Agrochemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2022 - 2032
The increasing demand for the food products around the world is likely to bring tremendous growth opportunities for the agrochemicals market. The agrochemicals market has been projected to reach the valuation of US$ 246.1 Bn and grow at a CAGR of 3.4% in the foreseeable years from 2020 to 2030.
The revenue generation opportunities in the agrochemicals market are attributed to the increasing demand for food around the world. In addition to this, increasing concerns related to the use of pesticides and synthetic fertilizers in the agriculture industry have resulted in increased use of agrochemicals that are bio-based, for instance, bio-fertilizers and bio-fungicides. Further, these agrochemicals are used to protect the environment as well as crops. So, the companies serving in the agrochemicals market have been adapting to the constantly changing demands with the development of novel technologies and products. Further, the unbalanced use of agrochemicals is likely to result in environmental deterioration and can pose severe challenges to terrestrial and aquatic ecosystems.
In recent years, the technology that is used in the agriculture industry has been undergoing a noticeable shift in farming practices. Further, various geographies around the world are increasing the export and import of various agricultural commodities, especially in developing nations. Along with this, the emergence of various novel harmful organisms is likely to increase demand for industry products and thus bolster sales avenues in the agrochemicals market.
Agrochemicals include fertilizers, pesticides, liming and acidifying agents, herbicides, and soil conditioners. They help to sustain the agricultural ecosystem and thus play a crucial role in the food chain. The agrochemicals help to bring about a good crop by preserving the quality of food and soil and improving the crop supplies.
With an ever-increasing world population constantly driving up the demand for food and rising consumer awareness about the advantages of having food cultivated using agrochemicals, the market for agrochemicals has been on a constant upward trajectory.
The prolonged use of agrochemicals, however, can have a negative effect on the soil and crops, and subsequently on human health. It can lead to cancer, asthma, autism, diabetes, and even Alzheimer’s disease. To tackle the challenges, manufacturers are focusing on developing better and safer products. This has led to the emergence and swift popularity of new varieties such as biopesticides and bio-fertilizers.
Asia Pacific is a key market for agrochemicals on account of densely populated countries of India and China, where the improving economic scenario has upped the demand for food to a large extent. Africa and Latin America are primed to emerge as important markets as well. Strict regulations pertaining to the use of chemical pesticides, however, may end up suppressing market growth in Europe and North America.
Prominent competitors in the global agrochemicals market are Dow AgroSciences LLC, Gharda Chemicals Limited, BASF SE, Yara International ASA, Bayer CropScience AG, Haifa Group, Zuari Agro Chemicals Ltd., and Syngenta AG.
Synthetic chemicals including organophosphates and di-methyl amines are commonly termed under agrochemicals, along with plant and animal manure. Agrochemicals are usually sprayed on crops or mixed with the soil. Agrochemicals a primarily used for the maintenance of the quality of food and soil, protection of crops, the enhancement of yield, and the augmentation of growth process in plants. Agrochemicals are commonly classified into pesticides, herbicides, insecticides, fertilizers, fungicides, and liming and acidifying agents. Fertilizers and pesticides held the leading share in the overall consumption volume of agrochemicals in the recent past.
The global agrochemicals market is currently being driven by factors such as the overall changes in the use of agrochemicals, the population explosion and the consecutive global growth in demand for food, and heightened consumer awareness regarding the benefits of consuming food cultivated using agrochemicals. The rise in demand for quality nutritious foods owing to the global population explosion is likely continue augmenting the global agrochemicals market for the foreseeable future. The situation has led to an extensive use of agrochemicals such as pesticides, insecticides, fertilizers, and acidifying agents.
However, the global agrochemicals market is being restricted by factors such as the adverse effects on soil, crops, and human health linked to the prolonged use of agrochemicals. Some of the diseases caused in humans are strongly linked to the chemicals commonly manufactured in the global agrochemicals market, including autism, several types of cancers, diabetes, asthma, and Alzheimer’s disease. Agrochemicals not only get collected in surface run-offs and groundwater, but also get transported through air over non-targeted areas, jeopardizing the health and safety of inhabitants. As a result, newer and safer types of agrochemicals are emerging in the market. Biopesticides and bio-fertilizers and being introduced commercially on a large scale.
The developing nations of Asia Pacific are likely to show a steady rate of increase in their consumption of agrochemicals. China, Japan, and India are expected to hold large shares in the global agrochemicals market over the coming years. China may continue to increase its demand for agrochemicals for soybeans, rice, and maize. India is also highly likely to display a similar increase in demand for agrochemicals for the protection of cash crops such as cotton, sugarcane, and major cereals such as wheat, jowar, and rice. Africa and Latin America are likely to follow Asia Pacific region in terms of position of demand volume in the global agrochemicals market.
North America and Europe are also expected to show a slow growth rate in the global agrochemicals market over the coming years. North America is likely to hold better opportunities due to an increased use of bio-based agrochemicals. Europe is likely to show a declining demand over the coming years, owing to stringent government regulations and bans on certain chemical pesticides.
Key players in the global agrochemicals market so far, have included Yara International ASA, Haifa Group, Bayer CropScience AG, Dow AgroSciences LLC, Zuari Agro Chemicals Ltd., Gharda Chemicals Limited, Syngenta AG, and BASF SE.
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