Agrochemicals Market size to increase by USD 49 million between 2022 to 2027, American Vanguard Corp., Archer Daniels Midland Co., Arysta LifeScience Corp., and more among key companies, Technavio

NEW YORK, March 5, 2024 /PRNewswire/ — The agrochemicals market size is expected to grow by USD 49 million from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 4.48% during the forecast period, according to Technavio. The increasing use of herbicides is notably driving the agrochemicals market. However, factors such as Organic farming and viable substitutes may impede market growth. The market is segmented by Product (Fertilizers and Pesticides), Application (Cereals and grains, Oilseeds and pulses, and Fruits and vegetables), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the agrochemicals market including  American Vanguard Corp., Archer Daniels Midland Co., Arysta LifeScience Corp., BASF SE, Bayer AG, Cargill Inc., CF Industries Holdings Inc., Corteva Inc., Drexel Chemical Co., Evonik Industries AG, FMC Corp., Gharda Chemicals Ltd., Haifa Group, Koch Industries Inc., Nissan Chemical Corp., Nufarm Ltd., Nutrien Ltd., Rotam CropSciences Ltd., Syngenta Crop Protection AG, and Yara International ASA. 

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Company Analysis

American Vanguard Corp. – The company offers green solutions and precision ag technologies.

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Market Segmentation

Product

• The fertilizers segment will be significant for overall market growth during the forecast period. It can be also classified as synthetic and biofertilizer. Synthetic fertilizers are subdivided into nitrogenous, phosphatic, and potassic fertilizers. Nitrogenous fertilizers accounted for the largest share of the fertilizers segment in 2020. Nitrogen is one of the crucial macronutrients required for the growth and development of crops. However, nitrogen provides fast growth and improves the color and texture of plants. It also enhances the overall productivity of crops as well. Urea, ammonia, and ammonium nitrate are some of the commonly used nitrogenous fertilizers.
• Application (Cereals and grains, Oilseeds and pulses, and Fruits and vegetables)

Geography 

• APAC is projected to contribute 50% to the global market growth. One of the largest industries in the region is agriculture because of the large areas of farmland and good soil fertility, combined with the growing demand for food grains and an ever-rising population. Furthermore, APAC accounts for almost 60% of the global population and 30% of the total available land globally and has grown to be not only the largest agrochemicals market across the globe but also the fastest-growing market for pesticide consumption.
• North America, Europe, South America, and Middle East and Africa.

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Analyst Review

The US Department of Agriculture (USDA) plays a pivotal role in ensuring the efficiency and sustainability of modern agriculture. Within this realm, agrochemicals emerge as indispensable tools, aiding farmers in combating various challenges to maximize crop yields and quality.

Among the array of agrochemicals, neem cake stands out for its multifaceted benefits. Derived from the neem tree, it serves as both a natural fertilizer and pest repellent, offering a holistic solution to enhance soil health and ward off harmful insects. Farmers increasingly rely on neem cake to augment soil fertility while minimizing dependence on synthetic inputs.

In the realm of pest management, insecticides play a crucial role. With evolving pest pressures, the demand for effective insecticides remains high. Agricultural practitioners seek innovative formulations to tackle pests while minimizing environmental impact. Herbicides complement this by targeting unwanted vegetation, ensuring optimal nutrient uptake for cultivated crops.

Furthermore, fungicides safeguard crops against fungal diseases, preserving yield potential. As fungal pathogens continue to evolve, the need for resilient fungicidal solutions becomes imperative. Integrating fungicides into crop management practices is essential for maintaining crop health and maximizing profitability.

The agrochemicals market is characterized by a diverse range of products catering to specific agricultural needs. From conventional chemical formulations to bio-based alternatives, farmers have a plethora of options to optimize their operations. Insecticides, in particular, witness significant innovation, with novel modes of action and enhanced efficacy.

Alongside pest and disease management, fertilizers remain fundamental in sustaining soil fertility and supporting robust plant growth. Modern fertilizers are formulated to deliver nutrients efficiently, minimizing wastage and environmental impact. The integration of neem cake as an organic fertilizer exemplifies the industry’s shift towards sustainable practices.

Moreover, the agrochemicals market is witnessing increased emphasis on integrated pest management (IPM) strategies. By combining herbicides, insecticides, and fungicides with cultural and biological control measures, farmers can achieve comprehensive pest management while reducing reliance on chemical inputs.

In conclusion, the agrochemicals market serves as a cornerstone of modern agriculture, empowering farmers with the tools needed to overcome challenges and optimize productivity sustainably. Through continued research and innovation, the industry strives to develop solutions that are effective, eco-friendly, and economically viable, ensuring the long-term viability of global food production. 

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio