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Pesticide And Other Agricultural Chemicals Market Report 2024 - Pesticide And Other Agricultural Chemicals Market Scope, Trends And Forecast
Pesticide And Other Agricultural Chemicals Market
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According to The Business Research Company's, The pesticide and other agricultural chemicals market size has grown rapidly in recent years. It will grow from $102.9 billion in 2023 to $113.86 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to growth of crop yield enhancement, government policies and subsidies, disease outbreaks, climate conditions, globalization of agriculture.
The pesticide and other agricultural chemicals market size is expected to see rapid growth in the next few years. It will grow to $169.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to environmental and regulatory concerns, biological and organic solutions, population health and food safety, shift in crop patterns, climate change impact. Major trends in the forecast period include digital agriculture platforms, precision agriculture technologies, technological innovations, biological and biopesticides, digital agriculture and agtech.
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Market Drivers and Trends:
The world population is growing and is expected to reach 10 billion by 2050. This is expected to significantly boost the pesticide and other agricultural chemicals market during the forecast period. An increase in the population creates more demand for food. Crop production, farming activities, and trade volumes will have to increase to meet the increased population. Additionally, farmers and commercial farming companies will increase acquisitions of arable land to increase crop production. This is expected to increase the demand for insecticides, herbicides, and fungicides in the forecast period.
Toxicologists globally are adopting nanotechnology in the development of new, environmentally friendly insecticides. Nanoparticles have revolutionized the pharmaceutical and chemical industries. Pesticidal nanoformulations are ultrafine particles with enhanced permeability, stability, and solubility. Most engineers believe that nanotechnology can help make insecticides much safer. Nano-sized insecticides can be sprayed in lesser amounts on agricultural fields in comparison with conventional forms. For example, Lansiumamide B (antibacterial) is formulated as a nanocapsule to treat tobacco bacterial wilt. Thiamethoxam (insecticide) is sprayed as nanoscaled fiber, and Deltamethrin (insecticide) is formulated as a lipid nanoparticle.
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Major Key Players of the Market:
Mitsui Chemicals Inc., BASF SE, Marubeni Corporation, Bayer AG, Nutrien Ltd., Syngenta AG, Sumitomo Chemical Co. Ltd., Reckitt Benckiser Group plc, Corteva Inc., China National Chemical Corporation, DuPont de Nemours Inc., Nippon Soda Co. Ltd., Bharat Rasayan Limited, Sinochem International Corporation, Chemours Inc., FMC Corporation, Adama Agricultural Solutions, Nufarm Limited, Nissan Chemical Corporation, Arysta Lifescience Corporation, PI Industries Ltd., Meghmani Organics Limited, Crystal Crop Protection Pvt. Ltd., Gowan Co. LLC, Isagro S.p.A., Rallis India Limited, Albaugh LLC, UPL Limited, Rotam Agrochemical Company Ltd., Wynca Group, Insecticides India Limited, Drexel Chemical Co. Inc., Willowood Limited
Pesticide And Other Agricultural Chemicals Market 2024 Key Insights:
• The pesticide and other agricultural chemicals market size is expected to see rapid growth in the next few years. It will grow to $169.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Population Growth Fuels The Pesticides And Other Agricultural Chemicals Market In The Forecast Period
• Nanotechnology Revolutionizes Insecticides For Safer And More Effective Pest Control
• Asia-Pacific was the largest region in the pesticide and other agricultural chemicals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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