Agrochemicals Market is Projected to Reach $246.1 billion by 2025

The Agrochemicals Market is estimated to grow from USD 208.6 billion in 2020 and is projected to reach USD 246.1 billion by 2025, at a CAGR of 3.4% during the forecast period. Increasing demand for food supply due to the rapid growth in the human population has triggered agricultural intensification during the last few decades. For addressing the growing food demands, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which accomplishes the gap between food production and consumption.

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Herbicides, by type, is estimated to hold the largest market share during the forecast period

The market for agrochemicals, by pesticide type, has been segmented into insecticides, herbicides, fungicides and other. Herbicides accounted for the largest segment during the forecast period. This is attributed to the wide acceptance of herbicides in the cultivation of a variety of crops. They are convenient to use for crops such as sugarcane, rice, soybean, and cotton, among others. Rapidly advancing technology in the agricultural and allied sectors has also impacted conventional agricultural practices. It has made the use of external agents more efficient in terms of productivity. Using herbicides to eradicate weeds at an early stage helps increase the productivity and yield per unit, which has led to increased use by producers across the globe. Rising safety and environmental concerns have led to regulatory action in many countries, causing some restraints for the growth of the herbicides market. Major chemicals such as glyphosate and atrazine, among others, are regularly scrutinized, especially in Europe. However, considering the increasing use of herbicides, the market is very promising and is likely to expand.

Fruits and Vegetables, by crop application, is estimated to hold the largest share in the agrochemicals market during the forecast period

With an increase in number of health-conscious people in the Asia Pacific region, there has been a significant increase in the consumption of fruits, thus causing the demand for fruits to rise. This has compelled the farmers to use various agrochemicals to meet the increasing demand. Further more, the high export potential of fruits & vegetables has also led to an increase in production levels. This has propelled the requirement of nitrogenous fertilizers products for efficient usage of agricultural inputs to meet export quality standards.

Nitrogen fertilizer, by fertilizer type, is estimated to account for the largest market share during the forecast period

Farmers occasionally need to add nitrogen fertilizers to their farms and gardens to make available just the precise nutrients for their plants’ growth. The nitrogenous fertilizer industry includes the production of synthetic ammonia, nitric acid, ammonium nitrate, and urea. Synthetic ammonia and nitric acid are used primarily as intermediates in the production of ammonium nitrate and urea fertilizers. The applications of inorganic nitrogen fertilizers to various crops have been continuously increasing since the last many decades globally. Although nitrogen fertilizer contributes substantially to yield enhancement, but excessive use of this manure has posed serious threats to the environment and human health.

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Asia Pacific is estimated to hold the largest market share during the forecast period

The Asia Pacific agrochemicals market is fragmented among multinational companies and numerous small-scale manufacturers who produce fertilizers and pesticides depending on the crops cultivated. There are more global players in the market that are trying to enter the Asia Pacific region by undertaking mergers & acquisitions or partnerships. The demand for fertilizers and pesticides has been growing in this region due to the increasing investment of overseas business lines in agricultural inputs to exclusively meet the demand of crop growers for attaining export quality.

Leading companies operating in the agrochemicals market are Bayer (Germany), BASF (Germany), Yara International (Norway), Compass Minerals (US), and Syngenta (Switzerland), Adama Ltd (Israel), Sumitomo Chemicals (Japan), Nufarm Limited (Australia), UPL (India), K+S Group (Germany), and Israel Chemical Company (Israel).

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