The European agrochemicals market size is expected to reach USD 44.00 billion in 2024 and anticipated to reach USD 51.61 billion by 2029, growing at a CAGR of 3.24% from 2024 to 2029.
The agrochemicals market is estimated to be one of the most crucial segments of agro-inputs, owing to the intensifying commercial farming of high-value crops to meet the growing diversified food demand. As such, agrochemicals are witnessing a significant demand since farmers are resolute in attaining nutritious and high-quality crop production.
The growth of the European agrochemicals market is majorly driven by factors such as a wide range of pest control applications of agrochemicals and decreasing arable land. This market is also propelled by factors such as meticulous research & partaking of intellectual property rights and increasing R&D investments.
However, issues such as strict regulatory structures in the EU and the toxicity of these substances towards the environment are the major restraints for the market growth in this region.
Nitrogenous fertilizers lead the agrochemicals market on the basis of type. 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.
By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
Demand for agrochemicals in Europe is estimated to grow at a sluggish rate, mainly due to market maturity and regulatory restrictions. However, the development of crops such as oilseeds and sugarcane is mainly anticipated due to the broadening applications such as feed, fuel, and other industrial applications, which in turn drives the market in this region.
The 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.
Frequently Asked Questions
Europe agrochemicals market is worth USD 42.62 billion in 2023
Germany is implementing stringent regulations and promoting integrated pest management to address concerns about pesticide use in the agrochemicals sector.
By application, grains & cereals lead the market for Agrochemicals and this trend is anticipated to remain during the forecast period.
Europe agrochemicals market is to reach the valuation of USD 49.99 billion by 2028 growing at a CAGR of 3.24%, during the forecast period from 2023 to 2028.
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.
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