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The global agrochemicals market was valued at US$ 67,854.6 million in 2020, according to 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, and Africa), published by Coherent Market Insights.

The global agrochemicals market is expected to surpass US$ 103,383.4 million by 2027, exhibiting a CAGR of 6.2% during the forecast period (2021-2027). Growing demand for food supply due to the rapid increase in the human population has triggered agricultural intensification during the last few decades. For addressing the growing food demands, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which accomplishes the gap between food production and consumption. However, concurrently unbalanced use of agrochemicals also causes environmental deterioration and poses severe challenges to aquatic and terrestrial ecosystems. Various research studies have indicated that fertilizers and pesticides used in agriculture have been substantially increased in recent years for attaining maximum yields of crops. Considering the current global population scenario, it is of extreme importance to increase the production of crops within the present arable land in order to feed the global population. Thus, agrochemicals play an important role in the agriculture industry, assisting farmers in enhancing their crop quality as well as quantity.

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

https://www.coherentmarketinsights.com/market-insight/agrochemicals-market-254

Browse 50 market data tables* and 45 figures* on "Agrochemicals Market” - Global Forecast to 2027.

Key Trends and Analysis of the Global Agrochemicals Market:

  • Among regions, the agrochemicals market is estimated to grow significantly in the Asia Pacific region due to the rise in globalization of the agrochemical industry. With the highest rate of population growth, the need for more food production is increasing, and economic growth, the demand for various agrochemicals such as herbicides and pesticides is increasing.
  • Based on crop type, the use of agrochemicals is the highest for the cereals & grains segment as soil nutrient deficiencies can cause decreased yield and less bioavailable nutrients in crops such as rice. Various essential mineral supplementation through fertilizers increases rice crop yield and nutrient content in harvested grains. For instance, according to the Food and Agriculture Organization of the United Nations, the production of cereal crops will increase by 60% from 2000 to 2050.
  • On the basis of product type, the herbicides segment is projected to be the fastest-growing market during the forecast period. Herbicides are used in fields to kill the wild plants, but they keep the crops unharmed. Apart from eliminating weeds, herbicide use reduces erosion, reduces fuel use, reduces greenhouse gas emissions, reduces nutrient runoff, and conserves water. Herbicides are one of the most extensively used crop protection chemicals. Herbicide use is increasingly being adopted around the world. Several developing countries such as India, China, and Bangladesh are facing shortages of workers to hand weed fields as millions of people move from rural to urban areas.

Key Takeaways of the Market:

  • The agrochemicals market in North-America is expected grow at a high pace owing to the presence of large population and lack of cultivatable land, prevailing advanced infrastructures, constant technological developments, and growing demand for agricultural produce
  • Fertilizers dominated the global agrochemicals market in the product type segment. Nitrogenous and phosphate fertilizers were most widely used due to their easy availability and low prices. However, the new trend of organic farming, which involves the complete elimination of chemical-based fertilizers, has increased the demand for bio fertilizers.
  • Shrinking arable land due to rapid industrialization and population explosion has resulted in increased use of agrochemicals, such as fertilizers and plant growth regulators, further triggering the market growth. The growing demand for crops as animal fodder and fiber in the textile industry has also provided the necessary boost to the agrochemical industry.
  • 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 - Impact of Coronavirus (Covid-19) Pandemic

The crop protection sector is in huge demand in recent years, with its increasing importance on the growth of the crops. This is because it has a lot to do with the well-being of the plants and the consumers. The components that are used in the production of agrochemicals are sometimes chemicals and sometimes biological species, which ultimately help in controlling the pests from damaging the crops or help to improve soil fertility. This results in healthy crop production with no health issues. With these concerns, farmers have started the usage of various agrochemicals to prevent damage and hence, increase productivity. Due to the emergence of the COVID-19 pandemic, there has been a supply chain disruption because of which the agricultural sector had to face problems such as labor unavailability, transportation barriers, restriction for market access, and lack of inventories in some regions. Several fertilizer and pesticide manufacturers were facing issues due to lack of raw material availability, which has led to the reduction of various agrochemical product manufacturing.

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