Major companies in the pesticide and other agricultural chemicals market include Syngenta AG, Bayer AG, Marubeni, Corteva Inc., Nutrien Ltd., FMC Corp, BASF SE, Adama Agricultural Solutions, Nufarm Limited, and Reckitt Benckiser Group plc.
The global pesticide and other agricultural chemicals market grew from $90.5 billion in 2022 to $98.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pesticide and other agricultural chemicals market is expected to grow to $139.42 billion in 2027 at a CAGR of 9.1%.
The pesticides and other agricultural chemicals market consists of the sales of rodenticides, liming and acidifying agents, soil conditioners, and chemicals used in animal husbandry.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The pesticides and other agricultural chemicals refer to agricultural and household pest control chemicals (except fertilizers) used to control pests and weeds in farmlands. These are used to protect plants against pests, kill weeds and bugs, and get rid of diseases.
Asia-Pacific was the largest region in the pesticide and other agricultural chemicals market in 2022.Western Europe was the second largest region in the pesticide and other agricultural chemicals market.
The regions covered in the pesticides and other agricultural chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of pesticides and other agricultural chemicals are herbicides, insecticides, fungicides, other types of pesticides, and other agricultural chemicals.Herbicides are chemicals that are used to control undesirable vegetation.
Herbicide application occurs in row-crop farming, where they are applied before or during planting to maximize crop productivity by minimizing other vegetation.The origin is synthetic and bio-based.
The applications involved are grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and other applications.
The world population is growing and is expected to reach 10 billion by 2050.This is expected to significantly boost the pesticide and other agricultural chemicals market during the forecast period.
An increase in the population creates more demand for food.Crop production, farming activities, and trade volumes will have to increase to meet the increased population.
Additionally, farmers and commercial farming companies will increase acquisitions of arable land to increase crop production. This is expected to increase the demand for insecticides, herbicides, and fungicides in the forecast period.
The rising demand for organic food products is expected to negatively impact the pesticide market during the forecast period.Organic food products are derived through a farming system that avoids the use of pesticides and other artificial additives.
For instance, according to the Organic Trade Association, a North American business association for the organic industry, the organic food sales in the United States increased by 12.8% in 2020 to a new high of $56.4 billion. This rise in demand for organic products is likely to restrain the pesticide and other agricultural chemicals market during the forecast period.
Toxicologists globally are adopting nanotechnology in the development of new, environmentally friendly insecticides.Nanoparticles have revolutionized the pharmaceutical and chemical industries.
Pesticidal nanoformulations are ultrafine particles with enhanced permeability, stability, and solubility.Most engineers believe that nanotechnology can help make insecticides much safer.
Nano-sized insecticides can be sprayed in lesser amounts on agricultural fields in comparison with conventional forms.For example, Lansiumamide B (antibacterial) is formulated as a nanocapsule to treat tobacco bacterial wilt.
Thiamethoxam (insecticide) is sprayed as nanoscaled fiber, and Deltamethrin (insecticide) is formulated as a lipid nanoparticle.
The countries covered in the pesticide and other agricultural chemicals market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pesticides and other agricultural chemicals market research report is one of a series of new reports that provides pesticides and other agricultural chemicals market statistics, including pesticides and other agricultural chemicals industry global market size, regional shares, competitors with a pesticides and other agricultural chemicals market share, detailed pesticides and other agricultural chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the pesticides and other agricultural chemicals industry. This pesticides and other agricultural chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.