The SNS Insider report estimates the Agrochemicals Market size at USD 236.12 billion in 2023, with a projected CAGR of 3.4% to reach USD 308.69 billion by 2031.The global agrochemicals market has experienced consistent growth due to factors like the rising global population’s demand for increased food production and the necessity for enhanced crop yields. Technological advancements, particularly in genetically modified crops, have further propelled this growth by offering resistance to pests and diseases. This surge in demand has led to an increased need for crop protection chemicals such as herbicides, insecticides, and fungicides.
However, concerns over their environmental impact, including potential harm to human health and ecosystems, have prompted stricter regulations. These regulations could potentially affect the market’s future growth trajectory. Despite challenges related to sustainability and regulation, the agrochemicals market is expected to continue expanding, driven by the increasing demand for food and ongoing advancements in agricultural technology.
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Some of the Key Players Included are:
Clariant AG, The DOW Chemical Company, Solvay, Bayer AG, Huntsman International LLC, Helena Agri-Enterprises LLC, Ashland, Inc., Land O’ Lakes, Inc., FMC Corp., Croda International Plc, BASF SE, and other key players are mentioned in the final report.
Segment Analysis
In 2023, the cereal and grains segment emerged as the market leader, accounting for over 50% of the revenue share based on application. Agrochemicals play a pivotal role in the cultivation of fruits and vegetables, ensuring secure, high-quality, and cost-effective produce. Pesticides aid farmers in achieving these objectives, while fertilizers provide essential nutrients for optimal growth. Many farmers utilize a combination of nitrogen, phosphorus, and potassium (NPK) fertilizers to supply a variety of nutrients simultaneously.
Moreover, grains and cereals occupy a significant portion of global cultivated land, making fertilizer use almost indispensable in their cultivation. The increasing consumption of grains and cereals worldwide, including rice, wheat, rye, corn, oats, sorghum, and barley, is driving demand for fertilizers. Agrochemical utilization is particularly high in the cultivation of rice, wheat, and other cereals and grains.
By Product
- Crop Protection Chemicals
- Fertilizers
By Application
- Oilseeds & Pulses
- Cereal & Grains
- Fruits & Vegetables
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Competitive Insights
The global market is highly competitive due to numerous local players and a wide array of products flooding the market. Manufacturers offer fertilizers with enhanced potency and various pesticides, including herbicides, rodenticides, fumigants, insecticides, fungicides, and plant growth regulators. Competition among players revolves around factors such as product quality, pricing, services, innovation, sustainability, and corporate reputation. Businesses employ strategies like joint ventures, mergers and acquisitions, expanding distribution networks, geographic expansions, and introducing new products to bolster their market share.
For instance, “CATàSYNTH Speciality Chemicals,” a joint venture between Solvay and Anthea, a major specialty chemical producer in India, was established. This venture aims to produce catechol derivatives and other essential agrochemical components like helional, heliotropin (piperonal), and methylenedioxy benzene, catering to diverse market demands.
Recent Developments
April 2024: Italy approved experimental cultivation of fungicide-resistant rice using advanced genomic techniques.
March 2023, several countries collaborated on a $379 million initiative to tackle pollution from pesticides and agricultural plastics.
February 2022, Adama launched Timeline® FX, an advanced spring herbicide for cereals, offering broad-spectrum weed control.
January 2022, Yara and Lantmännen signed a deal to market fossil-free fertilizers in Sweden from 2023.
Impact of Russia-Ukraine War on Agrochemicals Market
The Russian invasion led to a reduction in cultivated land in Ukraine compared to the previous year. This resulted in significantly lower yields and cautious investment behavior among farmers, leading to decreased demand for crop inputs. The war also severely damaged grain transportation and storage infrastructure, potentially affecting agrochemical supplies to the Ukrainian market. Major agrochemical companies like ADAMA have operations in both Ukraine and Russia, crucial markets for cereal and oilseed crop production. The conflict could disrupt fertilizer supplies, especially from Russia, a major exporter of potash and other fertilizers. Sanctions could lead to shortages and continuous price increases, impacting the fertilizer sector the most among agricultural inputs. According to Rabobank, potash is likely to be the most affected product, given that Belarus and Russia account for 40% of global production and exports.
Regional Analysis
In 2023, the Asia Pacific region led the market with a revenue share exceeding 27.0%. This region is the world’s largest producer of agricultural goods, with India, China, and Japan being key contributors. China holds the title of the world’s largest exporter and manufacturer of pesticides, while India ranks fourth globally in agrochemical production. These nations significantly impact regional per capita income due to their robust agricultural industries.
The dominance of major crop-producing nations in the region explains its substantial market share. China, in particular, stands out as a leading consumer, exporter, and manufacturer of fertilizers and insecticides globally. With China consuming over 30% of the world’s pesticides and fertilizers, it plays a pivotal role in meeting global technical raw material demands.
Key Takeaways:
- The global agrochemicals market is poised for significant growth fueled by expanding global population combined with rising propensity.
- Strategic alliances, cooperative ventures, investments, product introductions, and advancements among companies play a pivotal role in securing essential components, expertise, and market positioning
- The Asia Pacific region is expected to maintain dominance, given its large population engaged in agriculture as the primary profession.
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