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Pesticide Adjuvant Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players
Pesticide Adjuvant Market Size
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According to The Business Research Company's, The pesticide adjuvant market size has grown strongly in recent years. It will grow from $4.20 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to the increasing need for reduction of pesticide waste, growing demand for green adjuvants, increasing efficacy in controlling pests, diseases, or weeds, the surge in demand for organic food items, and rising demand for edible oils.
The pesticide adjuvant market size is expected to see strong growth in the next few years. It will grow to $6.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing demand for eco-friendly adjuvants, growing crop damage due to insects, growing population, increasing demand for the agricultural sector, increasing consumption of pesticides, and government initiatives promoting sustainable agriculture. Major trends in the forecast period include advancements in technology, agricultural technology, integrating telematics, integrating sensors, innovate bio-based formulations, and advancements in precision agriculture technologies.
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Market Drivers and Trends:
The expansion of the agriculture sector is expected to propel the growth of the pesticide adjuvant market going forward. The agricultural sector refers to the part of the economy and involves the production, processing, and distribution of crops, livestock, and other agricultural products. The demand for the agricultural sector is due to shifts in dietary patterns, growing awareness of environmental issues, and increasing investment in agricultural research, development, and infrastructure. Pesticide adjuvants are substances added to pesticide formulations or tank mixes to enhance the effectiveness, efficiency, or application of the pesticide in agriculture to ensure better pest control. For instance, in February 2024, according to the Department for Environment, Food & Rural Affairs reports, a UK-based government agency, the average farm business income (FBI) across all UK farms increased significantly from $50,461 (£46,500) in 2020/21 to $78,133 (£72,000) in 2021/22. Furthermore, the UK total income from farming (TIFF) in 2022 was $6.61 billion (£7.9 billion), an increase of 17%. Therefore, the expansion of the agricultural sector drives the pesticide adjuvant market.
Major companies operating in the pesticide adjuvant market are focused on developing advanced technologies, such as Inntero technology, to optimize pest control and increase compatibility with various pesticide formulations. Innetero technology is a type of adjuvant pesticide aimed at enhancing the performance of agricultural pesticides. This technology is designed with efficiency in mind, offering growers a tool to maximize pesticide effectiveness and improve crop protection outcomes during the growing season. For instance, in February 2024, Innvictis Crop Care LLC, a US-based company that manufactures crop protection, adjuvant, and nutritional products, launched Inntero, a new adjuvant technology available for the 2023 growing season. It is an adjuvant technology designed to enhance the effectiveness of pesticide applications that consists of seven unique, multi-functional adjuvants that can be applied in smaller quantities, allowing farmers to optimize their tank mixes and combat resistant weeds more effectively. They offer full-strength adjuvants that improve various functions such as wetting, spreading, and penetration. Inntero reduces surface tension and enhances droplet spreading, absorption, compatibility, and deposition. This enables growers to optimize their spray applications, resulting in less waste, quicker mixing times, and more efficient use of input storage space.
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Major Key Players of the Market:
BASF SE, Evonik Industries AG, DuPont de Nemours Inc., Huntsman Corporation, Solvay S.A, Clariant International Ltd., Helena Agri-Enterprises LLC, Crodo International Ltd., Stepan Company, Momentive Performance Materials, Ingevity Corporation, Growmark Inc., Brandt Consolidated Inc., Lamberti SPA, Drexel Chemical Company, Rossari Biotech Ltd., Winfield Solutions LLC, Victorian Chemical Company Pty Ltd., Innvictis Crop Care LLC, Garrco Products Inc.
Pesticide Adjuvant Market 2024 Key Insights:
• The pesticide adjuvant market size is expected to see strong growth in the next few years. It will grow to $6.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Increasing Agricultural Demand Boosts Growth Of The Pesticide Adjuvant Market
• Innovative Pesticide Adjuvants Enhancing Efficacy And Compatibility With Innovations
• North America was the largest region in the pesticide adjuvant market in 2023
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