Agrochemicals - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Agrochemicals Market is accounted for $212.72 billion in 2020 and is expected to reach $323.98 billion by 2028 growing at a CAGR of 5.4% during the forecast period. Increased reliance on the use of fertilizers for productivity enhancement, rising literacy rate of farmers coupled with increasing awareness towards pesticides usage in major crop-producing countries is driving the market growth. However, stringent regulations governing the production and marketing of agrochemical products are hampering the growth of the market.
Agrochemicals are the chemical substances which are used in the agricultural farmland to increase the deficiency of nutrient in the field or crop. Agrochemicals are used for preventing the deterioration of crops from insects and pest infestation and disease. Agrochemicals improve the quantity and the quality of farm products.
Based on the application, the crop based segment is going to have lucrative growth during the forecast period owing to aggressive advertisements and branding from multinational players, which, in turn, has increased the penetration of agrochemicals. Various essential mineral supplementations through fertilizers increase rice crop yield and nutrient content in harvested grains. By geography, Asia Pacific is going to have high growth during the forecast period due to the urbanization, rapid income growth, and increasing need for food crops in the region has fueled the use of pesticides to enhance crop yield. The use of pesticides is becoming a common practice in India, China, and other less-developed countries in the region, leading to growth in areas where there had previously been very little or no pesticide usage.
Some of the key players profiled in the Agrochemicals Market include Yara International, UPL, Syngenta , Sumitomo Chemical, Nufarm, K+S Group, ICL Group Ltd, Compass Minerals, Bayer, BASF and Adama Ltd.
Estimated Market Size in 2020:
USD 212.72 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 323.98 billion
Tables, Graphs & Figures
Form, Type, Application, Mode of Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Other Types
• Non-Crop Based
• Crop Based
Mode of Applications Covered:
End Users Covered:
• Printing, Rubber & Leather
• Paints & Coatings
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Agrochemicals Market is majorly driven by rising literacy rate of farmers coupled with increasing awareness towards pesticides usage in major crop-producing countries and increased reliance on the use of fertilizers for productivity enhancement.
The crop based segment is growing at a highest CAGR owing to aggressive advertisements and branding from multinational players and various essential mineral supplementations through fertilizers increasing rice crop yield and nutrient content in harvested grains.
North America dominated with a significant market share due to the factors such as growing demand for agricultural produce, presence of large population and lack of cultivatable land, prevailing advanced infrastructures, and constant technological developments.
Asia Pacific market is growing at a highest CAGR owing to the increasing need for food crops in the region fuelling the use of pesticides to enhance crop yield and government regulations of zero residues of inorganic fertilizer in the food crops.
Key players in Agrochemicals Market include Yara International, UPL, Syngenta , Sumitomo Chemical, Nufarm, K+S Group, ICL Group Ltd, Compass Minerals, Bayer, BASF and Adama Ltd.
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