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Increased Focus on Farm Productivity and Compliance Propels Agrochemical Services Market Toward US$1.27 Billion by 2031 | TMR Insights
Agrochemicals Services Market
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Understanding the Agrochemical Services Market
Agrochemical services encompass testing, inspection, formulation, and consulting to optimize the use of agrochemicals like fertilizers, pesticides, and herbicides. These services ensure safety, efficacy, and regulatory compliance, improving crop yields by 10-20%, per industry studies. The 2021 valuation of US$692.9 million underscores their critical role, with the projected rise to US$1.27 billion by 2031 driven by the formulation support segment, which held a 39% share in 2021 due to its role in enhancing active ingredient efficiency. The 6.4% CAGR reflects services reducing pesticide overuse by 15% through precise application methods.
Key Drivers of Market Growth
Several factors are propelling the agrochemical services market toward its US$1.27 billion milestone by 2031. First, rising global food demand is a primary driver. The world population, projected to reach 9 billion by 2050 per the FAO, increases pressure on agriculture, with 11.7% facing severe food insecurity in 2021. Agrochemical services, particularly testing and inspection (27.25% market share in 2021), ensure soil and chemical safety, boosting yields by 15% for cereals and grains, which held a 48.5% share in 2021.
Second, regulatory compliance fuels growth. Stringent standards, like the EU's REACH and EPA guidelines, mandate testing for 90% of agrochemicals to minimize environmental impact. Services like soil testing, adopted by 30% of farmers in Asia-Pacific, address soil pollution from industrial effluents, per TMR. Companies like PI Industries, which acquired Isagro Asia in 2019, enhance formulation capabilities, supporting the 6.4% CAGR, particularly for fruits and vegetables (30.5% share in 2021).
Third, sustainable farming trends enhance adoption. Agrochemical services support eco-friendly practices, reducing greenhouse gas emissions by 10% through optimized chemical use. The rise of bio-based agrochemicals, valued at US$7.54 billion in 2023, drives demand for formulation services to develop low-impact pesticides. Government incentives, like India's soil health card scheme, covering 50 million farmers by 2023, further boost testing services, reinforcing growth through 2031.
Top Companies:
Clariant
Creative Proteomics
ALLIANCE PHARMA
Frontage Labs
Intertek Group plc
PerkinElmer Inc
Bioneeds India Pvt. Ltd.
Labcorp Drug Development
Baroda Agro Chemicals Ltd
JRF Global
PI Industries
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Market Segmentation and Regional Insights
The market segments by service type, crop type, and application. Formulation support led in 2021 with a 39% share, followed by testing and inspection (27.25%), growing at 6% CAGR due to modern farming needs. Cereals and grains dominated crop types at 48.5%, driven by global demand for wheat and rice, while fruits and vegetables grow fastest at 7% CAGR due to health-conscious diets. Applications include crop protection and yield enhancement, with protection holding 60% share.
Regionally, Asia-Pacific held the largest share in 2021 at 30.6%, valued at US$212 million, driven by China's 78.3% regional dominance and India's growing testing needs, projecting a 6.8% CAGR. North America follows, with a 25% share (US$173.2 million), led by U.S. precision farming, valued at US$200 million in 2023. Europe grows steadily, with Germany focusing on sustainable services, while Latin America and Africa lag due to infrastructure gaps, per TMR.
Challenges and Opportunities
The market faces challenges. High service costs, 10-15% above traditional methods, and limited awareness in developing regions, where only 20% of farmers use testing, pose risks. Regulatory complexity, requiring 2-3 years for approvals, slows adoption. The 6.4% CAGR reflects a market navigating these hurdles with strong agricultural demand.
These challenges present opportunities. Digital tools, like AI-based soil testing adopted by 5% of providers, improve accuracy by 20%. Emerging markets in Africa, growing at 6% CAGR, offer potential. Strategic acquisitions, like PI Industries' 2019 Isagro Asia deal, enhance service portfolios, supporting the push to US$1.27 billion.
The Road to 2031
By 2031, the global agrochemical services market is projected to reach US$1.27 billion, reflecting ten years of robust growth at a 6.4% CAGR from US$692.9 million in 2021. This milestone is driven by food security needs, regulatory compliance, and sustainable practices. The market's trajectory suggests continued expansion, advancing agricultural efficiency.
In conclusion, the global agrochemical services market demonstrates strong growth from 2022 to 2031. Rising from US$692.9 million to US$1.27 billion, it addresses productivity and sustainability needs in agriculture. Stakeholders-from providers like PI Industries and SGS Group to farmers in cereals and fruits sectors-play a vital role, ensuring agrochemical services support a secure food supply through 2031 and beyond.
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