The Latin American agrochemicals market is expected to be worth USD 32.24 billion in 2024 and anticipated to reach USD 39.19 billion by 2029, growing at a CAGR of 3.98% during the forecast period from 2024 to 2029.
The agrochemicals market is deemed to be one of the most essential segments of agro-inputs, owing to the increasing commercial farming of high-value crops to meet the growing diversified food demand. Agrochemicals are therefore seen as those products that boost the return on investment and also help meet farmers' and customers' demands from the economic and health standpoint with growing per hectare production of quality agricultural crops.
The growth of the Latin American agrochemicals market is majorly driven by factors such as rising population, a wide range of pest control applications of Agrochemicals, and decreasing arable land.
However, safer substitutes such as bio-farming and organic pesticides and the volatile nature of economies in this region are the major restraining factors for the market in this region. Furthermore, agrochemicals get amassed on the land surface and may even pollute groundwater.
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.
Latin America market region includes countries such as Brazil, Argentina, Mexico, and the remaining countries of South America. The Latin America region is one of the fastest-growing markets for agrochemicals due to the growing disposable income levels and rising food security in this region. High production of sugarcane and corn in South America is anticipated to drive the market in the 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
The Latin America agrochemicals market will be worth USD 31.01 billion in 2023.
In Mexico, the agrochemicals market is adapting to the government's emphasis on sustainable agriculture by witnessing an increased demand for eco-friendly and organic products.
The Latin American agrochemicals market is majorly driven by factors such as rising population, a wide range of pest control applications of Agrochemicals, and decreasing arable land.
Bio Form and Organic pesticides are major crops driving the growth of the agrochemicals market.
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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