Agrochemical Industry Size

Report on Market Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

the Market Report Covers Agrochemical Companies and is Segmented by Product Type (Fertilizers, Pesticides, Adjuvants, and Plant Growth Regulators), Application (Crop-Based and Non-Crop-Based), and Geography (North America, Europe, Asia-Pacific, South America, and Africa). the Market Size and Forecasts for the Global Agrochemicals Market are Provided in Terms of Value (in USD Million) for all the Above Segments.

Agrochemicals Market Size

Agrochemicals Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 253.29 Billion
Market Size (2029) USD 308.17 Billion
CAGR (2024 - 2029) 4.00 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

Agrochemicals Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Agrochemicals Market Analysis

The Agrochemicals Market size is estimated at USD 253.29 billion in 2024, and is expected to reach USD 308.17 billion by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).

The rising population across the world, accompanied by rising affluence, is creating a shift in consumption patterns. There is a need to not just increase production to meet demand but also to ensure that the nutritional needs of an increasingly affluent population are met. For instance, according to the IMF, in 2021, the estimated total population in India amounted to approximately 1.39 billion people. According to FAO, in 2021, 11.7% of the global population experienced severe food insecurity. Shrinking arable land and loss of crops due to pest attacks lead to wastage, posing a critical challenge to ensuring food and nutritional security. According to the US Department of Agriculture, from 2000 onwards, the total area of land in the United States farms has decreased annually. The total farmland area has decreased by almost 50 million acres, reaching a total of 895.3 million acres as of 2021. Such factors are raising the demand for agrochemicals which boosts agriculture output.

  • Price premiums and innovative eco-friendly production methods are emerging steadily in the agrochemical market. There is an increasing need to balance the judicious use of the best chemicals and minimize the impact of that use. However, the harmful effects caused by agrochemicals on the land, environment, and human health are expected to hamper the growth of the market.

Agrochemicals Market Trends

Increasing Population and Consequent Rise in Food Demand

  • According to FAO, the world population is expected to reach 9 billion by 2050. The increasing population creates a huge demand for food products to feed the population, which is turning into a major challenge with the decreasing farmland. For instance, in 2021, approximately 17.23 million hectares of land in the United Kingdom was classified as the utilized agricultural area, which has decreased from 17.27 million hectares in 2020. The shrinking area under agriculture is expected to demand more produce from the available land.
  • Agrochemicals are highly important in obtaining high yields as these are necessary to prevent pests and diseases in the field. As per a report by FAO, nearly 40% of the world's agricultural crops are lost to pests and diseases each year. To tackle these problems and to increase production, the use of crop protection chemicals is anticipated to increase. According to FAO, in 2020, herbicide consumption worldwide nearly reached 1.4 million metric tons, whereas consumption of fungicides and bactericides stood at around 606 and 471 thousand metric tons, respectively.
  • Agrochemicals also play a vital role in crop growth, showing improved performance and noticeable results. Supplying adequate plant nutrients is essential for healthy growth as well as the production capacity of plants. The nutrient demand varies with crops and soil. These nutrient demands can be effectively fulfilled through the use of chemicals. For instance, urea provides 46% nitrogen to the soil, whereas organic fertilizers like neem cake could provide only 2-5% of nitrogen, which is an essential element for plant growth and development. Thus, the growing population is the major factor for the need to increase the use of agrochemicals across the world.
Agrochemical Market: Consumption Volume in thousand metric ton, NPK, Global, 2017-2020

Asia-Pacific Dominates the Market

  • China accounts for the largest share among other countries in the agrochemicals market globally. Chinese consumption of organic N, P, and K fertilizers is reducing due to decreasing cropland area. For instance, according to the China Green Food Development Center, in 2021, approximately 9.84 million hectares of farmland had been certified as organic farmland in China, which has decreased from 13.9 million hectares in 2019. The cropland area under fruits and vegetables is increasing, while the area under cereals is decreasing.
  • Similarly, the large production of cereal crops, like rice and wheat, in India is the major factor supporting the growth of the market. The use of pesticides is rising steadily in India. Revenues of a few leading pesticides and agrochemical companies as of June 2022 are a clear indication of the growth of the agrochemical market in the country as well as the region.
  • UPL was the leading pesticides and agrochemical company in India based on net sales worth over INR 164 billion (USD 1.98 billion) as of June 2022. The company was followed by BASF India, which ranked in second place with net sales of roughly INR 130 billion (USD 1.57 billion). Data reveals that only eight states account for more than 70.0% of the total pesticide consumption in India. With a growing emphasis on the environment and sustainability, various governments in the region are enforcing clean production and environment-friendly agriculture policies, which may lead to a decline in synthetic pesticide usage in the country. However, the government has encouraged the use of microbial pesticides, which is expected to grow rapidly in the coming years.
Agrochemicals Market: Growth Rate By Region (2022-27)

Agrochemicals Industry Overview

The global agrochemicals market is fragmented, with major players including Bayer CropScience, Adama Agricultural Solutions, Yara International ASA, BASF SE, Corteva Agriscience, and Nufarm. New product launches, mergers and acquisitions, and partnerships are the major strategies adopted by these leading companies in the market. Market players are focusing on making investments in innovation, collaborations, and expansions to increase their market share.

Agrochemicals Market Leaders

  1. BASF SE

  2. Corteva Agriscience

  3. Yara International ASA

  4. Bayer Crop Science

  5. Adama Agricultural Solutions

*Disclaimer: Major Players sorted in no particular order

Agrochemicals Market Concentration
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Agrochemicals Market News

  • November 2022: Corteva Agriscience launched the new postemergence corn herbicide. Kyro herbicide is the first product on the market to combine the active ingredients acetochlor, topramezone, and clopyralid into one premix. The US Environmental Protection Agency (EPA) has approved the registration of Kyro herbicide, and the new solution will be available for US corn farmers for the 2023 growing season, pending individual state registrations.
  • November 2022: ADAMA announced the registration of its innovative herbicide Araddo® (Clethodim + Fluroxypyr-meptyl) for sale in Paraguay. The company plans to expand into additional markets across Latin America.
  • February 2022: Adama launched an advanced cross-spectrum spring foliar herbicide for cereals, Timeline® FX. The product is engineered with three active ingredients with complementary modes of action together with a built-in adjuvant to ensure flexibility for growers by giving the widest application window of any herbicide for controlling broadleaf and grass weeds for cereal crops.
  • January 2022: Yara and Lantmännen signed a commercial agreement to bring fossil-free fertilizers to the market. The collaboration resulted in a commercial contract for green fertilizers, which will be produced by Yara and marketed by Lantmännen in Sweden starting in 2023.

Agrochemicals Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Fertilizers

      2. 5.1.2 Pesticides

      3. 5.1.3 Adjuvants

      4. 5.1.4 Plant Growth Regulators

    2. 5.2 By Application

      1. 5.2.1 Crop-based

        1. 5.2.1.1 Grains and Cereals

        2. 5.2.1.2 Pulses and Oilseeds

        3. 5.2.1.3 Fruits and Vegetables

      2. 5.2.2 Non-crop-based

        1. 5.2.2.1 Turf and Ornamental Grass

        2. 5.2.2.2 Other Non-crop-based

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Germany

        5. 5.3.2.5 Russia

        6. 5.3.2.6 Italy

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Bayer CropScience AG

      2. 6.3.2 BASF SE

      3. 6.3.3 Corteva Agriscience AG

      4. 6.3.4 Archer-Daniels-Midland (ADM)

      5. 6.3.5 FMC Corporation

      6. 6.3.6 Adama Agricultural Solutions

      7. 6.3.7 Potash Corporation of Saskatchewan

      8. 6.3.8 Nufarm Ltd

      9. 6.3.9 Nutrien Ltd

      10. 6.3.10 Yara International ASA

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Agrochemicals Industry Segmentation

Agrochemicals are used to prevent the deterioration of crops from insects and pest infestation and disease. The agrochemicals market report offers the latest trends, growth factors, industry competitiveness, investment opportunities, and a detailed profile of the top players in the market. The agrochemicals market is segmented by product type (fertilizers, pesticides, adjuvants, and plant growth regulators), application (crop-based and non-crop-based), and geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers market size and forecasts for the market in terms of value (in USD million) for all the above segments.

By Product Type
Fertilizers
Pesticides
Adjuvants
Plant Growth Regulators
By Application
Crop-based
Grains and Cereals
Pulses and Oilseeds
Fruits and Vegetables
Non-crop-based
Turf and Ornamental Grass
Other Non-crop-based
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
France
Germany
Russia
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Africa
South Africa
Rest of Africa
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Agrochemicals Market Research FAQs

The Agrochemicals Market size is expected to reach USD 253.29 billion in 2024 and grow at a CAGR of 4% to reach USD 308.17 billion by 2029.

In 2024, the Agrochemicals Market size is expected to reach USD 253.29 billion.

BASF SE, Corteva Agriscience , Yara International ASA, Bayer Crop Science and Adama Agricultural Solutions are the major companies operating in the Agrochemicals Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Agrochemicals Market.

In 2023, the Agrochemicals Market size was estimated at USD 243.55 billion. The report covers the Agrochemicals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Agrochemicals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The key drivers of the Agrochemicals Market are a) Growing demand for high-quality, blemish-free produce fuels the use of crop protection chemicals to maintain aesthetics and marketability b) Farmers increasingly utilize agrochemicals to maximize crop yields and meet growing food demands

Agrochemicals Industry Report

The global agrochemicals market is experiencing remarkable growth, fueled by the increasing demand for fertilizers and pesticides essential for boosting agricultural productivity to satisfy the food requirements of a growing global population. This surge is further supported by innovations within the feed and animal husbandry sectors, together with advancements in product development and diagnostics in the agrochemicals industry. Notably, the Asia-Pacific region, especially India and China, is leading in consumption, mirroring the global trend towards enhanced agricultural production. The competitive landscape of the market is vibrant, with key players engaging in strategic mergers, acquisitions, and launching innovative products to strengthen their market position and meet the varied demands of agriculture. Insights from Mordor Intelligence™ point towards continued expansion, emphasizing the crucial role agrochemicals play in contemporary farming practices. Get a sample of this industry analysis as a free report PDF download.

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Agrochemical Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)