SAN FRANCISCO, Jan. 26, 2022 /PRNewswire/ -- The global agrochemicals market size is anticipated to reach USD 272.0 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 2.8% from 2021 to 2028. The global market is predominantly driven by the increasing demand for crop protection products in the agricultural field across the globe. Approximately 25% of the world crop output is lost every year due to diseases and attacks by pests & weeds. Hence, agrochemicals play a vital role in enhancing crop yield and production. Growing food demand, increasing adoption of precision farming methods, shrinking arable land due to increasing population, and rapid urbanization & industrialization across the globe are some also among the key factors driving the market.
Key Insights & Findings from the report:
The fertilizer segment accounted for the maximum revenue share in 2020 owing to its extensive consumption of fertilizers in the global agricultural sector for the enhancement of crop production
It also helps in providing nutrients to the crops; thus, farmers incorporate various types of fertilizers, such as nitrogen fertilizers and diammonium phosphate, in their agricultural practices
The herbicides sub-segment held a significant market share in 2020. Herbicides are the most extensively used pesticides in the world. They are mainly used to control weed formation in the agricultural cropland
According to the FAO, in 2019, the total consumption of herbicides was more than 2 million tons, more than 2 folds compared to insecticides
The cereals & grains application segment led the market in 2020 owing to the high production of grains and cereals compared to other crops
Moreover, the demand for these products is increasing across the world owing to the increasing population. Cereals and grains cover vast cropland and thus the requirement for fertilizers and pesticides is more in this segment
Read 100 page market research report, "Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Plant Growth Regulators), By Application (Cereal & Grains, Fruits & Vegetables), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Manufacturing companies are majorly focusing on acquisition to enhance their product portfolios and global reach. For instance, in October 2020, Syngenta Group through its Syngenta Crop Protection business division acquired Valagro, a leading biological company. This acquisition helped Syngenta in enhancing its position as one of the major global companies shaping the fast-growing biologicals market. In December 2019, Biopreparáty, spol. s r.o, a Czech company engaged in biological plant protection products, and the European division on UPL came into an exclusive distribution agreement for Polyversum WP biological fungicide. Due to the COVID-19 outbreak, there was a disruption in the domestic and international supply chain and global trading systems.
In response to concerns over food safety and food security across the globe, various nations imposed policy measures to curb adverse impacts on their agricultural markets. According to the Food and Agriculture Organization (FAO) and Secretariat of the Committee on Commodity Problems (CCP), agricultural trade has proved resilient to the pandemic despite disruptions. Asia Pacific is expected to grow at the fastest CAGR from 2021 to 2028, in terms of revenue, on account of the increasing production of agricultural commodities in countries, such as India, China, Japan, and Australia. China is one of the major consumers, exporters, and producers of pesticides in the world.
According to the University of Melbourne and Zhejiang researcher Baojing Gu, China is the major agricultural user of pesticides in the world. It uses approximately 30% of the global pesticides & fertilizers and supplies over 90% of the global technical raw material requirements. The key market players are adopting various strategies including acquisitions, mergers, geographical expansion, and product portfolio expansion to enhance their market position and to increase their customer base. For instance, in April 2020, Sumitomo Chemical completed the acquisition of four subsidiaries of Nufarm in South America. This acquisition helped Sumitomo in enhancing its sales network of agrochemical products in South America.
Grand View Research has segmented the global agrochemicals market on the basis of product, application, and region:
Agrochemicals Product Outlook (Volume, Thousand Tons; Revenue, USD Million, 2017 - 2028)
Agrochemicals Application Outlook (Volume, Thousand Tons; Revenue, USD Million, 2017 - 2028)
Agrochemicals Regional Outlook (Volume, Thousand Tons; Revenue, USD Million, 2017 - 2028)
List of Key Players of Agrochemicals Market
Huntsman International LLC
The DOW Chemical Company
Evonik Industries AG
Croda International Plc
Helena Agri-Enterprises, LLC
Land O' Lakes, Inc.
Check out more studies related to agricultural fertilizers and chemicals, published by Grand View Research:
Agricultural Adjuvants Market – The global agricultural adjuvants market size was valued at USD 3.4 billion in 2020 and is anticipated to expand at a compounded annual growth rate (CAGR) of 4.1% from 2021 to 2028. The growth of the market is expected to be driven by the growing demand for effective insecticides across the globe.
Nitrogenous Fertilizer Market – The global nitrogenous fertilizer market size was valued at USD 54.9 billion in 2020 and is expected to expand at a compound annual growth rate CAGR) of 5.2% from 2021 to 2028. This is attributed to the growing popularity of commercial agriculture across the globe.
Sodium Nitrate Market – The global sodium nitrate market size was valued at USD 95.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is anticipated to be driven by the growth of fertilizers products in the agriculture industry.
Browse through Grand View Research's coverage of the Global Agrochemicals & Fertilizers Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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