Market Reasech Future1

Agrochemicals Market Anticipates 4.50% CAGR Growth to 2030″

Agrochemicals Market Outlook

The global agrochemicals market demonstrated a robust market size of USD 336.9 billion in 2022, setting the stage for significant growth in the coming years. Projections indicate that the market will witness a substantial increase, reaching USD 458.47 billion by 2030, with a notable compound annual growth rate (CAGR) of 4.50% during the forecast period from 2023 to 2030. The driving forces behind this growth include the increasing demand for fertilizers and the growing necessity for crop protection measures.

As the global population continues to grow and income levels rise, consumption habits are undergoing a transformation. Meeting the nutritional needs of an increasingly affluent population becomes imperative, alongside the challenge of boosting agricultural output to meet growing demand. For instance, the International Monetary Fund (IMF) predicts that India’s population will reach 1.39 billion people in 2021. This shift in consumption patterns is a key factor contributing to the rising demand for agrochemicals.

Food and Agriculture Organization (FAO) estimates suggest that 11.7% of the global population would experience acute food insecurity in 2021. Addressing this food insecurity is crucial, especially as arable land diminishes and crops face destruction from pests. The decline in the total area of land used for farming in the US since 2000, as reported by the US Department of Agriculture, underscores the importance of agrochemicals in overcoming these challenges and enhancing agricultural productivity.

The animal husbandry and animal feed sectors are emerging as additional contributors to the growth of the global agrochemicals market. The United States, hosting the world’s largest feed industry, is witnessing significant exports of animal feed, further driving the demand for agrochemicals. The American Feed Industry Association (AFIA) predicts substantial exports of animal feed, totaling 32.4 thousand tonnes valued at USD 13 billion in 2020.

Key companies in the agrochemicals market, including The Mosaic Company, Bayer CropScience Limited, The Dow Chemical Company, BASF SE, Monsanto Company, Syngenta AG, Adama Agricultural Solutions Ltd, Nufarm Limited, Arysta Lifescience Corporation, and Crystal Crop Protection Pvt. Ltd., play a pivotal role in shaping the industry landscape.

The market segmentation for agrochemicals includes pesticides and fertilizers, with fertilizers dominating the market in 2022, accounting for 65–67% of the market’s revenue. Within the fertilizers segment, potassic, nitrogenous, and phosphatic products constitute key components, with the nitrogenous segment leading in 2022 and expected to exhibit the fastest growth from 2022 to 2030.

Further segmentation based on crop categories encompasses food grains, cash crops, plantation crops, and horticulture crops. The food grains category dominated the market in 2022, with expectations of rapid growth in the coming years.

Geographically, the agrochemicals market is divided into North America, Europe, Asia-Pacific, and the rest of the world. The Asia Pacific region, with a market size projected to reach USD 154.3 billion in 2022, is anticipated to experience substantial growth. China, Japan, and India are key contributors to the regional market, with China holding the top position globally as the largest producer and exporter of pesticides.

India, ranking fourth globally in agrochemicals production, experienced the fastest growth rate in the Asia-Pacific region and claimed the highest market share. The dynamics of the global agrochemicals market underscore its pivotal role in addressing evolving agricultural challenges and driving sustainable growth in the agri-food sector.

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