According to a recently released Fact.MR industry analysis, the worldwide agrochemical market is expected to reach a valuation of US$ 269.3 billion by 2024. By the end of 2034, it is anticipated that global agrichemical sales income would reach US$ 442.9 billion, growing at a compound annual growth rate (CAGR) of 5.1%.

The demand for crop protection and agricultural efficiency is constantly rising, which is driving up agrochemical usage. They are employed to shield crops from pests, illnesses, and weeds. The need for agrochemicals is rising due to a number of factors, including population growth, reduced arable land, increased crop production, and the need for increased agricultural productivity.

Due to the increased demand for fruits and vegetables, agrochemicals like pesticides and fertilisers are being used sparingly in an effort to increase productivity while maintaining high standards of food safety. Organic farming is aided by the growing manufacture of bio-based and sustainable agrochemicals with less harmful substances, which also meets the needs of farmers looking for environmentally beneficial alternatives.

With North America and Europe doing rather well, East Asia is the largest regional market for agrochemicals. Although the demand for other goods, such as soil conditioners and acidifying agents, is predicted to grow significantly quicker over the next several years, pesticides already make up more than half of all agrochemical sales.

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Key Takeaway from 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:

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.; The Archer-Daniels-Midland Company.

High Demand for Pesticides for Ensuring Security of Food Products from Diseases and Infections:

By the end of 2034, the global market for pesticides is expected to be worth US$219.7 million, with a compound annual growth rate (CAGR) of 3.9%. They are used to shield crops from pests, illnesses, and weeds. Additional subcategories of pesticides include herbicides, insecticides, and fungicides. Additionally, by minimising agricultural losses due to pest infestations and illnesses, these compounds are essential for guaranteeing the security of food supplies.
Agrochemical Market News:

·      In 2022, Corteva Inc. developed a new postemergence maize herbicide called Kyro. It is the first product on the market that combines active chemicals like acetochlor, topramezone, and clopyralid into a single premix. This recently created tool offers prolonged residual control by combining efficiency settings for managing roughly 65 of the most challenging and weed-resistant spices.

·      In January 2022, Lantmannen and Yara International ASA signed a deal to introduce fertilisers free of fossil fuels. A commercial agreement for green fertilisers was reached as a result of this partnership; Yara will produce them, while Lantmannen will sell them.

More Valuable Insights on Offer:

With its new product, Fact.MR offers an objective analysis of the agrochemical market, including projected statistics for the years 2024 to 2034 as well as historical demand data from 2019 to 2023.
Across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA), the study provides key market insights by product type (fertilisers [nitrogen-based, potassium-based, phosphorous-based, and others], pesticides [insecticides, fungicides, herbicides, bactericides, and others], and usage (cereals, pulses & oilseeds, fruits & vegetables, lawns & turfs, and others).

Source: https://www.prnewswire.co.uk/news-releases/agrochemical-market-is-forecasted-to-reach-442-9-million-by-2034--with-a-cagr-of-5-1--factmr-report-302208604.html