Press release
Agrochemicals Services Market to observe strong development by 2031
The global agrochemical services market was valued at US$ 692.9 Mn in 2021
It is estimated to grow at a CAGR of 6.4% from 2022 to 2031
The global agrochemical services market is expected to reach US$ 1.27 Bn by the end of 2031
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Analysts' Viewpoint on Agrochemical Services Market Scenario
Agrochemicals play a crucial role in modern industrialized and intensive farming methods. They make possible the growth of food on previously uncultivatable land and maximize the yield of a given soil. Agrochemical analysis service assists farmers with the analysis and optimal usage of agrochemicals in farming. These services help provide new insights through testing and inspections. Companies manufacturing agrochemicals are conducting research & development activities to implement solutions that enable continuous advances in products while keeping costs down. Many regulatory hurdles and strategic obstacles can cause costly time-to-market delays in the industry. Agrochemical product services assist in overcoming these regulatory challenges. This is driving the global agrochemical services market.
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Improvement in Storage, Handling, and Effectiveness Boosting Formulation Support Segment
Based on services, the global agrochemical services market has been segregated into formulation support, testing & inspection, regulatory guidance, off-patent active solutions, and others. The formulation support segment held major share of 39% of the global market in 2021. It is estimated to dominate the market during the forecast period. Formulation of agrochemicals improves its storage, handling, safety, application, or effectiveness. The testing & inspection segment accounted for 27.25% share of the market in 2021. The testing & inspection segment is estimated to grow at a steady pace during the forecast period due to the rise in modern industrialization and intensive farming methods.
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Regional Outlook of Global Agrochemical Services Market
Asia Pacific accounted for prominent share of 30.6% of the global market in 2021. The market in the region is projected to grow at a significant pace during the forecast period. China is a key market for agrochemical services in Asia Pacific, holding more than 78.3% share of the agrochemical services market in the region. The usage of agrochemicals in agriculture is increasing rapidly in developing countries, especially in Southeast Asia.
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The global agrochemical services market is consolidated, with a small number of large-scale vendors controlling majority of the share. Several organizations are investing significantly in the study of agrochemical services. Key players operating in global agrochemical services market are Clariant, Creative Proteomics, ALLIANCE PHARMA, Frontage Labs, Intertek Group plc, PerkinElmer Inc, Bioneeds India Pvt. Ltd., Labcorp Drug Development, Baroda Agro Chemicals Ltd, JRF Global, and PI Industries.
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