High Need for Improved Crop Protection and Agricultural
Efficiency Widening Application Scope of Agrochemicals.
ROCKVILLE, Md., July 30,
2024 /PRNewswire/ -- According to a newly published
industry analysis by Fact.MR, a market research and competitive
intelligence provider, the global Agrochemical
Market is projected to reach a value of US$ 269.3 million in 2024. Revenue from the
sales of agrochemicals has been forecasted to increase at a CAGR
of 5.1% from 2024 to 2034.
Constantly increasing demand for crop protection and
agricultural effectiveness is stimulating the consumption of
agrochemicals. They are used for protecting crops from weeds,
diseases, and pests. Increased need for improved agricultural
productivity, higher crop yield, decreasing arable land, and
population growth are contributing to the growing demand for
agrochemicals. Surging demand for vegetables and fruits is leading
to the judicious consumption of agrochemicals, such as fertilizers
and pesticides, for higher yields with quality standards and high
food safety. Growing production of sustainable and bio-based
agrochemicals with less toxic ingredients is helping in organic
farming and matching the requirements of farmers seeking
environment-friendly solutions.
East Asia is the leading
regional market for agrochemicals, with North America and Europe not doing too badly. Pesticides account
for more than half of overall agrochemical sales at present, though
the demand for other products such as soil conditioners and
acidifying agents is expected to increase much faster over the
coming years.
For More Insights into the Market, Request a Sample of this
Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10296
Key Takeaway from Agrochemical Market Study:
- The global market for agrochemicals has been forecasted to
increase to a size of US$ 442.9
million by the end of 2034.
- East Asia is estimated to
capture a share of 38.4% of the global market by
2034-end.
- Demand for agrochemicals in Japan is expected to increase at a CAGR of
6% from 2024 to 2034.
- Sales of agrochemicals in South
Korea are analyzed to rise at 3.2% CAGR through 2034.
- Worldwide demand for fertilizers is projected to increase at a
CAGR of 6% and reach a market value of US$
131.1 million by the end of 2034.
- The market in Canada is
projected to expand at 6.8% CAGR from 2024 to 2034.
"Incorporating sustainability in agrochemical production
is helping market players in resource conservation and reducing
environmental impacts, thereby increasing profit share,"
says a Fact.MR analyst.
Leading Players Driving Innovation in the Agrochemical
Market:
Some of the leading agrochemical manufacturers are BASF SE,
Nutrien Ltd., Bayer AG, YARA International ASA, Israel Chemicals
Ltd., The Mosaic Company, PhosAgro, Fengro Industries Corp.,
DowDuPont Inc., Fertilizates Heringer S.A., Syngenta AG, Saudi
Arabia Fertilizer Company, FMC Corporation, OCI N.V., WinHarvest
Pty Ltd., Nufarm Ltd., and The Archer-Daniels-Midland Company.
High Demand for Pesticides for Ensuring Security of Food
Products from Diseases and Infections
Worldwide demand for pesticides is projected to increase at
a CAGR of 3.9% and reach a market value of US$ 219.7 million by the end of 2034. They are
utilized for protecting crops from weeds, diseases, and pests.
Herbicides, insecticides, and fungicides are further sub-segments
of pesticides. In addition, these chemicals are vital for ensuring
the security of food products by preventing crop losses because of
diseases and pest infestations.
Agrochemical Industry News:
- In 2022, Corteva Inc. developed a new postemergence
herbicide for maize called Kyro. It is the first product on the
market to combine acetochlor, topramezone, and clopyralid, among
other active chemicals, into a single premix. This recently created
solution offers longer residual control by combining efficiency
modes to handle approximately 65 of the most challenging and
weed-resistant spices.
- In January 2022, Lantmannen and Yara International ASA
signed a contract to introduce fertilizers devoid of fossil fuels.
A business agreement was reached as a result of this partnership
for green fertilizers, which will be produced by Yara and sold by
Lantmannen.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to
2034, by Product Type:
- Fertilizers
- Pesticides
- Others
Global Market Analysis 2019 to 2023 and Forecast 2024 to
2034, by Usage:
- Cereals
- Pulses & Oilseeds
- Fruits & Vegetables
- Lawns & Turfs
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of
the agrochemical market, presenting historical demand data (2019 to
2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on
product type (fertilizers [nitrogen-based, potassium-based,
phosphorous-based, others], pesticides [insecticides, fungicides,
herbicides, bactericides, others], others [soil conditioners,
acidifying agents]) and usage (cereals pulses & oilseeds,
fruits & vegetables, lawns & turfs, others), across seven
major regions of the world (North
America, Latin America,
Western Europe, Eastern Europe, East
Asia, South Asia &
Pacific, and MEA).
Check out More Related Studies Published by Fact.MR
Research:
Potash Fertilizers Market is expected to expand at
a CAGR of 5.4% to reach a market valuation of US$
48.9 billion by 2032.
Crop Protection Chemicals Market is expected to grow at
a CAGR of 4.6% to reach US$ 125.2 billion by
2033.
Foliar Fertilizers Market to grow at an average annual
growth rate of ~4% over the assessment period of 2019-2029.
Seaweed Bio-fertilizers Market is projected to reach a
valuation of $30.5 Mn by 2032, expanding at a CAGR
of 8% through the forecast period of 2022-2032.
Chlorpropham Market is estimated to be valued at
US$ 94.6 million in 2023 and it is
anticipated to grow at a CAGR of 4.1% to reach US$ 141.4 million by the end of 2033.
Controlled Release Fertilizer Market is projected to reach
US$ 5.4 Billion by 2033, growing at a
Compound Annual Growth Rate (CAGR) of 5.0%.
Agricultural Film Sales Outlook for North America are pegged at US$ 1.34
billion in 2023 and are projected to increase at a CAGR
of 3.9% to reach US$ 1.97 billion by 2033.
About Us:
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for its comprehensive market reports and invaluable business
insights. As a prominent player in business intelligence, we
deliver deep analysis, uncovering market trends, growth paths, and
competitive landscapes. Renowned for its commitment to accuracy and
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intelligence, FACT.MR continues to assist companies in navigating
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competitive landscape.
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SOURCE Fact.MR