|Fastest Growing Market:||North America|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The agrochemicals market is projected to register a CAGR of 3.9% during the forecast period (2022-2027).
The COVID-19 pandemic has affected the production and supply of the agrochemicals market. The global pandemic has impacted the proper functioning of various industries across the world, and it affected the functioning of the agrochemicals market. In terms of supply, a short-term shortage of migrant laborers amid distribution bottlenecks created a wide gap between the number of workers required for the production of agrochemicals and the ones available. The production of crops also decreased due to the unavailability of laborers in large-scale plantations, which reduced the demand for agrochemicals during the pandemic.
The rising population across the world, accompanied by rising affluence, is seeing 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. Shrinking arable land and loss of crops due to pest attacks lead to wastage, posing a critical challenge to ensure food and nutritional security. The agrochemical market is an important agriculture support industry, which boosts the agriculture output. These factors support the growth of the market.
Asia-Pacific dominates the market, while North America is anticipated to be the fastest-growing market. 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.
Scope of the Report
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 during the forecast period. 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 global agrochemicals in terms of value (USD million) for all the above segments.
|Plant Growth Regulators|
Key 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. According to the FAO, the cropland per capita was reduced from 0.24 hectares per capita in 2000 to 0.2 hectares per capita in 2019; the shrinking area under agriculture will 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 will increase. Global pesticides use increased during 2000–2019 by 36%, to 4.2 million tons. Agrochemicals also play a vital role in crop growth, showing improved performance and noticeable results. Supplying adequate plant nutrients is essential for the 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 fertilizer like neem cake could provide only 2-5% of nitrogen, which is an essential element for plant growth and development.
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Asia-Pacific Dominates the Market
China accounts for the largest share among other countries in the global fertilizer market. Chinese consumption of inorganic N, P, and K fertilizers is reducing due to reducing cropland area. The cropland area under fruits and vegetables is increasing, while the area under cereals is decreasing. The Chinese fertilizer market is growing at a very slow and steady rate, owing to the government regulation of zero residues of inorganic fertilizer in the food crops since 2013. The large production of cereal crops, like rice and wheat in India, is the major factor supporting market growth. Consumption of pesticides is rising steadily in India. In 2018-2019, 72,515 metric ton of pesticides were used by farmers all over the country. 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.
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The 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. Additionally, these companies are focusing on making an investment in innovations, collaborations, and expansions to increase their market share.
Yara International ASA
Bayer Crop Science
Adama Agricultural Solutions
In 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.
In January 2022, Yara and Lantmännen signed a commercial agreement to bring fossil-free fertilizers to market. The collaboration of the companies resulted in a commercial contract for green fertilizers, which will be produced by Yara and marketed by Lantmännen in Sweden starting in 2023.
In November 2021, Corteva Agriscience launched Utrisha™ N nutrient efficiency optimizer in Europe as part of its biologicals portfolio, helping meet the demand for more sustainable crop protection products. Utrisha™ N is an alternative nitrogen source that can supply actively growing plants with additional nitrogen to facilitate plant growth.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.4 Plant Growth Regulators
184.108.40.206 Grains and Cereals
220.127.116.11 Pulses and Oilseeds
18.104.22.168 Fruits and Vegetables
22.214.171.124 Turf and Ornamental Grass
126.96.36.199 Other Non-crop-based
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia Pacific
5.3.4 South America
126.96.36.199 Rest of South America
188.8.131.52 South Africa
184.108.40.206 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Bayer CropScience AG
6.3.2 BASF SE
6.3.3 Corteva Agriscience AG
6.3.4 Archer-Daniels-Midland (ADM)
6.3.5 FMC Corporation
6.3.6 Adama Agricultural Solutions
6.3.7 Potash Corporation of Saskatchewan
6.3.8 Nufarm Ltd
6.3.9 Nutrien Ltd
6.3.10 Yara International ASA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF THE COVID-19 IMPACT ON THE MARKET
Frequently Asked Questions
What is the study period of this market?
The Agrochemicals Market market is studied from 2017 - 2027.
What is the growth rate of Agrochemicals Market?
The Agrochemicals Market is growing at a CAGR of 3.9% over the next 5 years.
Which region has highest growth rate in Agrochemicals Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Agrochemicals Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Agrochemicals Market?
BASF SE, Corteva Agriscience , Yara International ASA, Bayer Crop Science, Adama Agricultural Solutions are the major companies operating in Agrochemicals Market.