Increasing research and development activities to develop and commercialize new product and rising dependence on pesticides are key factors driving market growth
The global agrochemicals market size is expected to reach USD 281.88 Billion in 2028 and register a revenue CAGR of 3.8% during the forecast period, according to a latest report by Reports and Data. Increasing investment on research and development activities by large agrochemical firms in order to develop and commercialize new products and collaborations with agritech firms are expected to drive market revenue growth during the forecast period. German drug and agrochemicals major, Bayer, partnered with agritech firm, Agribazaar, for its Better Life Farming projects in India. With the help of Agribazaar, Bayer is focusing on expanding reach to small farmers and offering personalized solutions which would help them in achieving better harvest more sustainably. High focus on sustainability produced food and changing climatic condition are anticipated to drive revenue growth of the market during the forecast period. Growth of horticulture and floriculture industries is resulting in growing demand for agrochemicals, especially fungicides and pesticides. Major agrochemical companies are promoting awareness among farmers by imparting proper training, where information and inputs are provided about the use of the right quantity and application of suitable chemicals and for identifying pest-related problems.
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Some Key Highlights From the Report
- In May 2020, BASF SE launched a new fungicide solution based on Revysol in China. The new fungicide solution named Melyra fungicide is powered by Revysol, which delivers strong performance against diseases while meeting the highest level of regulatory standards. Products containing Revysol can treat a broad spectrum of diseases in a variety of crops and adheres to established safety and sustainability standards. The company is planning to expand the approved label to a wider range of crops, including cucumber and apple.
- Fertilizers segment revenue is expected to register a rapid growth rate over the forecast period. Increasing need to address the growing food demand owing to growth in the global population is driving steady demand for fertilizers. The need to enhance fertility of soil and increase crop yield is boosting usage of nitrogenous fertilizers.
- Cereals and grains segment is expected to register a steady revenue growth over the forecast period. The need for achieving food grain self-sufficiency and food security is boosting the use of crop protection chemicals for the production of cereals and grains.
- Form segment revenue share is expected to expand significantly over the forecast period. Agrochemicals in the form of powdered solids is the most common form among the other available forms such as liquid and solids.
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- Crop fertility segment is expected to account for a substantially large revenue share in the global agrochemicals market. Changes in climatic conditions and high consumer demand for sustainability produced food is resulting in growing interest among agricultural professionals towards improved crop fertility.
- The market in Asia Pacific is expected to register steady revenue CAGR over the forecast period. Increasing consumption of phosphatic fertilizers, nitrogen fertilizers, and potassic fertilizers due to challenges related to arable land in countries in the region is resulting in steady revenue growth of the agrochemicals market in the region.
- Major players in the market report include Bayer AG, BASF SE, Syngenta AG, UPL Limited, Compass Minerals International, Inc, EuroChem Group AG, OCP Group, Sumitomo Chemical Co., Ltd., Nufarm, and K+S Aktiengesellschaft.
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For the purpose of this report, Reports and Data has segmented the global agrochemicals market based on type, crop type, form, applications, and region:
Type Outlook (Revenue, USD Billion; Volume, Million Tons, 2018-2028)
Fertilizers
Pesticides
Crop Type Outlook (Revenue, USD Billion; Volume, Million Tons, 2018-2028)
Cereals and Grains
Oilseeds and Pulses
Fruits and Vegetables
Turf and Ornamentals
Others
Form Outlook (Revenue, USD Billion; Volume, Million Tons, 2018-2028)
Liquid
Powder
Granular
Application Outlook (Revenue, USD Billion; Volume, Million Tons, 2018-2028)
Crop Fertility
Crop Growth Enhancer
Crop Control & Protection
Others
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Regional Outlook (Revenue, USD Billion; Volume, Million Tons, 2018-2028)
North America
Europe
Asia Pacific
Latin America
MEA