Agrochemicals Market size was valued at USD 224.90 Billion in 2019 and is poised to grow from USD 231.20 billion in 2023 to USD 288.36 billion by 2031, at a CAGR of 2.80% during the forecast period (2024-2031).
Horticulture, floriculture, and agriculture use artificial chemicals or biological components called agrochemicals to increase crop quality and yield. Horticulture, floriculture, and agriculture use artificial chemicals or biological components called agrochemicals to increase crop quality and yield. Adjuvants, pesticides, and fertilizers are included in agrochemicals. These agrochemicals are used for specific purposes and vary on the type of plantation or crop being grown. It might be synthetic or biobased. The agrochemicals industry is growing significantly due to rise in the need for food. The population is expanding, thus, the demand for agricultural products and use of agrochemicals is increasing. This is to enhance crop yields. Consequently, to meet the need for food, agrochemicals are essential.
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Tech Tools in Farming: The Role of Technology in Agrochemical Advancements
The continuous advancements in agricultural technology have brought about changes in farming techniques. As a result of the increased import and export of agricultural commodities across many geographies, especially in developing countries, new types of harmful organisms have surfaced. This has increased consumer demand for products that preserve crops using cutting-edge active chemicals. The crop protection markets in Asia is influenced by globalization of the agrochemical industry. The need for food production has increased due to fastest growth of population. As a result, prices of agrochemicals, including pesticides and herbicides are rising.
Policy Impact: Driving Forces Behind Agrochemical Adoption and Productivity
The need for agrochemicals has increased due to increased agricultural production globally, and the government has played a significant role in increasing this demand. Farmers must accept tax cuts and subsidies to support government programs. Better fertilizers are more in demand in nations where agriculture is the main industry. In these circumstances, the global agrochemicals market’s overall revenue volume is predicted to rise.
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Companies Advancing Within the Agrochemicals Sector
- February 2022: Adama released Timeline® FX, an enhanced cross-spectrum spring foliar herbicide for cereals. Thanks to its three complimentary active ingredients and integrated adjuvant, this product gives farmers the widest application window of any herbicide for controlling grass and broadleaf weeds for cereal crops.
- January 2022: Yara and Lantmännen signed a business agreement in bringing fossil-free fertilizers to the market. Due to this collaboration, a commercial arrangement for green fertilizers was reached; Yara will now produce fertilizers, while Lantmännen will begin marketing them in Sweden in 2023.
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Evolution of Agrochemical Solutions
Agrochemicals enable farmers to grow crops that are higher-quality and more plentiful. The global market is extremely competitive due to the large number of local competitors. Strong fertilizers and pesticides such as fumigants, herbicides, rodenticides, insecticides, fungicides, and regulators of plant development are being pushed onto the market by manufacturers. Players are compared to one another based on a variety of factors, such as services, innovation, sustainability, and company reputation, in addition to product quality, pricing, and availability.
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