SAN
FRANCISCO, Aug. 6, 2024 /PRNewswire/ -- The
global agrochemicals industry is anticipated to witness an upward
growth curve between the years 2024 and 2030, as per the market
intelligence reports published by Grand View Research. Some of the
prominent factors driving this growth are the rising global demand
for fertilizers, the need for maintenance and protection of crops
in varied climatic conditions, the increased adoption of precision
farming practices, and the increasing demand for food for the
ever-increasing global population.
Concurrently, however, considering their potential harm to
consumers and the environment, synthetic agrochemicals are
witnessing increasing regulatory scrutiny by governments,
regulatory bodies, and environmental organizations worldwide. In
addition, the increasing preference for organic alternatives
globally may also hinder the market growth of the global
agrochemicals industry. Following is a list of markets that are
driving growth for the agrochemicals industry:
The global agricultural adjuvants market was estimated at
USD 3.80 billion in 2023 and is
projected to grow at a compound annual growth rate (CAGR) of 4.7%
from 2024 to 2030. The market growth is attributed to the
increasing demand for crop protection products in agricultural
fields, as approximately 25% of the world's crop output is lost
yearly due to diseases and attacks by pests and weeds. Pesticide
consumption is also expected to drive market growth, as most
adjuvants are used in pesticides.
The agricultural biologicals market size was
estimated at USD 7.13 billion in 2023
globally, and it is anticipated to expand at a compound annual
growth rate (CAGR) of 9.4% from 2024 to 2030. The rising demand for
organically cultivated food products is projected to be a key
driving factor for market growth. Agricultural biologicals help
protect plants against pests and are increasingly becoming an
integral part of modern farming practices.
Global biochar market size was estimated at
USD 541.8 million in 2023 and is
projected to register a compound annual growth rate (CAGR) of 13.9%
from 2024 to 2030. Increasing product consumption in producing
organic food and its ability to enhance soil fertility & plant
growth are expected to be key factors driving market growth.
The biofertilizers market size was valued at
USD 1.66 billion in 2023 globally and
is expected to grow at a CAGR of 13.3% from 2024 to 2030. The
increasing usage of microbes in biofertilizers proves the potential
for sustainable farming methods and food safety. The increasing
concern with respect to food safety is expected to drive the market
for biofertilizers over the forecast period.
Global biological seed treatment market size was
estimated at USD 1.28 billion in 2022
and is projected to expand at a compound annual growth rate (CAGR)
of 12.4% from 2023 to 2030. The surging demand for chemical-free
crops is expected to drive the growth of the industry over the
forecast period. A shift in consumer trends toward the improvement
of personal health and consumption of healthy food is also likely
to fuel the product demand.
The global biostimulants market size was estimated
at USD 2.6 billion in 2022 and is
anticipated to register a compound annual growth rate (CAGR) of
7.4% from 2023 to 2030. This growth is attributed to the rising
demand for the product from various end-use applications such as
seed, soil, and foliar treatment. Biostimulants are fertilizers
that are created organically and are used to nourish agricultural
products as well as to promote plant growth and production.
The crop protection chemicals market size was valued at
USD 43.24 billion in 2022 globally
and is expected to grow at a compound annual growth rate (CAGR) of
5.6% from 2023 to 2030. This growth is attributed to the increasing
need for food security due to the rising global population along
with increasing awareness of crop protection for healthy yields.
The agricultural industry is driven by the rising demand for food
due to the increasing population, this is likely to propel the
growth of the product market during the forecast period.
Global nitric acid market size was estimated at
USD 29.8 billion in 2022 and is
projected to grow at a compound annual growth rate (CAGR) of 2.4%
from 2023 to 2030. The growth for the product is expected to be
driven by increasing demand for the product from fertilizer
formulators and by rising consumption of fertilizers in agrarian
economies of the world.
The worldwide nitrogenous fertilizer market size was
valued at USD 57.2 billion in 2021
and is expected to register a compound annual growth rate (CAGR) of
5.7% in terms of revenue from 2022 to 2030. The growth is
attributed to the increasing popularity of agriculture on a
commercial level across the world. There has been a rising demand
for nitrogenous fertilizers from the agriculture industry for
providing appropriate nutrition to the various food crops, thereby
improving their yield.
The global phosphoric acid market was valued at
USD 41.26 billion in 2022 and is
anticipated to expand at a compound annual growth rate (CAGR) of
4.2% from 2023 to 2040. Phosphoric acid is mainly used to produce
phosphate fertilizers, such as Mono-Ammonium Phosphate (MAP) and
Diammonium Phosphate (DAP), which is expected to drive market
growth over the forecast period.
The rodenticides market size was valued at
USD 5.27 billion in 2022 globally and
is expected to grow at a compound annual growth rate (CAGR) of 5.6%
from 2023 to 2030. Factors such as the increasing prevalence of
pest-related diseases, a surging rodent population, rising demand
for pest control, and the availability of natural rodenticides are
likely to be major drivers of market growth.
The global white oil market size was valued at
USD 2.0 billion in 2021 and is
projected to expand at a compound annual growth rate (CAGR) of 4.2%
from 2022 to 2030. The demand for the product is anticipated to be
driven by the growth in the personal care and pharmaceutical
industries. Globally, rising product demand from medicinal and
cosmetics applications is expected to be a major driver for the
market growth.
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
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SOURCE Grand View Research, Inc.