The agrochemicals market was USD 221.7 billion in 2022, which will increase to USD 301.5 billion, growing at a 3.9% compound annual growth rate, by 2030.
The growth of this industry is primarily because of the increase in the populace and the subsequently surging requirement for food across the globe. This is resulting in a growing need for fertilizers among farmers to provide nutrients to the crops/plants and improve their production.
Moreover, continuous research & development activities to produce superior-quality agricultural chemicals are likely to further boost this industry. The accessibility of food is wholly dependent on the efficiency as well as the extent of agriculture. Thus, governments have greatly funded in this area.
The cereals & grains category, on the basis of application, will propel at the fastest rate in the years to come. These substances are significantly utilized in cereals & grains as crops like rice might have a low quantity of nutrients and lower production because of the bad quality of the soil. To tackle this issue, minerals are included in fertilizers, to enhance the grain output as well as nutrient content.
The fruit & vegetables category, on the other hand, will advance at the second-fastest rate in the years to come. This can be mainly because of the increasing understanding among consumers about fitness and health, for which an appropriate consumption of minerals and vitamins is key.
In 2022, the fertilizer category, on the basis of type, was the largest contributor to the agrochemicals market, with an 80% share. The rise in sales will be substantial in the coming years because of the manufacturing of numerous fertilizers, coupled with governments’ and businesses' efforts to make farmers informed of their advantages.
In addition, the mounting populace boosts the need for fertilizers by putting the agricultural community under deep pressure to comply with the mounting need for food.
APAC was the industry leader in 2022, and it will remain leading throughout this decade. This will be because of the existence of an enormous populace as well as key companies in this region. Chemical firms providing the agricultural community are employing mergers, acquisitions, and collaborations, to enter this region, to attain a significant share.
North America is likely to be the second-largest contributor in the coming years. This is because of the dropping count of farming fields and the increasing need for nutritious food. Thus, the necessity to enhance crop quality and productivity has increased, which is boosting the adoption of fertilizers or crop protection agents.
It is because of the surge in the population and the subsequently mounting need for food, the agrochemicals industry will continue to progress in the years to come.
Source: P&S Intelligence
Comments