Global Agrochemicals Market is predicted to reach USD 308.92 billion by 2025 owing to the increase in demand for crop protection chemicals like herbicides, fungicides, and insecticides. The use of agrochemicals are the inorganic fertilizers and pesticides, which has rapidly increased with green revolution. Each fungicide, fertilizer, hormone, insecticide or soil treatment that improves crop production is listed as an agrochemical. Agrochemicals primarily manage the agricultural ecosystem. They also support crop production to satisfy the ever-increasing population demand. However, few chemicals cause substantial ecological damage that may significantly reduce their benefits.

Agrochemicals can be produced in biological and chemical methods, both. The synthetic agrochemicals are threat for the environment and hence biological fertilizers and pesticides are progressively replacing them. The rising population and the subsequent increase in the demand for food, limited agricultural land, soil degradation, and increase in awareness of consumers about the benefits of agrochemicals are the factors driving the growth of agrochemicals industry. In addition, the implementation of (IPM) integrated pest management; a new method of crop production is yet another major improvement in the market that is sure to gain traction in the forecast period.

Integrated pest management is a prevention method that includes systematic resistance and suitable operation design to create an unfriendly environment for pests. IPM comprises assessment, monitoring, and reporting since it is an integration of several control methods. The method includes the application of pesticide when it is most effective in a pest’s life cycle. Nevertheless, the pollution caused by the synthetic agrochemicals is predicted to hinder the market in the near future. To sustain the intense competition in agrochemicals market, the key players are adopting several strategies like expansions, collaborations, partnerships, product launches, and patents.

At present, the agriculture sector is required to undergo technological transformations and adopt improved methods that reduce dependency on monsoons and guarantee more productive use of the available resources, that can serve the economy effectively. These factors highlight the importance of agrochemicals for improving food and nutrition security for the economy. Furthermore, low yield per hectare as compared to the global average and the increasing pest attacks reinforce the need for crop protection with the help of agrochemicals. Also, the decreasing per capita farm land due to upsurge in urbanization and industrialization is another dominant driver of agrochemicals industry. Additionally growth of floriculture & horticulture, increasing farmers’ literacy rate and the increasing awareness of fertilizers and pesticides in major crop producing economies is stimulating the market. Extensive research and development in the fields of bio-pesticides to compete with organic farming and IPM (integrated pest management) is the latest trends in the agrochemicals market.

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In spite of multiple benefits, agrochemicals come with certain environmental and health issues. Excessive use of fertilizers contaminates the ground water with toxic chemicals like nitrate that reduces oxygen supply, immobilization of hemoglobin in blood, etc. The pesticides also have significant impact on environment. The harmful impact of these pesticides and others are major challenge in the agrochemicals industry. This effect also demands extra efforts by the manufacturers and regulatory bodies to develop non-toxic herbicides and pesticides. Such developments are further supported with rising consumer inclination towards organic foods.

Agrochemicals market is categorized on the basis of product type, application and geography. On the basis of product type, the market is divided into pesticides and fertilizers. In terms of application, the industry is segmented as Cereals and Grains, Oilseeds and Pulses, Vegetables and Fruits, etc. Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The prominent agrochemicals industry players comprise American Vanguard Corporation, ADAMA Agricultural Solutions Ltd., ArystaLifescience Corp., Cf Industries, Inc., Drexel Chemical Co., PotashCorp, FMC Corporation, Israel Chemicals Ltd., K+S AG, Uralkali, Nufarm Ltd., IFFCO, SQM, Haifa Group, Gharda Chemicals Limited, Valent USA Corp., United Phosphorus, Ltd., RotamCropsciences, Inc., Qatar Fertiliser Co., Ltd., Koch Minerals Co., LLC, and Zuari Agro Chemicals Ltd.

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Market Segment:

Agrochemicals Product Outlook (Volume, Kilotons; Revenue, USD Billion; 2014 - 2025)
    • Fertilizers
    • Crop Protection Chemicals
    • Plant Growth Regulators
    • Others

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Market Overview:

The global Agrochemicals Market is expected to garner a revenue of USD 300 billion by 2024 with a CAGR of 4% during the forecast period of 2019–2024. Agrochemicals is an important agricultural support industry and boosts agriculture, while preventing, reducing and eliminating the impact of disasters to increase food output and safety. Agrochemical consists of herbicides, insecticides, bactericides, and plant growth regulators. The importance of Agrochemicals Market Share is majorly for enhancing food and nutrition security for the population. Moreover, low per hectare yield as compared to the global average and increasing pest attacks further strengthen the need for crop protection via use of agrochemicals.

Some of the prominent factors that positively influence the growth of agrochemicals market are increasing demand for agrochemicals, alarming availability of cultivable land, and increasing research & development. Increasing urbanization along with rising per capita disposable income in the developed and emerging economies are predicted to focus on the cash crops market over the forecast period, 2017 to 2023. Rising need for the agriculture sector to undergo technological transformation and adopt modern methods which reduce the dependency on rains and ensure more productive use of the available resources is driving the agrochemicals market growth. 

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Regional Analysis

Asia Pacific is estimated to be the largest agrochemicals market followed by North America and Europe due to the presence of highest cultivable land and population. In Europe, Germany, Russia, and Spain are predicted to register a strong growth on account of tremendous demand for agrochemicals owing to presence of less cultivable land. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for agrochemicals and is estimated to grow with the same pace over the forecast period. Improving living standards along with the flourishing agriculture sector is predicted to contribute to the regional market growth. 

Segmentation

The global agrochemicals market is categorized based on type, product type, and region. Based on type, the market is bifurcated into fertilizers and pesticides. Based on fertilizers product type the market is segmented into potassic, nitrogenous, phosphatic. Based on pesticides product type the market is segmented into fungicides, insecticides, herbicides, bio-pesticides. Based on crop type, the market is segmented into food grains, cash crops, plantation crops, horticulture crops. Based on region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

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Key Players

Some of the prominent players operating in the global agrochemicals market are The Mosaic Company (the U.S.), Bayer CropScience Limited (Germany), The Dow Chemical Company (the U.S.), BASF SE (Germany), Monsanto Company (the U.S.), Syngenta AG (Switzerland), Adama Agricultural Solutions Ltd (Israel), Nufarm Limited (Australia), Arysta LifeScience Corporation (Japan) and Crystal Crop Protection Pvt. Ltd. (India) among others.

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