Agrochemical- Herbicide segment is fastest growing segment fueling the growth of Agrochemicals market

 

Agrochemicals Market

The global Agrochemicals Market is estimated to be valued at US$ 81274.23 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Agrochemicals are used to improve crop quality and yield. Herbicides, insecticides and fungicides help protect crops from being damaged by weeds, pests and diseases. This contributes significantly towards improving agricultural productivity and ensuring food security.

 

Market key trends:

Precision farming has emerged as a key trend in the agrochemicals market. Precision farming techniques rely on global positioning systems (GPS) technology, sensors, drones and data analytics to analyze soil conditions, monitor crop growth and optimize agrochemical application. This helps farmers apply agrochemicals only where needed, thereby reducing costs and minimizing environmental impact associated with overuse of agrochemicals. Precision farming is expected to drive demand for advanced agrochemicals that are compatible with precision application methods.

Segment Analysis

The global agrochemicals market is segmented based on product type, crop type, and region. By product type, the fertilizers segment dominates the market and accounted for about 75% share in 2023. This is because fertilizers such as nitrogenous, phosphatic, and potash are essential nutrients required for crop growth and are majorly used for high-value commercial crops.

 

Key Takeaways

The Global Agrochemicals Market Size is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing need to improve crop yields to meet the growing food demand.

 

Regional analysis

Asia Pacific dominates the global agrochemicals market with over 35% share in 2023 owing to the large agricultural base and growing population in countries such as China and India. The region is expected to continue its dominance during the forecast period due to rapid agricultural practices and increasing demand for food grains. North America and Europe hold a significant share as well due to robust agricultural activities in countries like the US, Brazil, and Germany.

 

Key players

Key players operating in the agrochemicals market are ADAMA Ltd., Arysta Life Science, Bayer AG, Isagro Spa, Nufarm, Nutrien Ltd, OCI Nitrogen, Sociedad Quimica Y Minera De Chile, and The Mosaic Company. Bayer AG dominated the market in 2023 due to its strong portfolio of fertilizers and crop protection products.

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https://www.dailyprbulletin.com/agrochemicals-market-size-share-growth-outlook-2023/

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