Agrochemicals Market to be Worth $288.04 Billion by 2030: Grand View Research, Inc.
Read full market research report, "Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Crop Protection Chemicals), By Application (Cereal & Grains, Oilseeds & Pulses, Fruits & Vegetables), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Agrochemicals Market Growth & Trends
In 2022, fertilizers dominated the market for agrochemicals. Due of their low cost and simple availability, phosphate and nitrogen fertilizers were most frequently used. The demand for bio fertilizers has increased due to the recent trend of organic farming, which completely forgoes chemical-based fertilizers.
The market for agrochemicals was dominated by the fertilizer category. The pressure on agricultural land is rising due to the rising crop and food demand around the world, so farmers are using more fertilizer to boost crop production and yield. Plant growth regulators such as auxins and cytokinins are expected to grow at the highest rate over the forecast period. Growing popularity of organic farming is expected to be a major driver of this segment, increasing its penetration in the market over the analysis period.
The growing concern regarding environmental safety among consumers and industrialists is influencing manufacturers to launch eco-friendly agrochemical products that have no or minimal impact on the environment. The companies operating in agrochemicals market are consistently engaged in R&D and developing innovative and eco-friendly products. For instance, Clariant is offering bio-based green agricultural adjuvant "Synergen OS". This product is made up of methylated seed oil.
Asia Pacific accounted for maximum ammonium phosphate consumption in 2022. The region, led by China, was the largest manufacturer and consumer of fertilizers and other agrochemicals in the same year. The economies of most of the countries in this region including India, China, and Japan are dependent on agriculture, which has increased the demand for fertilizers thereby increasing the demand for ammonium phosphates.
Europe was the largest consumer of nitric acid and held around half of the total consumption. This region, led by countries such as Sweden and Spain, has witnessed growth in its agriculture sector, driving the demand for nitric acid and ammonium nitrate. Other countries in this region, such as Russia and Ukraine located in East Europe, are known for manufacturing explosives such as bombs. This has also played a key role in the growth of the market for ammonium nitrate, and hence, nitric acid.
Agrochemicals Market Segmentation
Grand View Research has segmented the global agrochemicals market report on the basis of basis of product, application and region:
Agrochemicals Market - Product Outlook (Volume, Thousand Tons; Revenue, USD Billion, 2018 - 2030)
Agrochemicals Market - Application Outlook (Volume, Thousand Tons; Revenue, USD Billion, 2018 - 2030)
Agrochemicals Market - Regional Outlook (Volume, Thousand Tons; Revenue, USD Billion, 2018 - 2030)
List of Key Players in the Agrochemicals Market
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Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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