Agrochemicals Market Size Worth $311.39 Billion By 2032 | CAGR: 3.3%

The global agrochemicals market size is expected to reach USD 311.39 billion by 2032, according to a new study by Polaris Market Research. The report “Agrochemicals Market Share, Size, Trends, Industry Analysis Report, By Type (Fertilizers, Pesticides); By Pesticide Type; By Fertilizer Type; By Crop Type; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing world population is showcasing the stringent need to boost agriculture production, particularly food in the marketplace. The inefficiency of producing a higher amount of yield on the limited land through traditional farming methods fueled the use of agrochemicals by farmers. Increasing knowledge and availability of pesticides and fertilizers among farmers is significantly driving the consumption of agrochemicals.

The growing awareness about the circular economy and rising concerns about environmental pollution are emphasizing the importance of developing sustainable agrochemicals in the global market. To meet changing global demand, companies are working on research and development activities and entering collaborative frameworks to innovate new products.

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Key players, specifically in developing countries driven by a larger population base, are significantly boosting agrochemical demand. For instance, in December 2023, Sumitomo Chemical planned to establish a new agrochemical plant in India, to be completed by 2027, with an investment of USD 35 Mn to increase its production capacity by 80% in the nation.

Farmers are getting more dependent on the agrochemicals with the rising incidence of plant diseases arising from weeds, & insects, thereby increasing agriculture output. The adoption of modern farming practices, including precision agriculture and genetically modified crops, drives the demand for agrochemicals. These practices require specialized agrochemicals to optimize crop production and protect against pests and diseases.

Government policies, subsidies, and regulations influence the demand for agrochemicals. Supportive policies that promote agricultural productivity and provide incentives for agrochemical use can stimulate demand. However, regulations related to pesticide use, environmental protection, and food safety also impact demand.

Agrochemicals Market Report Highlights

• The fertilizers segment is anticipated to witness the highest growth in the coming years due to farmers' rising initiatives to increase their earning capacity.
• In 2023, the Herbicides segment accounted for the largest market share owing to its ability to increase the supply of soil nutrients to crops.
• The nitrogen fertilizer segment held a significant revenue share due to its effectiveness in driving plant growth, followed by productivity.
• The Asia Pacific region is expected to witness the fastest growing CAGR during the forecast period, attributable to the growing new agrochemical innovations in farms.
• The global players include ADAMA, Ashland, BASF, Bayer, Clariant, Croda International, Evonik Industries, FMC, & Helena Agri-Enterprises.

Polaris Market Research has segmented the agrochemicals market report based on type, pesticide type, fertilizer type, crop type, and region:

Agrochemicals, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Fertilizers
• Pesticides

Agrochemicals, Pesticide Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Insecticides
• Herbicides
• Fungicides
• Nematicides
• Other Pesticide Types

Agrochemicals, Fertilizer Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Nitrogenous Fertilizers
  • Urea
  • Ammonium Nitrate
  • Ammonium Sulfate
  • Ammonia
  • Calcium Ammonium Nitrate
  • Other Nitrogenous Fertilizers
• Phosphatic Fertilizers
  • Diammonium Phosphate
  • Monoammonium Phosphate
  • Triple Superphosphate
  • Other Phosphatic Fertilizers
• Potassic Fertilizers
  • Potassium Chloride
  • Potassium Sulfate
  • Other Potassic Fertilizers
• Other Fertilizer Types

Agrochemicals, Crop Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Cereals & Grains
  • Corn
  • Wheat
  • Rice
  • Other Cereals & Grains
• Oilseeds & Pulses
  • Soybean
  • Sunflower
  • Other Oilseeds & Pulses
• Fruits & Vegetables
  • Apples
  • Cucumbers
  • Grapes
  • Pears
  • Potatoes
  • Bananas
  • Avocado
  • Tomatoes
  • Cucurbits
  • Other Fruits & Vegetables
• Other Crop Types

Agrochemicals, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of LA
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Agrochemicals Market Report Scope