Agrochemicals Market

Global Agrochemicals Market Size (2024 to 2032)

The global agrochemicals market was valued at USD 267.58 billion in 2023 and is anticipated to reach USD 276.68 billion in 2024 from USD 361.53 billion by 2032, growing at a CAGR of 3.4% from 2024 to 2032.

CURRENT SCENARIO OF THE GLOBAL AGROCHEMICAL MARKET

Agrochemicals consist of specialty chemical products such as synthetic fertilizers, pesticides, plant growth regulators, and adjuvants, which are employed in the agriculture industry.

With the shortage of land and water, there has been an increased emphasis on the acceptance of innovative technologies that can help increase crop harvest. As such, agrochemicals are observing a substantial demand since farmers are determined to attain nutritious and high-quality crop production. Agrochemicals’ task is to safeguard crops, increase crop yields, and sustain food and soil quality. Another important function of agrochemicals is to transform the growth progression of the plants. 

The growth of the agrochemicals market is majorly driven by factors such as growing awareness towards the use of fertilizers and pesticides in key crop-producing countries, a wide range of pest control applications of agrochemicals, and decreasing arable land. Another major factor driving the market is the globally increasing population, which leads to the need for an increase in crop yield.

However, safer alternatives such as bio-farming and organic pesticides, volatile economies, and various environmental and health hazards linked with agrochemicals are the major restraining factors for the market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Agrochemicals Market By Type

The nitrogenous fertilizers segment is expected to lead the global agrochemicals market based on type during the forecast period.  However, the demand for pesticides is increasing at a high rate, given the growing frequency of numerous pests and diseases. Currently, the pesticide market is being spearheaded by herbicide products, trailed by fungicides and insecticides.

Global Agrochemicals Market By Application

By application, grains & cereals lead the global market for agrochemicals and this trend is anticipated to remain during the forecast period.

REGIONAL ANALYSIS

The Asia Pacific has been leading the global agrochemicals market and this trend is projected to stay in the near future. North America is the second major consumer of agrochemicals, followed by Europe. Demand for agrochemicals in North America and Europe is expected to grow at a slow rate mainly due to market maturity and regulatory restrictions. Growing demand for agrochemicals in South America is anticipated to offer huge growth prospects for the market.

KEY PLAYERS IN THE GLOBAL AGROCHEMICAL MARKET

The global market for agrochemicals is extremely consolidated and streamlined owing to the domination of the market by a handful of companies. Some of the major companies dominating this market are Bayer Crop Science., Dow-DuPont, Syngenta AG, BASF SE, Agrium Inc., Monsanto Company, Israel Chemicals Ltd., Yara International ASA, Mosaic Company and Sociedad Química Y Minera S.A.

DETAILED SEGMENTATION OF THE GLOBAL AGROCHEMICAL MARKET INCLUDED IN THIS REPORT

This research report on the global agrochemicals market has been segmented and sub-segmented based on type, application and region.

By Type

• Fertilizers
  • Nitrogenous
  • Phosphate
  • Potassic Based Fertilizers
• Pesticides
  • Organophosphates
  • Pyrethroids
  • Biopesticides
  • Others
• Plant Growth Regulators  
  • Auxins
  • Cytokinins
  • Others
• Adjuvants
  • Activator Adjuvants
  • Utility Adjuvants

By Application

• Crop Based         
  • Oil seeds
  • Fruits & Vegetables
  • Grains & Cereals
• Non-Crop Based  
  • Turf & Ornamental Grass
  • Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa