Agrochemicals Market Revenue, Growth Factors, Trends, Key Companies, Forecast to 2032

The global agrochemicals market was valued at USD 225 billion in 2022, and is projected to increase to USD 293.57 billion by 2032, with a revenue compound annual growth rate (CAGR) of 3% during the forecast period. The need to enhance crop production and quality, along with the growing demand for food due to population expansion, are among the key drivers of market revenue growth. The agricultural sector has made significant contributions to the world economy, and agrochemicals are essential for promoting sustainable agricultural practices.

Revenue growth in the market is being driven by the increasing use of genetically modified seeds and advanced farming techniques, as well as by technological advancements in agriculture and the creation of new products. Agrochemicals are necessary to combat various pests, diseases, and weeds that can diminish crop quality and yield.
The market's revenue growth is expected to be fueled by rising demand for bio-based agrochemicals, which are considered safer for the environment since they are derived from natural sources compared to synthetic alternatives.
Governments worldwide are encouraging the use of bio-based agrochemicals and imposing stricter regulations on dangerous agrochemicals.
Additionally, there is an increasing desire for organic foods, which has contributed to the need for bio-based agrochemicals.

Revenue growth in the market is also being driven by the adoption of precision agricultural methods, which use sensors, drones, and other innovative technologies to gather information on crop health and maximize agricultural yield. Agrochemicals play a crucial role in precision farming, as they are used to ensure healthy crop development and yield.
One of the significant factors that could limit revenue growth in the agrochemicals market is the growing awareness of the environmental and human health hazards associated with their use. The use of these compounds is subject to stricter regulations in many countries, which could increase manufacturing costs and reduce supply. The trend towards natural and organic products is also causing a shift away from synthetic agrochemicals, particularly in developed countries where customers are more conscious of the impact of their purchasing decisions. As pests and diseases become increasingly resistant to agrochemicals, their effectiveness is reduced, necessitating more frequent applications and potentially raising costs for farmers. This could result in greater environmental and public health risks, which underscores the need for the agrochemical industry to develop safer and more sustainable alternatives through research and development.

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Agrochemicals Market Segments:

The agrochemicals market is segmented by product type outlook, crop type outlook, and end-use outlook. The product type outlook includes fertilizers, pesticides, and others. The crop type outlook consists of cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The end-use outlook comprises agrochemical manufacturers and farmers.

The regional scope for the agrochemicals market includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The country scope covers the United States, Canada, the United Kingdom, Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, the United Arab Emirates, and Turkey.

In terms of product types, fertilizers, pesticides, and others are the primary segments of the agrochemicals market. Among these, fertilizers have a significant market share owing to their widespread use in agriculture for enhancing soil fertility and increasing crop yield. Pesticides are also extensively used to control pests and diseases that can harm crops, while other agrochemical products include plant growth regulators and soil conditioners.

Based on crop types, the agrochemicals market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The cereals and grains segment is expected to have the largest market share due to the high demand for staple foods worldwide. The oilseeds and pulses segment is also projected to experience significant growth, driven by the increasing demand for plant-based protein sources.

The end-use outlook for the agrochemicals market includes agrochemical manufacturers and farmers. Agrochemical manufacturers develop and produce various agrochemical products that are used in agriculture, while farmers are the primary end-users who utilize these products to enhance crop yield and quality.

The agrochemicals market's regional scope encompasses North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is expected to have the largest market share due to the extensive agricultural activities and growing population in countries such as China and India. North America and Europe are also significant markets due to their advanced agricultural practices and technological developments. The Latin America and Middle East & Africa regions are projected to experience significant growth due to the increasing demand for food and rising awareness about sustainable agricultural practices.

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Agrochemicals Market: Strategic Developments

In 2021, Syngenta AG made a significant announcement to invest $2 billion in sustainable agriculture over the next five years. The investment will focus on research and development in areas like soil health, integrated pest management, and reducing greenhouse gas emissions. This strategic decision is aimed at positioning Syngenta as a leader in sustainable agriculture and addressing the growing concerns around climate change and environmental sustainability.

BASF SE, a leading global player in the agrochemicals market, acquired Bayer AG's vegetable seeds business in 2020 for $7 billion. The acquisition aimed to strengthen BASF's position in the vegetable seeds market and expand its product offerings in the agrochemicals market, providing a more diverse range of solutions for farmers.
In 2018, DowDuPont Inc. and Monsanto merged for $63 billion, creating the world's largest agrochemicals and seeds company. The merger was aimed at creating a more diverse and integrated product portfolio, enhancing innovation capabilities, and providing more efficient and sustainable solutions for farmers and the agriculture industry.

In the same year, FMC Corporation acquired a significant portion of the crop protection business of DuPont for $1.2 billion. This acquisition aimed to expand FMC's product offerings and strengthen its position in the agrochemicals market, particularly in herbicides and insecticides, providing more efficient and sustainable solutions for farmers.
In 2017, Sumitomo Chemical Co., Ltd. acquired a majority stake in the Brazilian company, Nufarm Limited, for $1.2 billion. The acquisition aimed to expand Sumitomo Chemical's product offerings in the Latin American market and strengthen its position in the global agrochemicals market, providing more diverse and efficient solutions for farmers.

Agrochemicals Market: Competitive Landscape

The global agrochemicals market is fiercely competitive, with a range of large and medium-sized players dominating the majority of the market revenue. To strengthen their market position, these key players are utilizing strategies such as mergers and acquisitions, developing and introducing more effective products, investing in research and development, and engaging in strategic agreements and contracts. The global agrochemicals market report includes major companies such as Syngenta AG, Bayer AG, BASF SE, DowDuPont Inc., Monsanto Company, FMC Corporation, Sumitomo Chemical Co., Ltd., UPL Limited, Nufarm Limited, ADAMA Agricultural Solutions Ltd., and Arysta LifeScience Corporation.

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