from pests and weeds. They play a vital role in meeting the rising global food demand.
Weakness: Overuse and misuse of agrochemicals can lead to negative environmental impacts and health hazards. stringent regulations around the use of certain agrochemicals.
Opportunity: Increasing pressure on farmers to adopt sustainable practices presents an opportunity for manufacturers to develop eco-friendly and bio-based agrochemicals.
Threats: Volatility in raw material prices and strict regulations around the use of hazardous chemicals pose threats to the industry. Substitutes like organic farming can also gain traction.
Key Takeaways
The Global Agrochemicals Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing global food demand driven by rising population.
Regional analysis
Asia Pacific dominates the global agrochemicals market and is expected to retain its dominance over the forecast period. This can be attributed to the large arable land and growing population in counties like India and China. Further, supportive government initiatives to enhance farm productivity will drive the regional market. North America and Europe are also relatively large markets due to advanced agricultural practices.
Key players operating in the agrochemicals market are ADAMA Ltd., Arysta Life Science, Bayer AG, Isagro Spa, Nufarm, Nutrien Ltd, OCI Nitrogen, Sociedad Quimica Y Minera De Chile, and The Mosaic Company. The companies are focusing on developing safer and more sustainable products through R&D activities. Partnerships and mergers and acquisitions are other strategies adopted by these players to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
