Agrochemicals Market by Pesticide Type (Herbicides, Insecticides, Fungicides, Others), Fertilizers Type (Nitrogenous, Phosphatic, Potassic), and Crop Application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 223 billion mark in 2022 and is expected to hit US$ 288 billion by 2030, recording approximately a CAGR of 3.3% during the forecast period.
Rising adoption herbicides across the globe
Herbicide use is increasingly being adopted around the world. Many developing countries such as India, China, Bangladesh are facing shortages of workers to hand weed fields as millions of people move from rural to urban areas. In these countries, herbicides are far cheaper and more readily available than labor for hand weeding. History shows that in industrializing countries in the past, including the US, Germany, Japan, and South Korea, the same phenomenon occurred- as workers left agriculture, herbicides were adopted. It is inevitable that herbicide use will increase in sub-Saharan Africa, not only because millions of people are leaving rural areas, creating shortages of hand weeders, but also because of the need to increase crop yields. Companies such as Bayer, UPL, Syngenta, and Adama manufacture a wide variety of herbicides.
Within the report, the market is segmented into pesticide type, fertilizers type, crop application, and geography. By pesticide type, the market is segmented into herbicides, insecticides, fungicides, and others. By fertilizers type, the market is divided into Nitrogenous, Phosphatic, and Potassic. By crop application, the market is categorized into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing adoption of agrochemicals in developing countries
Continuous advancements in the technology used in agriculture have led to a shift in farming practices. With the increased export and import of agricultural commodities across different geographies, especially in developing regions, new types of harmful organisms have emerged, leading to an increase in the demand for novel active ingredient products to safeguard crops. Globalization of the agrochemical industry has a huge impact on the Asian crop protection markets. With the highest rate of population growth, increasing the need for food production, and economic growth, the demand for various agrochemicals such as herbicides and pesticides are increasing. These are the factors expected to drive the growth of the agrochemicals market in the forecast period.
Increasing Usage of Biopesticides
Biopesticides are pesticides derived from natural or biological materials. Microbial biopesticides, biochemical biopesticides, and plant-incorporated protectants are the types of biopesticides. According to the Organic Trade Association, sales of organic food rose 12.8% to $56.5 billion in 2020. This large organic market boosts the usage of biopesticides. A streamlined registration process is also driving the biopesticides market’s growth. As green agrochemicals, biopesticides have a great influence on sustainable agriculture. Hence, the increasing usage of biopesticides acts as a driver for the agrochemicals Market.
Recent strategic developments in the agrochemicals market
The agrochemicals market has undergone several significant developments, and a few of these have been mentioned below:
- In April 2020, Sumitomo Chemical completed the acquisition of four South American subsidiaries of Nufarm. With this acquisition, Sumitomo Chemical can build its sound development and sales network of crop protection products in South America, including Brazil, the world's largest crop protection market.
- In December 2019, the European Division of UPL and Biopreparáty, spol. s r. o., a Czech company specializing in biological plant protection products, announced that they would enter into a distribution agreement for Polyversum® WP, a biological fungicide manufactured by Biopreparáty, spol. s r. o.
The agrochemicals market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Bayer AG, Syngenta, Sumitomo Chemical Co., Ltd, Nufarm are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Agrochemicals manufacturer
- Agriculture related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Pesticide Type
- Fertilizers Type:
- Crop Application
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- BASF SE
- Bayer AG
- Sumitomo Chemical Co., Ltd
- BASF SE
- Bayer AG
- Sumitomo Chemical Co., Ltd