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Halogenated Agrochemicals Market Report 2024 - Halogenated Agrochemicals Market Share And Size
Halogenated Agrochemicals Market
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According to The Business Research Company's, The halogenated agrochemicals market size has grown strongly in recent years. It will grow from $177.82 billion in 2023 to $189.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increasing food demand, economic growth in developing regions, government support, increasing awareness of agrochemical benefits, soil degradation, and limited agricultural land.
The halogenated agrochemicals market size is expected to see strong growth in the next few years. It will grow to $247.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to bio-based agrochemical adoption, precision agriculture focus, increasing R&D investments, growth in organic farming impacting demand, sustainable agricultural practices, and increasing regulatory scrutiny. Major trends in the forecast period include a shift towards sustainable alternatives, advanced digital farming technologies, innovation in formulations and delivery methods, and integrated pest management (IPM).
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Market Drivers and Trends:
The rising demand for food production is expected to propel the growth of the halogenated agrochemicals market going forward. The demand for food production is due to population growth, urbanization, dietary changes, and increasing incomes. Halogenated agrochemicals protect crops from pests and diseases, contributing to higher yields and ensuring food security amidst escalating global demand for agricultural products. For instance, in December 2022, according to the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations, the global production of primary crop commodities in 2021 increased by 2% from the previous year, reaching a total of 9.5 billion metric tons. Cereals were the dominant crop group, accounting for 32% of this production, followed by sugar crops at 22% in 2021. Therefore, the rising demand for food production will drive the growth of the halogenated agrochemicals market.
Major companies operating in the halogenated agrochemicals market focus on developing sustainable fertilizers and pesticides, such as biofungicide premix, to protect crops by eliminating pests and preventing fungal diseases. A biofungicide premix is a formulated product combining one or more biological agents, such as beneficial bacteria or fungi, to control plant fungal diseases in an eco-friendly and sustainable manner. For instance, in November 2023, FMC Corporation, a U.S.-based chemical manufacturing company, introduced Ethos Elite LFR, a new insecticide/biofungicide premix product. This innovative solution combines the proven pyrethroid insecticide bifenthrin with two proprietary biological strains from FMC, including Bacillus velezensis strain RTI301 and Bacillus subtilis strain RTI477. The product offers comprehensive early-season disease and soilborne pest control and is approved for use on various crops, including corn, soybeans, cotton, peanuts, tomatoes, and canola.
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Major Key Players of the Market:
BASF SE, Bayer AG, Sumitomo Chemical Company Limited, Corteva Agriscience Inc., Syngenta AG, Mitsui Chemicals Inc., Lanxess AG , United Phosphorus Limited (UPL) Limited, FMC Corporation, ADAMA Agricultural Solutions Ltd., Nufarm Limited, Zhejiang Wynca Chemical Group Co Ltd, Nissan Chemical Corporation, Kumiai Chemical Industry Co. Ltd., Nippon Soda Co Ltd, Ishihara Sangyo Kaisha Ltd., Sipcam Oxon Group, Dow AgroSciences LLC, Cheminova A/S, AMVAC Chemical Corporation, Sharda Cropchem Limited, Rotam Global AgroSciences, Albaugh LLC, Crystal Crop Protection Limited, Drexel Chemical Company, Isagro SpA
Halogenated Agrochemicals Market 2024 Key Insights:
• The halogenated agrochemicals market size is expected to see strong growth in the next few years. It will grow to $247.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Global Food Demand Drives Growth In Halogenated Agrochemicals Market
• Rising Focus On Sustainable Solutions With Biofungicide Premixes
• Asia-Pacific was the largest region in the halogenated agrochemicals market in 2023 and is expected to be the fastest-growing region in the forecast period
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