Agrochemicals Industry Poised to Surpass $338.49 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type - Global Forecast to 2030.'

The agrochemicals market is expected to reach $338.49 billion by 2030, at a CAGR of 4.0% from 2023 to 2030. The growth of this market is driven by the rising demand for low-cost crop protection solutions, the growing need to increase crop yield and quality, growth in organic farming & the rising demand for organic food, growing awareness about environmental safety, increasing focus on soil management practices to drive the demand for soil conditioners, and increasing government initiatives to promote the use of biopesticides. Furthermore, an increasing focus on integrated pest management and emerging economies in Asia-Pacific and Latin America are expected to provide significant growth opportunities for players operating in this market. However, stringent and non-standardized regulations, high demand for synthetic fertilizers, and lack of education & awareness among farmers hinder the growth of this market. On the other hand, lengthy product registration and approval processes are a major challenge for market growth.

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Key Players

The key players operating in the agrochemicals market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (A Part of China National Chemical Corporation/Chemchina) (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Jiangsu Yangnong Chemical Co. Ltd. (China), Loveland Products, Inc. (A Part of Nutrien AG Solutions) (U.S.), Eastman Chemical Company (U.S.), Evonik Industries AG (Germany), American Vanguard Corporation (U.S.), Koppert B.V. (Netherlands), Gowan Company LLC (U.S.), Biolchim SPA (Italy), Lallemand Inc. (Canada), ADAMA Agricultural Solutions Ltd. (Israel), and Isagro S.p.A. (Italy).

The agrochemicals market study presents historical market data in terms of value & volume (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type, form, mode of application, crop type, and geography.

Based on type, the agrochemicals market is segmented into fertilizers, synthetic crop protection chemicals, biological crop protection chemicals, biostimulants, plant growth regulators, soil conditioners, and other types. In 2023, the fertilizers segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the growing demand for fertilizers such as anhydrous ammonia, ammonium nitrate, and urea, the rising number of initiatives by government agencies along with increasing awareness about the need for sustainability in modern agriculture and increasing adoption of advanced farming with drip irrigation and sprinklers. In addition, the lack of nutrients in the soil due to the use of pesticides and other harmful chemicals has led to a decline in agricultural productivity. This is expected to boost the demand for fertilizers.

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Based on form, the agrochemicals market is segmented into dry form and liquid form. In 2023, the dry form segment is expected to account for the larger share of the agrochemicals market. The large market share of this segment is attributed to the higher adoption of dry form agrochemicals, especially synthetic fertilizers on agricultural land and lawn & garden applications, owing to their long-lasting effects and high efficiency in all climatic conditions and the wide & easy availability of raw materials. Additionally, dry form agrochemicals are generally less expensive to produce, transport, and store compared to liquid form agrochemicals. They can be easily stored for longer periods without the need for special storage facilities, which results in cost savings for farmers and distributors.

Based on mode of application, the agrochemicals market is segmented into seed treatment, foliar spray, soil treatment, fertigation, and other modes of application. In 2023, the soil treatment segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to its benefits, including precise placement of agrochemicals in the root zone of plants, reducing wastage, and ensuring that the plants receive the nutrients or protection they need, reduced environmental impact, long-lasting effects, enhanced root development, and reduced pest and disease pressure. In addition, soil treatment can make contaminated soil usable for agriculture and other purposes. Also, biological soil treatment processes are typically implemented at low costs. These benefits increase the preference for soil treatment among farmers.

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However, the foliar spray segment is projected to witness significant growth during the forecast period of 2023-2030. The rapid growth of this segment is mainly driven by the high efficiency in the application, uniform distribution of chemicals, and minimum to no wastage of crop protection chemicals in the foliar spray mode of application.

Based on crop type, the agrochemicals market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops. In 2023, the cereals & grains segment is expected to account for the largest share of the agrochemicals market. The large market share of this segment is attributed to the growing need to increase cereal & grain production, minimize cereal & grain loss due to pests and diseases, and the increasing use of these crops in animal feed, biofuel, and starch & ethanol production. Additionally, in many countries, governments actively support cereals & grains production due to their importance in food security. This often includes policies and subsidies that incentivize the use of modern agricultural practices, including the use of agrochemicals.

Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the agrochemicals market. Asia-Pacific's major market share is attributed to several factors, including the rapid growth in population, increasing demand for quality agricultural products & organic produce, and the rising need for high productivity and yield is expected to increase the consumption of agrochemicals in Asia-Pacific, especially in China, India, and Japan.

Moreover, it is also slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the huge areas under organic cultivation, rapid population & income growth, increasing mechanization and irrigation facilities, and the presence of several organic operators. Furthermore, supportive government policies and initiatives by organizations to promote and expand the organics industry contribute to the growth of the agrochemicals market in this region.

Meticulous Research®, a distinguished global market research firm, has recently unveiled its comprehensive research report titled "Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type - Global Forecast to 2030."

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The agrochemicals market is poised to achieve a substantial milestone, projected to reach $338.49 billion by 2030, demonstrating a robust CAGR of 4.0% from 2023 to 2030. This growth trajectory is fueled by several key factors, including the escalating demand for cost-effective crop protection solutions, the imperative to enhance crop yield and quality, the burgeoning trend of organic farming coupled with increased consumer preference for organic food, heightened awareness regarding environmental conservation, and the diminishing availability of agricultural land. Moreover, the rising emphasis on integrated pest management and the burgeoning adoption of biological seed treatments are anticipated to unlock promising growth avenues for industry stakeholders. However, challenges such as stringent and non-uniform regulatory frameworks, a persistent reliance on synthetic fertilizers, and the dearth of education and awareness among farmers pose obstacles to market expansion. Furthermore, the protracted product registration and approval processes emerge as significant impediments to market growth.

Key Players:

Prominent entities driving the agrochemicals market forward include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (A Part of China National Chemical Corporation/Chemchina) (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Jiangsu Yangnong Chemical Co. Ltd. (China), Loveland Products, Inc. (A Part of Nutrien AG Solutions) (U.S.), Eastman Chemical Company (U.S.)

The meticulously crafted agrochemicals market study offers a panoramic view of the market landscape, comprising historical market data in terms of both value and volume (for the years 2021 and 2022), estimated current data (for 2023), and insightful forecasts extending up to 2030. The market segmentation encompasses type, form, mode of application, crop type, and geographical regions.

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Type Segmentation:

The agrochemicals market is segmented into various categories based on type, including fertilizers, synthetic crop protection chemicals, biological crop protection chemicals, biostimulants, plant growth regulators, soil conditioners, and other types. Among these, the fertilizers segment is anticipated to dominate the market landscape in 2023, propelled by the surging demand for various types of fertilizers such as anhydrous ammonia, ammonium nitrate, and urea. Factors driving this demand include government initiatives promoting sustainability in agriculture, the adoption of advanced farming practices, and the escalating need to address nutrient deficiencies in soil, consequently bolstering agricultural productivity.

Form Segmentation:

The market's form segmentation comprises dry form and liquid form agrochemicals. Notably, the dry form segment is expected to hold a larger market share in 2023, underpinned by the widespread adoption of dry form agrochemicals, particularly synthetic fertilizers, owing to their enduring efficacy across diverse climatic conditions, cost-effectiveness, and ease of availability. Additionally, dry form agrochemicals offer logistical advantages, being less expensive to produce, transport, and store compared to their liquid counterparts.

Mode of Application Segmentation:

Diving into the mode of application, the agrochemicals market encompasses seed treatment, foliar spray, soil treatment, fertigation, and other application modes. Soil treatment is anticipated to lead the market in 2023, driven by its myriad benefits including precise nutrient delivery to plants' root zones, reduced environmental impact, and enhanced root development. Moreover, soil treatment techniques facilitate the reclamation of contaminated soil for agricultural purposes, underscoring their pivotal role in sustainable agriculture practices.

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Crop Type Segmentation:

On the front of crop type segmentation, the market spans cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops. Among these, cereals & grains are poised to command the largest market share in 2023, driven by the imperative to boost cereal and grain production, mitigate losses stemming from pests and diseases, and cater to the escalating demand for these crops in various industries including animal feed, biofuel, and starch & ethanol production.

Geographical Analysis:

Asia-Pacific is anticipated to spearhead the agrochemicals market in 2023, owing to factors such as rapid population growth, escalating demand for high-quality agricultural produce, and the pressing need for heightened agricultural productivity. Notably, countries like China, India, and Japan are expected to drive substantial market growth, propelled

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