Asia Pacific agrochemical and pesticide market was valued at USD 55.15 billion in 2023 and is anticipated to reach USD 246.33 billion in 2024 from USD 342.34 billion by 2032, estimated to be growing at a CAGR of4.95%, from 2024 to 2032.
An agrochemical or agrichemical, a varied nomenclature for agricultural chemical, is, as the name suggests, a chemical substance used to aid in cultivation or its concerned activities. The range of products may vary from herbicides and insecticides to fungicides and nematicides. Other substances which also fall under it include hormones, antiseptics, and other chemical growth-enhancing or inhibiting agents.
A pesticide is in general any substance that kills or adversely affects the life cycle of organisms that are considered to have an adverse effect on crop cultivation. The potential list of target pests can include insects, plant pathogens, weeds, molluscs, birds, mammals, fish, nematodes, and microbes that destroy property, cause nuisance, or spread disease, or are disease vectors. The management of such pests and the manufacture of chemicals used for the same purpose has turned out to be a multi-million-dollar industry.
The growth of the agrochemical and pesticide market is mainly driven by increasing health awareness among consumers and the increased demand for food production. Consumers are also demanding different varieties of agrochemicals that are organic and eco-friendly. Other drivers of the market include the lack of arable land, favorable government policies towards agriculture and the technological advancements and research done in the field. In spite of the numerous advantages, the market still continues to be hampered by the lack of unified standards for safety as well as pricing.
Based on geography, the Asia-Pacific market is divided into India, China, South Korea, Japan, and Australia. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. In addition to having the highest growth rate, the region also has the third-highest market share. The rapid growth of the region can be attributed to the developing stature of countries such as India and China.
Bayer, Dow AgroSciences, Monsanto, BASF, Adama, Nufarm, Syngenta, DuPont, Qingdao Kyx Chemical, Jiangsu Huangma Agrochemicals, Jiangsu Changqing Agrochemical, Albaugh, Gharda, Jiangsu Yangnong Chemical Group, Nanjing Red Sun, Jiangsu Changlong Agrochemical, Yancheng Limin Chemical, KWIN Joint-stock, Jiangsu Pesticide Research Institute Company, Hubei Sanonda, Zhejiang Hisun Chemical, Bailing Agrochemical, Hailir Pesticides and Chemicals, Jiangsu Fengshan Group, Hebei Yetian Agrochemicals, Xinyi Zhongkai Agro-chemical Industry, and Shandong Qilin Agrochemical
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