Sep 23, 2022   SOURCE: BusinessWire

Global Agrochemicals Market Report (2022 to 2030) - Launch of New Agrochemicals Presents Opportunities - ResearchAndMarkets.com

The "Agrochemicals Market by Product Type and by Crop Type - Global Opportunity Analysis and Industry Forecast 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The Agrochemicals Market size was valued at USD 218 billion in 2021, and is expected to reach USD 286.93 billion by 2030, with a CAGR of 3.1% from 2022 to 2030.

Agrochemical, also known as agrichemical, is a chemical product used in agriculture to prevent the crops from degradation caused by insects, pest infestation, and diseases. It includes synthetic fertilizers, chemical growth agents, and concentrated stores of raw animal manure that are manufactured either synthetically or biologically. Agrichemicals are often water-insoluble and sprayed with solvents to increase the performance and bio-efficacy of the product. The latest agrochemical methods include advanced molecular biology and the development of herbicide tolerant plants such as Glyphosate and Glufosinate.

Market Dynamics and Trends

The demand for agrochemicals is high owing to increasing population across the world along with consequent rise in food demand in several countries such as China, India and USA, among others. The emergence of harmful organisms such as fungi, bacteria and viruses that degrades the quality of the soils results in the utilization of agrochemicals to safeguard crops.

Also, the surge in import and export of agricultural fertilizers across the world is expected to fuel the market growth of agrochemicals in the forecasted period. For instance, in March 2022, Corteva Agriscience announced its growers will have reinstated access to Enlist One and Enlist Duo herbicides for the 2022 growing season. This will help the growers remove geographic restrictions for two listed species, the Eastern Massasauga Rattlesnake and the American Burying Beetle.

However, infringements of intellectual property rights and contamination of air, water, and soil due to excessive use of synthetic agrochemicals are the factors that are expected to restrain the growth of the market during the forecast period. Also, the increasing market demand for organic foods and rising usage of bio-fertilizers are further hampering the market growth. On the contrary, introduction of synthetic pesticides to accelerate the planting and culture process along with incorporation of organic fertilizers to boost yields are factors expected to provide lucrative opportunities for market players in the future.

Market Dynamics

Drivers

  • Growing Population and Consequent Rise in Food Demand
  • Growing Demand of Agrochemicals by Farmers

Restraints

  • Stringent Government Regulations
  • Growth of the Organic Fertilizer Industry

Opportunities

  • Launch of New Agrochemicals

Companies Mentioned

  • Bayer AG
  • Gharda Chemicals LTD
  • ICL GROUP LTD.
  • The Mosaic Company
  • Syngenta AG
  • Corteva Agriscience
  • Adama LTD
  • BASF SE
  • Nutrien Ltd.
  • Yara International ASA

Key Market Segments

Agrochemicals Market - By Product Type

  • Fertilizers
  • Synthetic Fertilizers
  • Nitrogenous
  • Phosphatic
  • Potassic
  • Others
  • Bio Fertilizers
  • Pesticides
  • Insecticides
  • Synthetic Insecticides
  • Bio Insecticides
  • Herbicides
  • Synthetic Herbicides
  • Bio Herbicides
  • Fungicides
  • Synthetic Fungicides
  • Bio Fungicides
  • Adjuvants
  • Plant Growth Regulators

Agrochemicals Market - By Crop Type

  • Cereals & Grains
  • Oilseed & Pulses
  • Fruits & Vegetables
  • Others

Agrochemicals Market - By Geography

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • RoW
  • UAE
  • Saudi Arabia
  • South Africa
  • Brazil
  • Remaining countries

For more information about this report visit https://www.researchandmarkets.com/r/buldj0