Cultivating Growth: Insights into the Agrochemical Market

The agrochemical market was valued at USD 221.7 billion in 2022, it is predicted to reach USD 301.5 billion by 2030, exhibiting a CAGR of 3.9% during the forecast period.

This is because of the rising demand for food and growing population which leads to a growth in the demand for fertilizers and nutrients used by farmers in order to supply the crops with nutrients and improve the quality.
Agrochemicals can be used to improve crop quality and surge farmer productivity. Crop protection products also refers to the mixture of insecticides, fungicides, and herbicides.

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Pesticides are used to kill pests that wreck plants or lower the quality of the produced goods. While a fertilizer is used to enhance the crops' quality along with providing them the necessary nutrients.

By 2050, the demand for food will rise anywhere between 60% and 99% as a result of the growing population. This means that farmers all over the world will need to raise crop production, either by expanding the area under cultivation or increasing the yield of the currently used agricultural areas by the use of fertilisers.

As a result, more of these chemicals are used to produce agricultural goods of better quality and giving them the vital nourishment.
According to the UN, the world's population is approx. 8.1 billion in 2023, and it is predicted to surpass 10 billion by the end of this decade.

This will have a big impact on the food demand, what makes it worse is that the availability of land for agriculture is substantially declining due to urbanization which forces the farmers to utilize chemicals in order to maximize the production and enhance the soil fertility.
Therefore, to meet the growing demand for food, the utilization of chemicals such as, pesticides, and fertilizers becomes necessary in order to protect the crops.

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The fertilizer category expected to dominate the agrochemicals market with the revenue share of approx. 80% share, in 2022 and this trend will continue in the years to come as well . This is because of rise in the production of fertilizers in large quantity and the efforts of the governments to make the farmers aware of their benefits.

The cereals and grains category will grow the fastest in the years to come. These chemicals are used mostly on cereals and grains because rice has a lower yield and low amount of nutrients owing to the poor soil fertility.

Based on region, APAC was the market leader in 2022, and it is expected to maintain its dominance during the forecast period. This is owing to the large population and key players of the industry.

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