Agrochemicals Market Growth Opportunities, Size, Share Analysis, Recent Developments And Forecast To 2033

The agrochemicals market size has grown strongly in recent years. It will grow from $266.95 billion in 2023 to $289.73 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to population growth, pest and disease pressure, regulatory environment, farming practices.

The agrochemicals market size is expected to see strong growth in the next few years. It will grow to $399.55 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to climate change, sustainable agriculture, precision agriculture, emerging markets, resistance management. Major trends in the forecast period include technological advancements, digitalization and data analytics, crop protection innovations, market consolidation, organic and non-gmo movements, biotechnology and genetic engineering.

Market Overview -
The agrochemical refers to synthetic and commercially generated chemicals that are employed in farming and to regulate ecosystems in agricultural areas. Agrochemicals contaminate the nearby lands and waterways and enter the food chain, where they cause bioaccumulation. Excessive usage of such pesticides produces a sizable number of residues, which has an effect on crops.

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Population Growth And Food Demand Are The Catalysts For Agrochemical Market Expansion
The increasing population and consequent rise in food demand are expected to propel the growth of the agrochemicals market going forward. Food refers to the substance consisting of protein, carbohydrates, fat, and other nutrients used in the body of an organism for sustaining growth, and vital processes and furnishing energy. The steady growth in the population is directly proportional to food demand and growth in the agrochemicals market. For instance, according to United Nations, a US-based intergovernmental organization, the world's population has been expected to increase by 2 billion people in the next 30 years, from 7.7 billion in 2021 to 9.7 billion in 2050. Also, according to Intechnopen, a UK-based publisher of journals and books, the global demand for food has been expected to increase by 70% by 2050. Therefore, the increasing population and consequent rise in food demand will drive the growth of the home infusion therapy market.

Competitive Landscape -
Major companies operating in the agrochemicals market report are Adama Agricultural Solutions Ltd., Agrium Inc., BASF SE, Bayer AG, Yara International ASA, The Mosaic Company, Israel Chemicals Ltd., FMC Corporation, E. I. du Pont Nemours and Company, Monsanto Company, Dow AgroSciences LLC, Land O' Lakes Inc, Sumitomo Chemical Co Ltd, Zuari Agro Chemicals Ltd, Gharda Chemicals Limited, Huntsman International LLC, Nutrien Ag Solutions Limited, UPL Limited, Nufarm Limited, Corteva Agriscience Inc., Dhanuka Agritech Limited, Gowan Company LLC, Nissan Chemical Corporation, Isagro S. p. A., Rallis India Limited, Crystal Crop Protection Pvt. Ltd., Sinochem Group, Wynca Chemical Group Co. Ltd., Kumiai Chemical Industry Co. Ltd., PI Industries Limited, Indofil Industries Limited, Sipcam Oxon S. p. A., Hubei Sanonda Co. Ltd., Excel Crop Care Limited, Insecticides Limited, Redox Industries Limited, Jiangsu Agrochem Laboratory Co. Ltd., Sulphur Mills Limited

Emerging Trends In Agrochemical Market Are Strategic Partnerships And Collaborations
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the agrochemical market. Major companies operating in the agrochemicals sector are looking for partnerships to strengthen their position in the market. For instance, in October 2021, Enko, a US-based global crop health company, partnered with Nufarm, an Australia-based agrochemical company to create brand-new chemical processes and broaden the European, American, and Australian supply chains for vital new herbicides. The collaboration will specifically address the demand for expanded access and innovative chemistries. To develop novel, secure chemical formulations, Enko and Nufarm will test the efficacy of mixing Enko's top herbicide candidate with Nufarm's goods. Furthermore, in January 2022, BASF, a Germany-based chemical company, collaborated with Innospec. This collaboration allows BASF to broaden its portfolio and offer DCI-11 Plus ClearTrak along with industry-leading Sales and Technical Support. Innospec is a US-based chemical company.

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Key Segments -
The agrochemicals market covered in this report is segmented -
1) By Fertilizer Type: Nitrogen Fertilizer, Phosphatic Fertilizer, Potassic Fertilizer, Other Fertilizer Types
2) By Pesticide Type: Fungicides, Herbicides, Insecticides, Other Pesticide Types
3) By Application: Crop Based, Non-Crop Based

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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