Agricoltura
Agrochemicals Market to be Worth $289.5 Billion by 2030: Grand View Research, Inc.
Rapid industrialization and population growth have reduced the amount of arable land available, which has led to an increase in the use of agrochemicals such as fertilizers and plant growth regulators which has further fueled the market expansion. The agrochemicals sector has also benefited from the rising demand for crops needed in the role of animal feed and fiber in the textile industry.
In 2021, fertilizers dominated the market for agrochemicals. Due to their low cost and simple availability, phosphate and nitrogen fertilizers were most frequently used. The demand for biofertilizers has increased due to the recent trend of organic farming, which completely forgoes chemical-based fertilizers.
The market for agrochemicals was dominated by the fertilizer category. The pressure on agricultural land is rising due to the rising crop and food demand around the world, so farmers are using more amount of fertilizers to boost crop production and yield. The industry was worth USD 150.3 billion in 2021 and is anticipated to reach USD 188.08 billion by 2030, expanding at a CAGR of 2.8% during the forecast years.
Plant growth regulators such as auxins and cytokinins are expected to expand at the highest rate in the forecast period. The growing popularity of organic farming is expected to be a major driver of this segment, increasing its penetration in the market during the analysis period.
The growing concern regarding environmental safety among consumers and industrialists is influencing manufacturers to launch eco-friendly agrochemical products that have no or minimal impact on the environment. The companies operating in the agrochemicals market are consistently engaged in R&D and developing innovative and eco-friendly products. For instance, Clariant is offering bio-based green agricultural adjuvant 'Synergen OS'. This product is made up of methylated seed oil.
Asia Pacific accounted for maximum ammonium phosphate consumption in 2019. The region, led by China , remained the largest manufacturer and consumer of fertilizers and other agrochemicals in the same year. The economies of most of the countries in this region including India , China , and Japan are dependent on agriculture, which has increased the demand for fertilizers, thereby increasing the demand for ammonium phosphates.
Europe was the largest consumer of nitric acid and accounted for around half of the total consumption. This region, led by countries such as Sweden and Spain , has witnessed growth in its agriculture sector, driving the demand for nitric acid and ammonium nitrate. This has played a key role in the growth of the market for ammonium nitrate and nitric acid.
Grand View Research has segmented the global agrochemicals market based on product, application, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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