Oct 27, 2022   SOURCE: BusinessWire

The Worldwide Agrochemicals Industry is Expected to Reach $259.5 Billion by 2027 - ResearchAndMarkets.com

The "Global Agrochemicals Market Size, Trends & Growth Opportunity, By Product, By application, By Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global Agrochemicals market was valued at USD 227.86 billion in 2021 which expected to reach USD 259.5 billion by 2027 at a CAGR 1.96% from 2021-2027.

Companies Mentioned

  • Clariant AG
  • BASF SE
  • Huntsman International LLC
  • Bayer AG
  • The DOW Chemical Company
  • Solvay
  • Evonik Industries AG
  • Croda International Plc
  • Helena Agri-Enterprises LLC
  • Ashland Inc

Agrochemicals are created chemical or biological formulations that are used to increase the productivity and quality of crops. Fertilizers and insecticides are two subcategories of agrochemicals.

Pesticides protect crops and prevent pests and weeds that could harm them from growing, whereas fertilizers improve the quality of the crop by giving the crop and soil vital nutrients. Given the current state of the world's population, it is crucial to boost agricultural output on the available arable land in order to feed the world's population.

Market Drivers

Increasing agrochemical use in underdeveloped nations

A change in farming operations has resulted from the agriculture industry's constant technological improvements. New kinds of dangerous organisms have evolved as a result of the increased export and import of agricultural commodities across diverse geographies, particularly in developing nations, which has boosted the demand for products with innovative active ingredients to protect crops.

The Asian crop protection markets are significantly impacted by the globalisation of the agrochemical industry. The need for various agrochemicals including pesticides and herbicides is rising as a result of the world's fastest population growth, rising food production needs, and economic expansion.

Market Restraints

Industry expansion for organic fertilizers

With rising public awareness of the need for changes in the areas of health, environmental protection, food safety, and animal welfare, the organic food business has experienced rapid expansion throughout emerging nations. According to statistics from the Organic Trade Association, roughly 81% of American families reported buying organic food items at least once. This indicates that there is a growing market for organic food goods.

According to estimates, the demand for safe and healthy food products on the market and rising per capita income will continue to drive the organic food business and boost the use of bio fertilizers, which will have an impact on how much chemical fertilizer is used.

COVID-19 Impact on the Agrochemicals Market

The demand for the crop protection industry has increased significantly in recent years due to its growing significance to growth.

This is because it greatly affects both the health of the plants and the welfare of the consumers. Sometimes chemicals and other times biological species are utilised in the creation of agrochemicals, which eventually aid in preventing pests from destroying crops or enhancing soil fertility.

As a result, crops are produced in a healthy way without any health problems. Farmers have been using a variety of agrochemicals to minimize damage and hence boost yield as a result of these worries.

Market Segmentation

By Product

  • Fertilizer
  • Nitrogenous
  • Phosphatic
  • Potassic
  • Secondary Fertilizers (Calcium, Magnesium, and Sulfur Fertilizers)
  • Crop Protection Chemicals
  • Herbicides
  • Insecticides
  • Fungicides
  • Plant Growth Regulators

By Application

  • Cereal & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • China
  • Asia Pacific
  • Middle East & Africa

Key Questions Addressed by the Report

  • What are the Key Opportunities in Global Agrochemicals Market?
  • What will be the growth rate from 2020 to 2027?
  • Which segment/region will have highest growth?
  • What are the factors that will impact/drive the Market?
  • What is the competitive Landscape in the Industry?
  • What is the role of key players in the value chain?

For more information about this report visit https://www.researchandmarkets.com/r/c2wocu