Agrochemicals Market Size to grow by USD 51.2 million between 2024-2028
According to a research report “ Agrochemicals Market” by Product (Fertilizers, Pesticides) Application (Cereals and grains, Oilseeds and pulses, Fruits and vegetables) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 51.2 million, at a CAGR of 4.51% during the forecast period. In the agrochemicals market, significant investments are being allocated towards the creation of innovative, eco-friendly herbicides. These new herbicides are designed to decompose rapidly post-application, reducing their environmental impact. Herbicides are utilized extensively across a diverse range of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. The growing consumer preference for fruits and vegetables, driven by health and fitness consciousness, significantly contributes to the demand for herbicides in agricultural applications. Despite ongoing debates regarding the ban of harmful herbicides, their affordability compared to alternative solutions continues to ensure their market presence..
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By Product, the Fertilizers segment is projected to dominate the market size in 2024
In the agrochemicals market, fertilizers play a pivotal role in enhancing crop productivity. Classified as synthetic and biofertilizers, synthetic fertilizers are further segmented into nitrogenous, phosphatic, and potassic forms. Nitrogen, a crucial macronutrient, is primarily found in nitrogenous fertilizers. Although nitrogen is abundant in the atmosphere, only specific plants can absorb it. Nitrogen promotes rapid plant growth, enhances color and texture, and boosts overall crop productivity. Urea, ammonia, and ammonium nitrate are common nitrogenous fertilizers. The agriculture sector's reliance on fertilizers for cereals, grains, fruits, vegetables, and oilseeds production is expected to drive market growth during the forecast period.
By Application, Cereals and grains segment is expected to hold the largest market size for the year 2024
In the agricultural sector, grains and cereals, pulses, oil seeds, fruits, and vegetables constitute a significant portion of crop-based applications. The escalating consumer preference for healthier food choices, leading to increased consumption of fruits and vegetables, fuels the demand for agrochemicals. Moreover, the acceptance and integration of organic farming practices have gained traction, necessitating the use of agrochemicals for ensuring safe cultivation methods and superior product quality. Traditional staples such as rice, wheat, and barley, which fall under the category of cereals and grains, continue to hold high demand due to favorable agricultural subsidies and consumer preference.
APAC is forecasted to hold the largest market size by region in 2024
The Agrochemicals market is a significant business sector, characterized by the production and distribution of essential products for enhancing agricultural productivity. These include pesticides, herbicides, fungicides, and fertilizers. Market growth is driven by increasing global food demand, agricultural intensification, and technological advancements in the sector. Key players are focusing on innovation, sustainability, and regulatory compliance to maintain a competitive edge.
The Agrochemicals Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Agrochemicals, a vital segment of the agricultural industry, encompasses a wide range of products including nitrogen fertilizers, anhydrous ammonia, inorganic fertilizers, and organic fertilizers. Nitrogen fertilizers, such as ammonia and nitrogenous fertilizers, play a significant role in enhancing crop yields, particularly in cereals, grains, fruits and vegetables, oilseeds, and pulses. Industrialization and urbanization have led to the intensive use of agrochemicals to meet the increasing food demand, leading to the expansion of arable lands for agriculture. Animal feed and animal husbandry also rely heavily on agrochemicals like fertilizers and pesticides. Inorganic fertilizers, such as phosphatic and potassic fertilizers, provide essential nutrients for plant growth, while organic fertilizers contribute to soil health and fertility. The agrochemicals market includes various types of pesticides, including insecticides, fungicides, herbicides, and fertilizers. These agrochemicals help protect crops from agricultural pests and diseases, ensuring higher yields and better quality produce. However, excessive use of agrochemicals can have negative impacts on ecosystems, leading to concerns about sustainability and environmental impact. In conclusion, the agrochemicals market plays a crucial role in modern agriculture, contributing to increased crop yields and food production. However, it is essential to use these agrochemicals responsibly and sustainably to minimize their impact on the environment and ensure long-term agricultural sustainability.
Market Research Overview
Agrochemicals, a critical segment of the agricultural industry, encompasses a wide range of products including Bactericides, Rodenticides, Phosphorus fertilizers, Potassium fertilizers, Nitrogen fertilizers, Anhydrous ammonia, Inorganic fertilizers, Organic fertilizers, and more. The agriculture sector's industrialization and urbanization have led to an increased demand for these products to maximize arable lands, increase crop yields, and protect against pests. Crop protection products such as Insecticides, Fungicides, Herbicides, and Pesticides are essential for safeguarding crops from agricultural pests. Phosphorus, Potassium, and Nitrogen fertilizers like Urea, Ammonium nitrate, Nitric acid, Synthetic ammonia, and Nitrogenous fertilizers are integral to enhancing plant nutrients in various crops, including Maize, Soy, Sorghum, Blueberries, and Fruits and vegetables. The organic fertilizer sector, including Neem cake and Bio fertilizers, has gained significant traction due to the growing organic food business, animal welfare regulations, and environmental protection concerns. Animal feed and Animal husbandry also rely on these agrochemicals for optimal growth and health. Fertigation, the application of fertilizers through irrigation systems, has become increasingly popular for efficient nutrient delivery. Cereals and grains, Oilseeds and pulses, and Fruits and vegetables all benefit from these agrochemicals to ensure food safety, health, and high crop yields. The agricultural sectors' ecosystems rely on these products to maintain productivity and sustainability.
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