Agrochemicals Market Latest Trend, Major Types, Benefits, Regional Analysis, Industry Demand, And Growth Forecast, 2021-2030

The global agrochemicals market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than half of the market. In addition, the region is expected to register the highest CAGR of 3.1% during the forecast period.

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The major types of agrochemicals are insecticides, pesticides, herbicides, fertilizers, soil conditioners, and fungicides. When insects, animals, and fungal species are attracted to the source of food, it can drastically reduce the supply of that plant. Thus, a large number of agrochemicals are used. Recently, the demand for natural fertilizers has increased significantly due to the rise in popularity of organic farming, which avoids the use of synthetic agrochemical varieties.

As per the report published by Allied Market Research, the global agrochemicals market generated $231.0 billion in 2020, and is expected to reach $315.3 billion by 2030, registering a CAGR of 2.9% from 2021 to 2030.

Rise in population base along with increasing demand for food, limited agricultural land, issues such as soil erosion and degradation, and surge in awareness among end-users regarding the benefits of agrochemicals have boosted the growth of the global agrochemicals market. Moreover, conservation of genetic material of endangered plant species supplemented the market growth.

However, lack of education and awareness among farmers and efficient distribution systems, high losses in the post-harvest of crops, and environmental and health concerns regarding use of agrochemicals hinder the market growth. On the contrary, rise in disposable income, increase in spending on improving quality of crops, and development and production of novel eco-friendly agrochemicals are expected to open new opportunities for the market players in the future.

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The agrochemical market has come a long way and encountered several periods of a downturn due to poor farm profitability and low crop prices. Moreover, introducing new chemical substances in agrochemicals has always been a challenge. However, the declining fertility of the soil and limited agricultural land has encouraged agrochemical companies to invest more in R&D to formulate new chemicals that increase overall farm yield.

Covid-19 scenario:

1. The Covid-19 pandemic had a negative impact on the supply chain for several agrochemical products.
2. Moreover, the market is expected to recover soon due to rise in food grain production across the globe.
3. The downward pressure on global economy and disrupted supply chain has a negative impact on the market.

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Based on type, the pesticides segment is projected to register the highest CAGR of 3.6% during the forecast period. However, the fertilizers segment held the largest share in 2020, accounting for more than two-thirds of the market.

The global agrochemicals market report includes an in-depth analysis of the prime market players such as AGRIUM INC., BASF SE, BAYER AG, DOW AGROSCIENCES LLC., E. I. DU PONT NEMOURS AND COMPANY, MONSANTO COMPANY, SUMITOMO CHEMICAL CO., SYNGENTA AG, and THE MOSAIC CO.

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