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A recent report published by Infinium Global Research on agrochemicals market provides in-depth analysis of segments and sub-segments in the global as well as regional agrochemicals market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional agrochemicals market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global agrochemicals market. The global agrochemicals market was valued at nearly USD 223 billion in 2022 and is expected to reach more than USD 285 billion in 2030, with a CAGR of over 3% during the forecast period 2023-2030.
Agrochemicals are particularly engineered chemical products for use in agriculture to enhance crop productivity and safeguard crops from pests, insects, weeds, fungi, and others. Furthermore, agrochemicals can be produced in both, chemical as well as biological methods. Synthetic agrochemicals are a hazard to the environment and are progressively being replaced by bio-based pesticides and fertilizers. Considering the current global population scenario, it is of extreme importance to upsurge the production of crops within the present arable land to feed the worldwide population. Consequently, agrochemicals play an essential role in the agriculture industry, assisting farmers in enhancing their crop quality as well as quantity.
High population growth has boosted food consumption across the globe, which has surged the demand for agricultural products. This has contributed towards an upsurge in the usage of agriculture chemicals to improve crop production and developments in the agriculture sector. Therefore, the usage of agrochemicals such as fertilizers and pesticides has become a necessity to meet the increasing demand for food. This is also boosting the demand for new technologies and innovations in the agriculture industry, worldwide. Agrochemicals play a vital role in augmenting crop yield and quality. However, the increasing market demand for safe and healthy food products and improving per capita income are factors that are estimated to continue driving the organic food industry and increase the usage of biofertilizers, which, in turn, hamper the agrochemicals market in the near future.
The Asia Pacific region dominates the global agrochemicals market and is expected to continue its dominance during the forecast period. The Asia Pacific region has seen a change in consumption patterns on account of urbanization and rapid income growth. Processed food, meat, and dairy consumption have been witnessing high growth in this region, which will boost the market growth. Furthermore, Europe is the second-largest market for agrochemicals owing to the increasing investments in the agricultural sector and better water preservation techniques in this region. Western European countries, such as Spain, Germany, France, and Italy, are expected to dominate the regional market.
The report on global agrochemicals market covers segments such as type, and crop type. On the basis of type, the sub-markets include fertilizers, and pesticides. On the basis of crop type, the sub-markets include cereals & grains, oilseeds & pulses, fruits & vegetables, and others.
The report provides profiles of the companies in the market such as IFFCO, Adama Agricultural Solutions, Mosaic, Sumitomo Chemical Co., Ltd., BASF SE, Dow AgroSciences (acquired by Corteva Agriscience), ICL GROUP LTD, Yara, Bayer AG, and OCP Group.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the agrochemicals market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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