The Agrochemicals Market is being driven by Increasing use of herbicides
The Agrochemicals Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 56.3 billion. In the agricultural sector, pest control accounts for approximately 35% of a farmer's production costs, resulting in losses ranging from 11% to 32%. Traditional pesticides have long been a primary solution for managing pests; however, the emergence of pest resistance and growing concerns over environmental and health impacts have necessitated a shift towards more sustainable methods. Integrated Pest Management (IPM) represents a strategic approach to pest prevention in agricultural settings. This methodology encompasses various procedures, including inspection, monitoring, reporting, and the selective application of pesticides based on the pest's life cycle. IPM aims to create an unfavorable environment for pests through systemic resistance and optimal operation design, ultimately minimizing the reliance on chemical pesticides.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
217 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.7% |
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Market growth 2025-2029 |
USD 56.3 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
4.3 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), China, US, India, Japan, Brazil, South Korea, Germany, South Africa, Canada, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Agrochemicals Market encompasses various products like Microbial Pesticides, Growth Promoters, Biocontrol Agents (Fungal, Bacterial, Viral), Organic Fertilizers, and Soil Amendments. Challenges such as Fungicide Resistance, Herbicide Resistance, Nutrient Deficiency, Water Stress, Drought Tolerance, Salt Tolerance, and Climate Resilience require innovative solutions. Technologies like Precision Fertilization, Variable Rate Application, Remote Sensing, Satellite Imagery, Artificial Intelligence, Machine Learning, Big Data Analytics, Blockchain Technology, Smart Farming, Internet of Things, Data Management, Decision Support Systems, Farm Automation, Agricultural Robotics, Autonomous Tractors, Genetic Engineering, Genome Editing, Crop Breeding, Genetically Modified Crops, Biotechnology Research, and Food Traceability are transforming agriculture to optimize yield and ensure sustainable farming practices.
The global fertilizers and agricultural chemicals industry encompasses businesses engaged in the production of fertilizers and agrochemicals, including crop protection solutions like insecticides, herbicides, fungicides, nematicides, and plant growth regulators, as well as seed treatments and soil health solutions. Market size is determined by the revenues generated by manufacturers of various fertilizer and agrochemical types. Market expansion will be fueled by the continuous launch of innovative products, with industry players focusing on broadening their offerings to cater to evolving agricultural needs. Additionally, the shift towards precision agriculture and sustainable farming practices is expected to provide significant growth opportunities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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