Agrochemicals Market Outlook
Agrochemicals are chemical compounds that protect and improve the quality of farm products. They assist in safeguarding the produce from pests, weeds, and fungi and enhancing the overall yield.
The global agrochemicals market size reached US$ 266.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 339.4 Billion by 2027, exhibiting a growth rate (CAGR) of 4.01% during 2022-2027.
They also aid in preventing diseases and mitigating nutrient deficiencies in plants. As a result, they are extensively applied on the crops of grains, cereals, oilseeds, pulses, fruits, and vegetables worldwide.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Agrochemicals Market Trends:
The thriving agriculture sector and the increasing preference for natural food products among individuals represent one of the key factors strengthening the market growth. Moreover, due to the considerable rise in concerns about agriculture sustainability and soil health, leading players are introducing environment-friendly, more efficient, and cost-effective agrochemical variants. This, in confluence with the escalating demand for exotic flowers, fruits and vegetables that are grown in controlled environments and specific nutritional content in the soil, is acting as another growth-inducing factor. Furthermore, inflating income levels and the implementation of favorable government policies are driving the market.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players:
- BASF SE
- Bayer AG
- Corteva Inc.
- Dow Inc.FMC Corporation
- Nufarm Ltd
- Nutrien Ltd
- Syngenta Group
- The Archer-Daniels-Midland Company
- Yara International ASA.
Key Market Segmentation:
The report has categorized the market based on fertilizer type, pesticide type and crop type.
Breakup by Fertilizer Type:
- Nitrogen Fertilizer
- Phosphatic Fertilizer
- Potassic Fertilizer
- Others
Breakup by Pesticide Type:
- Fungicides
- Herbicides
- Insecticides
- Others
Breakup by Crop Type:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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