Coherent Market Insights

Agrochemicals Market To Surpass US$ 123.83 Bn By 2030

Agrochemicals Market To Surpass US$ 123.83 Bn By 2030 - Coherent Market Insights

Publish On: Oct 23, 2023

Global Agrochemicals Market was valued at US$ 81.27 Bn in 2023. According to the Global Agrochemicals Market report, 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 Application (Foliar Treatment, Soil Treatment, Seed Treatment, and Others (Hydroponics, etc)), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) as  published by Coherent Market Insights.

Global agrochemicals market is expected to surpass US$ 123.83 Bn by 2030, and exhibit a CAGR of 6.2% during the forecast period (2023-2030).

Agrochemicals plays a crucial role in enhancing agricultural productivity to meet the growing food demand of the rising global population. Global agrochemicals market has witnessed steady growth in recent years due to increasing mechanization of agriculture, need to improve crop yields, and growth in the biopesticides segment. However, environmental concerns regarding agrochemical usage and regulatory pressures in developed markets remain key challenges. The market is poised for robust growth as the agriculture sector continues to modernize across emerging economies.

Global Agrochemicals Market- Drivers:

Growth in Farm Mechanization

Farm mechanization is increasing globally as farmers are replacing manual labor with machines and automation. Tractors, combine harvesters, sprayers, and other agriculture equipment allow farmers to scale up operations and reduce labor costs. Mechanized farming requires the use of agrochemicals like pesticides and fertilizers that can be effectively applied across large areas using sprayers and spreaders. For instance, herbicides help to quickly remove weeds in large fields where manual weeding is impractical. In developed countries with aging farmer populations, mechanization and agrochemical enables commercial farming in large scale and in developing countries, smallholder farmers are also transitioning towards mechanization to reduce drudgery and improve productivity. The linkage between mechanized farming methods and agrochemical use makes farm mechanization a driver for the market growth.

Global Agrochemicals Market- Opportunities:

Strategic Initiatives Undertaken by Global Players

The agrochemicals industry has witnessed significant growth in recent years due to business expansion and acquisitions among major key players. Companies are expanding globally to meet the growing demand, especially in developing regions. Overall, business strategies aimed at expansion enable companies to reach more customers, especially in high-growth regions like Asia Pacific and Latin America. Acquiring competitors allows access to new geographies, products, and distribution networks. With the Food and Agriculture Organization (FAO) Food Price Index averaging 130.7 points in 2021, increased from 28.1 points in  2020, agrochemical companies are motivated to implement strategies to capture greater market share and drive growth.

Global Agrochemicals Market- Restraints:

Pests’ Resistance to Agrochemical Control Methods

Pests like weeds, insects, and fungi can rapidly evolve resistance to agrochemical control methods through genetic mutations. Herbicide-resistant "superweeds", insecticide-resistant bedbugs and fungicide-resistant grey mould are all examples of resistance emerging globally. When resistance emerges, farmers have to either increase application rates of existing pesticides, switch to newer compounds, or return to manual control methods - all of which increase costs and lower productivity. To delay resistance, regulators are imposing restrictions on pesticide use patterns. Manufacturers also have to continually invest in research &development (R&D) to develop newer molecule classes as the efficacy of existing actives declines over 3-10 years of use. Rising economic and regulatory challenges posed by increasing pest resistance can curb growth rates for conventional pesticide products. Companies will need to diversify into newer integrated and biological pest management approaches.

Global Agrochemicals Market - Impact of Coronavirus (COVID-19) Pandemic

The outbreak of COVID-19 (the global pandemic) has had a negative impact on the growth of the global agrochemicals market, as several countries were in partial or full lockdown that  halted production in different parts of the world. Moreover, travel restrictions (due to a nationwide lockdown) imposed by several governments to curb the spread of the virus had  affected the demand and supply of packaging solutions. However, with the easing of lockdown measures, the market is expected to witness positive growth in the coming future.

To know the latest trends and insights prevalent in this market, click the link below:

Key Takeaways:

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

North America held a dominant position in the global agrochemicals market in 2022, accounting for 31.40% share in terms of value. Presence of established companies and the launch of new products are expected to drive the market growth during the forecast period.

Global Agrochemicals Market- Trends

Increasing Adoption of Bio-Agrochemicals

Increasing adoption of bio-agrochemicals, also known as biological pesticides or biopesticides, is a key factor propelling growth of the global agrochemicals market. Bio-agrochemicals are derived from natural materials like animals, plants, bacteria, and minerals and provide an alternative to synthetic chemical pesticides. In October 2022, Seipasa (Spain-based biotechnology company) launched its new advanced biofungicidal product, "Fungisei," as it got registered phytosaniritarily by the European Commission. 

Global Agrochemicals Market- Competitive Landscape

Major players operating in the global agrochemicals market include

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

Global Agrochemicals Market- Recent Developments

In November 2022, Crystal Crop Protection Ltd., a India-based agro-chemical firm, received US$ 36.03 Mn from IFC to fund its expansion and growth plans.

In March 2023, Nissan Chemical Industries, a Japan-based chemical company, launched US$ 44 Mn plant in Gujarat, India. The factory is a joint venture with local partner Bharat Rasayan, which handled insecticide production for Nissan Chemical.

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