Agrochemicals Market at a CAGR of 4% during the forecast period of 2023 to 2030

Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type – Global Forecast to 2030

The agrochemicals market is poised to achieve a valuation of $338.49 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 4.0% from 2023 to 2030. This growth is fueled by various factors including the increasing demand for cost-effective crop protection solutions, the imperative to enhance crop yield and quality, the rise of organic farming and the corresponding demand for organic food, growing environmental consciousness, escalating focus on soil management practices bolstering the demand for soil conditioners, and governmental initiatives promoting biopesticide usage. Additionally, the emphasis on integrated pest management and the burgeoning economies of Asia-Pacific and Latin America offer significant growth avenues for market participants. However, challenges such as stringent regulations, high reliance on synthetic fertilizers, and lack of farmer education and awareness impede market expansion, alongside lengthy product registration processes.

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The market segmentation by type encompasses fertilizers, synthetic and biological crop protection chemicals, biostimulants, plant growth regulators, soil conditioners, and other types. In 2023, fertilizers are expected to dominate the market, driven by increasing demand and governmental sustainability initiatives.

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By form, dry agrochemicals are anticipated to hold a larger market share due to their longevity and efficiency across various climates, along with cost-effectiveness in production, transport, and storage compared to liquid forms.

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The mode of application segmentation highlights soil treatment as the leading segment in 2023, attributed to its precise nutrient delivery, environmental benefits, and remediation potential for contaminated soil. However, foliar spray is projected for significant growth during the forecast period due to its efficiency and minimal wastage.

Cereals & grains are expected to hold the largest share of the market by crop type in 2023, driven by the need to boost production, minimize losses, and governmental support for food security.

Geographically, Asia-Pacific is slated to lead the market in 2023 and exhibit the fastest growth rate during the forecast period, propelled by population growth, demand for quality agricultural products, and governmental support for modern agricultural practices.

Key players:

 BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (A Part of China National Chemical Corporation/Chemchina) (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), Jiangsu Yangnong Chemical Co. Ltd. (China), Loveland Products, Inc. (A Part of Nutrien AG Solutions) (U.S.), Eastman Chemical Company (U.S.), Evonik Industries AG (Germany), American Vanguard Corporation (U.S.), Koppert B.V. (Netherlands), Gowan Company LLC (U.S.), Biolchim SPA (Italy), Lallemand Inc. (Canada), ADAMA Agricultural Solutions Ltd. (Israel), and Isagro S.p.A. (Italy).

Key Questions Answered in the Report:

  • Which are the high-growth market segments in terms of type, form, mode of application, crop type, and geography?
  • What is the historical market size for agrochemicals across the globe?
  • What are the market forecasts and estimates for the period 2023–2030?
  • What are the major drivers, restraints, opportunities, and challenges in the agrochemicals market?
  • Who are the major players in the market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • How is the competitive landscape for the agrochemicals market?

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