Market Size of North America Agrochemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 37.91 Billion |
| Market Size (2029) | USD 46.36 Billion |
| CAGR (2024 - 2029) | 4.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Agrochemicals Market Analysis
The North America Agrochemicals Market size is estimated at USD 37.91 billion in 2024, and is expected to reach USD 46.36 billion by 2029, growing at a CAGR of 4.10% during the forecast period (2024-2029).
Due to the emergence of the COVID-19 pandemic, there has been a supply chain disruption as the agricultural sector had to face labor unavailability, transportation barriers, restriction on market access, and a lack of inventories in some regions. Many fertilizer and pesticide manufacturers have faced issues due to a lack of raw material availability, which has led to the reduction of various agrochemical product manufacturing. Thus, COVID-19 has caused a negative impact on the North American agrochemicals market.
Over the medium-long term, the changing production techniques and the need for increasing productivity would drive the market. There is a need not just to increase production to meet demand but also to ensure that the nutritional needs of an increasingly affluent population are met. Application of agrochemicals had become critical to boosting production amid shrinking arable land and loss of crops due to pest attacks, leading to wastage.
The agrochemicals industry in the region has been transforming over the years, with robust growth, coupled with changing crop mix trends and environmental regulations. Regulation plays an important role in this sector, which has resulted in the emergence of innovative eco-friendly production methods in the agrochemical market.
The United States holds the larger chunk of the market. According to the FAO, the agricultural use of nitrogen fertilizers in the United States increased from 11,581.7 thousand metric ton in 2017 to 11,672.4 thousand metric ton in 2019. Agriculture use of pesticides stood at 407,779 metric ton in 2019 and has remained stable over the past few years. Alongside the growing demand for nutritional food, the need for enhancing production and productivity has arisen. This would essentially compel farmers to apply fertilizer and pesticides to avoid crop loss.
The market is characterized by major players strengthening the market share through unique product launches to cater to the problems dealt with by farmers. For instance, in 2021, BASF Canada Agricultural Solutions (BASF) received Health Canada PMRA label expansion for Serifel. Serifel is now approved for use on a range of fruit, leafy, root, cucurbit vegetables, and berries, which was previously registered for use in targeting powdery mildew and botrytis in grapes.
