Agrochemicals Market to Cross USD 283.9 Billion by 2030 Owing to Need for Increased Crop Productivity and Advancements in Agricultural Technology | SNS Insider
As per SNS Insider’s research, the agrochemicals market is driven by a complex interplay of factors, including global population growth, technological advancements, climate change challenges, sustainability concerns, and government policies.
Pune, Sept. 19, 2023 (GLOBE NEWSWIRE) — The SNS Insider report indicates that the Agrochemicals Market reached USD 225.9 billion in 2022 and is projected to attain USD 283.9 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 2.9% during the forecast period spanning from 2023 to 2030.
Agrochemicals, also known as agricultural chemicals, are substances or chemical products specifically designed and used in agriculture to enhance crop production, protect crops from pests and diseases, and improve overall agricultural efficiency. These chemicals play a crucial role in modern agriculture by helping farmers increase their yields, reduce crop losses, and ensure food security for growing populations. Fertilizers provide essential nutrients to plants, such as nitrogen, phosphorus, and potassium, which are necessary for their growth and development. They help improve soil fertility and boost crop yields.
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The agrochemicals market is a vital component of the global agricultural industry, providing essential inputs for farmers to enhance crop yields, protect their crops from pests and diseases, and improve overall agricultural productivity. The world’s population continues to grow, driving increased demand for food. To meet this demand, farmers need to optimize their agricultural practices, which often involves the use of agrochemicals to boost crop yields and protect crops from various threats. Ongoing technological advancements, including precision agriculture, data analytics, and the use of drones and satellite imagery, are enabling farmers to apply agrochemicals more efficiently and effectively, reducing waste and costs. Increasing awareness of environmental sustainability and consumer demand for safe and eco-friendly food products are driving the development of more environmentally friendly and sustainable agrochemical solutions.
Agrochemicals Market Overview & Scope:
|Market Size in 2022||USD 225.9 billion|
|Market Size by 2030||USD 283.9 billion|
|CAGR||CAGR of 2.9% From 2023-2030|
|Key Segments||by Product (Crop Protection Chemicals, Fertilizers)
by Application (Oilseeds & Pulses, Cereal & Grains, Fruits & Vegetables)
|Key Market Players||Clariant AG, The DOW Chemical Company, Solvay, Bayer AG, Huntsman International LLC, Helena Agri-Enterprises LLC, Ashland, Inc., Land O’ Lakes, Inc., FMC Corp., Croda International Plc, BASF SE and other players|
|20% free customization scope (equivalent to 50 analyst working hours)||If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.|
|Pricing & Purchase Options||Avail customized purchase options to meet your exact research needs. Explore purchase options.|
Key Takeaway from Agrochemicals Market Study
- The global market is experiencing a significant shift, with the fertilizers segment emerging as a dominant force. Fertilizers play a pivotal role in modern agriculture, contributing to enhanced crop yields and improved food security. Precision agriculture and the development of customized nutrient blends have revolutionized farming practices, optimizing resource utilization and reducing environmental impact.
- In tandem with the fertilizers segment, the oilseeds and pulses segment is asserting its dominance in the market. Increasing awareness of the health benefits associated with oilseeds and pulses, rich in essential nutrients and proteins, has driven their consumption. These crops form the backbone of balanced diets, contributing to improved public health.
- In a significant development for the agricultural sector, Saudi Arabia has recently inked a groundbreaking $1 billion deal with an Indian chemical company to boost domestic agricultural production. The agreement aims to address the growing demand for specialized agricultural chemicals, which play a vital role in enhancing crop yields and ensuring food security in the region.
- Safex Chemicals India, a leading player in the chemical industry, has made a significant move by acquiring Briar Chemicals, a renowned chemical manufacturing company based in the United Kingdom. This strategic acquisition marks a momentous step for Safex Chemicals India in expanding its global footprint and diversifying its product portfolio.
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Market Dynamics Analysis
The dynamics of the agrochemicals market are characterized by a complex interplay of drivers, restraints, challenges, and threats. On the driver’s side, the growing global population and the subsequent need to increase agricultural productivity are propelling the demand for agrochemicals. Additionally, the adoption of modern farming practices, such as precision agriculture and genetically modified crops, is boosting the market. Climate change and its adverse effects on crop yields are also driving the need for innovative agrochemical solutions. However, these drivers are counterbalanced by significant restraints and challenges. Environmental concerns and the push for sustainable agriculture practices are restraining the market’s growth, leading to stricter regulations and a shift towards organic farming. The increasing awareness of pesticide-related health risks and the development of pesticide-resistant pests pose significant challenges for the industry. Moreover, the threat of market consolidation among agrochemical giants and the emergence of disruptive technologies, such as biopesticides and digital farming tools, are reshaping the competitive landscape, posing both opportunities and threats for existing market players. In this evolving landscape, adaptability and innovation will be crucial for the agrochemicals sector to navigate these multifaceted dynamics successfully.
Key Regional Developments
Asia Pacific is a significant player in the agrochemicals market. Increasing population, changing dietary habits, and a focus on modernizing agriculture have driven growth in demand for agrochemicals. However, regulatory changes and concerns about pesticide residues in food are challenges that the industry faces in these markets. North America is one of the largest consumers of agrochemicals globally. The market here is driven by the need to increase crop yields and address challenges related to pests and diseases. However, there’s also growing concern about the environmental impact of agrochemicals, leading to increased regulatory scrutiny.
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Impact of Recession
The impact of an ongoing recession on the agrochemicals market is a complex interplay of economic, regulatory, and agricultural factors. While some segments of the agrochemical industry may experience reduced demand and consolidation, others may benefit from government support and shifting agricultural priorities. Adaptation and innovation within the industry will be crucial in navigating the challenges posed by economic downturns while ensuring the continued productivity and sustainability of agriculture.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Ukraine-Russia War
4.2 Impact of Ongoing Recession
4.3.1 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Agrochemicals Market Segmentation, By Product
8.1 Crop Protection Chemicals
9. Agrochemicals Market Segmentation, By Application
9.1 Oilseeds & Pulses
9.2 Cereal & Grains
9.3 Fruits & Vegetables
10. Regional Analysis
10.2 North America
10.3.1 Eastern Europe
10.3.1.8 Rest of Eastern Europe
10.3.2 Western Europe
10.3.2.12 Rest of Western Europe
10.4.7 South Korea
10.4.11 Rest of Asia-Pacific
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.6 Saudi Arabia
10.5.1.8 Rest of Middle East
10.5.2.5 South Africa
10.5.2.6 Rest of Africa
10.6 Latin America
10.6.7 Rest of Latin America
11 Company Profile
11.1 Bayer AG
11.1.1 Company Overview
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.3 BASF SE (U.S.)
11.4 The DOW Chemical Company
11.5 Clariant AG
11.6 Huntsman International LLC
11.7 Helena Agri-Enterprises LLC
11.8 FMC Corp
11.9 Land O’ Lakes Inc
11.10 Croda International Plc
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
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