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Agrochemicals Market worth $282.2 billion by 2028 - Exclusive Report by MarketsandMarketstm

CHICAGO, March 20, 2023 /PRNewswire/ -- The Agrochemicals Market is estimated to be valued at USD 235.2 billion in 2023. It is projected to reach USD 282.2 billion by 2028, recording a CAGR of 3.7% from 2023 to 2028 according to a report published by MarketsandMarketstm. The agrochemicals market has been influenced by some of the macroeconomic and microeconomic factors occurring in some of the key countries around the globe. This would prove potential enough to drive the market significantly in terms of value sales during the forecast period. With the rise in demand and preference for organic food products, agrochemical manufacturers have been strategizing to develop organic farm-friendly natural plant growth promoters. These products are supervised and certified by regulatory bodies, such as the US Department of Agriculture (USDA) and the European Food Safety Authority, among others, in respective regions.

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Favourable government policies, subsidies, and regulations are driving the market.

Labeling and manufacturing guidelines for specialty fertilizers, which serve as a mark of a superior standard or trust, have been mandatorily adopted and regulated in many nations, especially the US and European countries. Domestic fertilizer regulatory agencies promote these products under government policy frameworks to minimize the environmental hazards caused by leaching and nutrient loss. For instance, China's guiding catalog of Industrial Infrastructure Adjustment (2011 edition) classified CRFs as encouraging items, indicating the development of CRFs to speed up during China's 13th five-year plan from 2016?2020. The five-year plan indicates reduced use of pesticides and fertilizers and the introduction of water, food control, and safety management. According to a report published by Fertilizers Europe in 2021, the European fertilizer industry has greatly improved the energy efficiency of its ammonia production through the European Green Deal. In the future, ammonia will be produced with zero or near-zero carbon footprint. Similarly, the government of India has imposed no restrictions on the import of MOP.

The agrochemicals market is rapidly growing because of high demand for crop productivity globally.

Continuous advancements in the technology used in agriculture have led to a shift in farming practices. With the increased export and import of agricultural commodities across different geographies, especially in developing regions, new types of harmful organisms have emerged, leading to an increase in the demand for novel active ingredient products to safeguard crops.  Globalization of the agrochemical industry greatly impacts the Asian crop protection markets. With the highest population growth rate, increasing the need for food production, and economic growth, the demand for various agrochemicals, such as herbicides and pesticides, is increasing.

The demand for agrochemical products is rising due to increased research and development on the innovative adjuvant market.

In recent years, prominent agricultural players, such as Monsanto (US), Rizobacter (Brazil), DowDuPont (US) (now Corteva Agriscience), and Wilbur-Ellis Co. (US) have made certain developments through product launches, partnerships, and collaborations. In April 2018, Wilbur-Ellis Co. launched products such as DILIGENCE-EA, a new deposition and drift reduction product powered by the ACCUSTRIKE technology. DILIGENCE-EA is designed to reduce drift issues with different agrochemicals while maximizing the number of spray deposits that reach the intended target. The ACCUSTRIKE technology is the latest innovation in drift control products designed to reduce the liability that comes from off-target spray drift. Similarly, in 2019, Precision Laboratories (US) entered into a partnership with Monsanto (US) to develop intact drift reduction agents. These developments help boost the industry for drift control products.

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South America is projected to reach USD 73.2 billion during the forecast period.

Growth in this region is significantly contributed to by the growth in Brazil and Argentina, which are the world's most potent agricultural producers and are expected to grow well above the regional average. Brazil and Argentina are major producers of soybean, and hence, these countries have a significant contribution to oilseed production across the globe. The trade policies of South American countries have also proved favorable for the growth of oilseeds.  According to FAOSTAT, published in 2022, Brazil is amongst the top four largest producers of agricultural products due to the availability of abundant land and rural labor force, followed by Argentina. Growth in South America is significantly contributed by the increase in the adoption of agrochemicals and advancements in farming techniques in Brazil and Argentina, with distribution channels established by global agrochemical players.

The key players in this market include Bayer AG (Germany), Syngenta (Switzerland), and BASF (Germany) in this region.

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Agricultural Biologicals Market by Function, Product Type (Microbials, Macrobials, Semiochemicals, Natural products), Mode of Application (Foliar Spray, Soil and Seed treatment), Crop Type and Region - Global Forecast to 2027

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