Agrochemicals Market to be Worth $289.5 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 30, 2022 /PRNewswire/ -- The global agrochemicals market size is expected to reach USD 289.5 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 3.2% during the forecast period. This increase can be attributed to the need for fertilizers and awareness of insecticides and fertilizers among consumers.

Key Industry Insights & Findings from the report:

• The fertilizers product segment dominated the market, as they are very useful for the proper growth and nutrition of the crops. The segment was valued at USD 150,356.8 million in 2021 and is estimated to reach USD 188,082.9 million by 2030, registering a CAGR of 3.2% during the forecast years.
• Asia Pacific dominated the market due to factors such as the widespread presence of agro-based industries, including vegetable oil manufacturing, textiles, sugar, and animal husbandry, in the region.
• The fruits and vegetable application segment is expected to expand with the highest CAGR through 2030. This growth can be attributed to the high demand for fruits and vegetables from health enthusiasts.
• Agrium, Bayer CropScience, and Yara International were some of the key manufacturers in 2021, with distribution facilities spread across all regions.

Read 100-page full market research report for more insights, 'Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Crop Protection Chemicals), By Application (Cereal & Grains, Oilseeds & Pulses), By Region, And Segment Forecasts, 2022 - 2030', published by Grand View Research.

Agrochemicals Market Growth & Trends

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 as fertilizers and plant growth regulators which has further fueled the market expansion. The agrochemicals sector has also benefited from the rising demand for crops needed in the role of animal feed and fiber in the textile industry.

In 2021, fertilizers dominated the market for agrochemicals. Due to their low cost and simple availability, phosphate and nitrogen fertilizers were most frequently used. The demand for biofertilizers 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 amount of fertilizers to boost crop production and yield. The industry was worth USD 150.3 billion in 2021 and is anticipated to reach USD 188.08 billion by 2030, expanding at a CAGR of 2.8% during the forecast years.

Plant growth regulators such as auxins and cytokinins are expected to expand at the highest rate in the forecast period. The growing popularity of organic farming is expected to be a major driver of this segment, increasing its penetration in the market during 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 the 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 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 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 accounted for 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. This has played a key role in the growth of the market for ammonium nitrate and nitric acid.

Agrochemicals Market Segmentation

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

Product Outlook (Volume; Revenue, USD Million, 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

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

• Cereal & Grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Others

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

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• 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

Check out more related studies published by Grand View Research:

• Agricultural Biologicals Market - The global agricultural biologicals market size is projected to reach USD 14.7 billion by 2027 registering a CAGR of 9.4%, according to a new report by Grand View Research, Inc. Rising demand for food products grown through organic means coupled with favorable government initiatives undertaken across all major agrarian economies is anticipated to drive the market. Significant agricultural reforms were realized worldwide after recognizing the hazards associated with synthetic fertilizers and crop care chemicals.
• Agricultural Adjuvants Market - The global agricultural adjuvants market size is anticipated to reach USD 4.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2021 to 2028. The market is predominantly driven by the increasing demand for crop protection products in the agricultural field across the globe.
• Phosphate Fertilizer Market - The global phosphate fertilizer market size is estimated to reach USD 176.06 billion by 2040, registering a CAGR of 5.7% from 2022 to 2040, according to a new report by Grand View Research, Inc. Growth can be attributed to increasing demand for fertilizers for usage in agricultural applications and is expected to drive the growth of the market during the forecast period.

Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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