Market Size of Agrochemicals Industry
| 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
*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.
