Agrochemical market expected to reach a revenue of $343.6 Bn by 2033_ Analysis by Dimension Market Research
The Global Agrochemical Market is expected to constant growth driven by technological innovations, expansion into emerging markets, and a focus on sustainable solutions. However, challenges like regulatory pressures, resistance concerns, and trade barriers may temper the pace of expansion, requiring adaptation & investment in green alternatives and precision agriculture.
The Global Agrochemical Market size is expected to reach $256.0 billion by 2024 and is further anticipated to reach $343.6 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 3.3% from 2024 to 2033.
Asia Pacific region is expected to secure a significant 30.3% market share in 2024, driven by major agricultural regions like China, India, and Japan. China’s distinction as the world’s leading pesticide manufacturer & exporter, along with India’s position as the fourth-largest global agrochemical producer, as per the OECD and FAO, contribute to the region’s growth, which is vital, influencing per capita income & consumer spending. Further, in North America, the US is expected to lead in the agrochemical market, driven by its dominance in key crops and favorable agricultural conditions.
Agrochemicals, containing chemical & biological formulations, play a major role in enhancing crop quality & productivity. Pesticides protect against pests & weeds, while fertilizers enrich soil & crop quality, providing global efforts to improve agricultural output on existing land during challenges like urbanization & industrialization.
The fertilizer segment is expected to claim a significant revenue share in 2024, driven by its vast usage to enhance crop production, mainly in cereals & grains. Further, the agrochemical sector’s growth depends on proper & effective applications to boost yields. In addition, the crop protection chemicals market is expected to experience major growth, mainly led by herbicides, fungicides, and insecticides, along with other products like bactericides and rodenticides.
Important Insights
- The global agrochemical market is expected to grow by USD 87.6 billion by 2033 from 2024 with a CAGR of 3.3%.
- The fertilizer segment is anticipated to secure a significant revenue share in 2024, mainly in cereals and grains. Further, effective applications for yield enhancement drive the growth in the agrochemical market through crop protection chemicals.
- The cereal & grains category is set to lead the market in 2024, fueled by growing consumption in the Asia-Pacific region & global fertilizer demand. In addition, the fruits and vegetables category anticipates steady growth due to rising global demand, particularly from health-conscious consumers.
- Asia Pacific is set to claim a substantial 30.3% market share in 2024, boosted by major agricultural players like China, India, and Japan, while North America, led by the US, anticipates agrochemical market growth in the coming years.
Global Agrochemical Market: Trends
- Digital Agriculture: The integration of digital technologies like AI, machine learning, and IoT is transforming farming practices, improving efficiency, and driving the need for smart agrochemical solutions.
- Biologicals Boom: There’s a major shift towards bio-based agrochemicals driven by consumer preferences for sustainable products and regulatory pressures, creating a growth in demand for biopesticides and biostimulants.
- Climate Resilience: Growing climate variability & extreme weather events are driving the requirement for agrochemicals that improve crop dependency and adaptability, like drought-tolerant seeds and stress-tolerant pesticides.
- Precision Application: The adoption of better agriculture techniques, like targeted spraying & variable rate application, is on the growth, optimizing agrochemical usage, lowering environmental impact, and enhancing crop yields.
