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Agrochemicals Global Market Report 2023

Agrochemicals Global Market Report 2023
  • Publish Date:March 2023

  • Number of Pages:200

  • Report ID:6311741

  • Format:PDF

  • Publisher:The Business Research Company

$ 4000

Summary

Major players in the agrochemicals market are Adama Agricultural Solutions, Agrium Inc., BASF SE, Bayer AG, Yara International ASA, The Mosaic Company, Israel Chemical Company, FMC Corporation, E.I. du Pont Nemours and Company, Monsanto Company, Dow AgroSciences LLC, Land O’ Lakes Inc., Sumitomo Chemical Co Ltd., Zuari Agro Chemicals Ltd., Gharda Chemicals Limited, and Huntsman International LLC.

The global agrochemicals market grew from $241.85 billion in 2022 to $259.4 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. 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 agrochemicals market is expected to grow to $334.12 billion in 2027 at a CAGR of 6.5%.

The agrochemical market consists of sales of chemical fertilizers, antibiotics, and plant hormones.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 agrochemical refers to synthetic and commercially generated chemicals that are employed in farming and to regulate ecosystems in agricultural areas.Agrochemicals contaminate the nearby lands and waterways and enter the food chain, where they cause bioaccumulation.

Excessive usage of such pesticides produces a sizable number of residues, which has an effect on crops.

North America was the largest region in the agrochemicals market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the agrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of fertilizers in agrochemicals are nitrogen fertilizer, phosphatic fertilizer, potassic fertilizer, and others.Nitrogen-containing fertilizers help the plants grow faster and help them produce more crops.

The different pesticide types include fungicides, herbicides, insecticides, and others and are used in crop-based and non-crop-based applications.

The increasing population and consequent rise in food demand are expected to propel the growth of the agrochemicals market going forward.Food refers to the substance consisting of protein, carbohydrates, fat, and other nutrients used in the body of an organism for sustaining growth, and vital processes and furnishing energy.

The steady growth in the population is directly proportional to food demand and growth in the agrochemicals market. For instance, according to United Nations, a US-based intergovernmental organization, the world’s population has been expected to increase by 2 billion people in the next 30 years, from 7.7 billion in 2021 to 9.7 billion in 2050. Also, according to Intechnopen, a UK-based publisher of journals and books, the global demand for food has been expected to increase by 70% by 2050. Therefore, the increasing population and consequent rise in food demand will drive the growth of the home infusion therapy market.

Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the agrochemical market.Major companies operating in the agrochemicals sector are looking for partnerships to strengthen their position in the market.

For instance, in October 2021, Enko, a US-based global crop health company, partnered with Nufarm, an Australia-based agrochemical company to to create brand-new chemical processes and broaden the European, American, and Australian supply chains for vital new herbicides.The collaboration will specifically address the demand for expanded access and innovative chemistries.

To develop novel, secure chemical formulations, Enko and Nufarm will test the efficacy of mixing Enko’s top herbicide candidate with Nufarm’s goods.Furthermore, in January 2022, BASF, a Germany-based chemical company, collaborated with Innospec.

This collaboration allows BASF to broaden its portfolio and offer DCI-11 Plus ClearTrak along with industry-leading Sales and Technical Support. Innospec is a US-based chemical company.

In April 2020, Sumitomo Chemicals, a Japan-based chemical company that provides a wide range of agrochemical products, acquired four South American subsidiaries of Nufarm for an undisclosed amount.This acquisition helps the Sumitomo Chemical Company expand its global footprint in crop protection across various regions, including Brazil.

Nufarm Limited is an Australia-based agriculture chemical company that offers innovative crop protection solutions.

The countries covered in the agrochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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 agrochemicals market research report is one of a series of new reports that provides agrochemicals market statistics, including agrochemicals industry global market size, regional shares, competitors with an agrochemicals market share, detailed agrochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the agrochemicals industry. This agrochemicals 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.

Table of contents

1. Executive Summary

2. Agrochemicals Market Characteristics

3. Agrochemicals Market Trends And Strategies

4. Agrochemicals Market - Macro Economic Scenario
4.1 COVID-19 Impact On Agrochemicals Market
4.2 Ukraine-Russia War Impact...

Methodology

Our market research methodology is designed to provide the clients with comprehensive and accurate information on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis, country-level data analysis etc.