Agrochemicals Market To Reach US$ 123.83 Billion By 2031 | ADAMA Ltd., Arysta Life Science, Bayer AG

Market Overview:

Global agrochemicals market was valued at US$ 81.27 Bn in 2023, and is expected to reach a value of US$ 123.83 Bn by 2030 at a CAGR of 6.2% between 2023 and 2030.

Market Dynamics:

The agrochemicals market is expected to witness significant growth over the forecast period attributable to two major drivers- rising demand for crop protection chemicals and increasing consumption of fertilizers. Crop protection chemicals play a vital role in protecting crops from weeds, pests and diseases. Their demand is rising globally to minimize crop failure and maximize yields. Furthermore, the world population is growing exponentially which is increasing pressure on limited arable lands. This is boosting consumption of fertilizers to enhance soil fertility and increase agricultural outputs. Fertilizer consumption growth will thus contribute to the market growth during the forecast period.

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Increasing demand for crop protection chemicals to boost agricultural yields

The rising global population continues to drive the demand for food which is putting immense pressure on agricultural production. Agrochemicals play a vital role in protecting crops and improving agricultural yields to meet this growing demand for food. Crop protection chemicals such as pesticides, herbicides and fungicides help control pests, diseases and weeds, thereby reducing crop losses. Their use allows farmers to maximize productivity from their existing farmland. With limited opportunities for expanding agricultural areas, boosting crop yields through greater use of agrochemicals has become increasingly important. Furthermore, growing middle class populations in developing countries are changing diets and demanding higher value crops which need to be protected with agrochemicals to be successfully grown. This growing demand for agricultural outputs and changing consumption patterns are compelling farmers worldwide to rely more on crop protection products to improve agricultural productivity.

Adoption of advanced precision farming presents opportunities

Precision agriculture technologies are revolutionizing farming practices. They enable more effective application of agrochemicals tailored to site-specific needs of individual fields or even within fields. Precision farming tools such as GPS, GIS, variable rate technology, soil sensors and drone/aerial imagery help monitor crop health and soil/field conditions. This allows for need-based and judicious use of crop protection chemicals. Only areas affected by pests or weeds are treated, without over-application. Automation in spraying also enhances work efficiency. The data and automation provided by precision farming reduce agrochemical wastage, save costs for farmers, and limit environmental pollution. It helps optimize agrochemical use and yields while addressing sustainability challenges. With demonstrated benefits, adoption of precision agriculture technologies is gaining momentum worldwide. This presents major opportunities for agrochemical manufacturers to upsell advanced application equipment and services along with their traditional chemical offerings.

Consolidation trend gains strength in the industry

Mega-mergers and acquisitions have become increasingly common in the highly competitive agrochemicals sector with leading companies aggressively pursuing inorganic growth. Massive consolidation is driving the formation of globally integrated players with expanded product portfolios and geographical reach. It allows companies to achieve economies of scale, share development costs of new products, gain access to advanced technologies, and strengthen distribution networks globally. The Syngenta-ChemChina merger in 2017, Bayer's acquisition of Monsanto in 2018 and Corteva's spin-off from DowDuPont are some major developments that have resh

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Top Companies Featured in This Report:

★ ADAMA Ltd.
★ Arysta Life Science
★ Bayer AG
★ Isagro Spa
★ K+S Aktiengesellschaft
★ Nufarm
★ Nutrien Ltd
★ OCI Nitrogen
★ Sociedad Quimica Y Minera De Chile
★ The Mosaic Company among others

Market Segmentation:

By Product Type:

★ By Origin: Synthetic and Organic
★ By Product Type: Insecticides, Fungicides, Herbicides, and Others (Rodenticides, etc)
★ By Crop Type: Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others (Ornamental, etc.)

By Applications:

★ By Application: Foliar Treatment, Soil Treatment, Seed Treatment, and Others (Hydroponics, etc.)

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )

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