San Francisco, 06 February 2024: The Report Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Crop Protection Chemicals), By Application (Cereal & Grains, Oilseeds & Pulses), By Region, And Segment Forecasts, 2024 - 2030

The global agrochemicals market size is expected to reach USD 289.56 billion by 2030, expanding at a CAGR of 3.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. This increase can be attributed by the need of fertilizers and awareness among insecticides and fertilizers among consumers. Rapid industrialization and population growth have reduced the amount of arable land available, which has led to an increase in the use of agrochemicals such fertilizers and plant growth regulators, which has further fueled market expansion. The agrochemicals sector has also benefited from the rising demand for crops as animal feed and fiber in the textile industry.

In 2023, fertilizers dominated the market for agrochemicals. Due of their low cost and simple availability, phosphate and nitrogen fertilizers were most frequently used. The demand for bio fertilizers has increased due to the recent trend of organic farming, which completely forgoes chemical-based fertilizers.

The market for agrochemicals was dominated by the fertilizer category. The pressure on agricultural land is rising due to the rising crop and food demand around the world, so farmers are using more fertilizer to boost crop production and yield. Plant growth regulators such as auxins and cytokinins are expected to grow at the highest rate over the forecast period. Growing popularity of organic farming is expected to be a major driver of this segment, increasing its penetration in the market over the analysis period.

The growing concern regarding environmental safety among consumers and industrialists is influencing manufacturers to launch eco-friendly agrochemical products that have no or minimal impact on the environment. The companies operating in agrochemicals market are consistently engaged in R&D and developing innovative and eco-friendly products. For instance, Clariant is offering bio-based green agricultural adjuvant “Synergen OS”. This product is made up of methylated seed oil.

The Asia Pacific region led by China, was the largest manufacturer and consumer of fertilizers and other agrochemicals in the same year. The economies of most of the countries in this region including India, China, and Japan are dependent on agriculture, which has increased the demand for fertilizers thereby increasing the demand for ammonium phosphates.

Europe was the largest consumer of nitric acid and held around half of the total consumption. This region, led by countries such as Sweden and Spain, has witnessed growth in its agriculture sector, driving the demand for nitric acid and ammonium nitrate. Other countries in this region, such as Russia and Ukraine located in East Europe, are known for manufacturing explosives such as bombs. This has also played a key role in the growth of the market for ammonium nitrate, and hence, nitric acid.

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The growth is attributed to the increasing demand for fertilizers and crop protection products in the field of agriculture across the globe. Increasing use of fertilizers by the farmers to supply nutrients to the crops and enhance their yield is a key factor driving the agrochemicals demand. The growing animal husbandry and animal feed sectors are expected to have a positive impact on the growth of the global market.The feed industry in the U.S. is the largest in the world. According to the American Feed Industry Association (AFIA), in 2020, the export value of animal feed in the U.S. was USD 13 billion and the volume was 32.4 thousand tons.

Agrochemicals Market Report Highlights

• The fertilizers product segment dominated the market with 66.0% revenue share in 2023 as they are very useful for the proper growth and nutrition of the crops
• Asia Pacific dominated the market due to factors like the presence of agro-based industries including vegetable oil manufacturing, textiles, sugar, and animal husbandry
• Agrium, Bayer CropScience, and Yara International were some of the key manufacturers in 2021 with distribution facilities spread across all regions

The market size and penetration of fertilizers are expected to remain high over the forecast period on account of growing demand for food grains and population explosion. This demand was mainly driven by the growing market in the Asia Pacific region, with countries such as India and China. For instance, in 2024-20, consumption of fertilizers in India stood at 57.35 million tonnes, with urea being the most widely used fertilizer. Crop protection chemicals such as herbicides and fungicides are expected to witness increased penetration in the market owing to the growing frequency of rodent and pest attacks on crops.

The growing consumption of crop protection chemicals is expected to drive the market. According to the Food and Agriculture Organization (FAO), global consumption of pesticides was recorded at 4.2 million thousand tons in 2024—11.6% higher compared to the consumption in 2009. This signifies that an increment of 436 thousand tons in the consumption of pesticides has been seen in ten years. This growth in global pesticide consumption is propelling the market.

Among other countries, Turkey, Bolivia, Romania, and Tunisia grew at positive rates over the last few years. According to the International Feed Industry Federation (IFIF), commercial production of feed takes place in over 130 countries and generates an annual turnover of USD 400 billion every year.

Global Agrochemicals Market Report Scope

There are many tier I, tier II, and local players, which makes the worldwide market quite competitive. The market is flooded with items from manufacturers, such as fertilizers with increased potency and pesticides like herbicides, rodenticides, fumigants, insecticides, fungicides, and plant growth regulators. Players compete against one another based on a variety of factors, such as product quality, costs, and services, as well as innovation, sustainability, and corporate reputation. The main approaches used by businesses to increase their market share include joint ventures, M&As, distribution networks and geographic expansions, and introduction of new products. For instance, Monsanto was acquired by Bayer in 2018.

List of Key Players in the Agrochemicals Market

• Clariant AG
• BASF SE
• Huntsman International LLC
• Bayer AG
• The DOW Chemical Company
• Solvay
• Nufarm
• Evonik Industries AG
• Croda International Plc
• Helena Agri-Enterprises, LLC
• Ashland, Inc.
• Land O’ Lakes, Inc.
• FMC Corp.
• ADAMA Ltd.