The report "Agrochemicals Market by Pesticide Type (Herbicides, Insecticides, Fungicides), Fertilizer Type (Nitrogenous, Phosphatic, and Potassic), Crop Application (Cereals & Grains, Oilseeds, Fruits & Vegetables), and Region - Global Forecast to 2025", is estimated to grow from USD 208.6 billion in 2020 and is projected to reach USD 246.1 billion by 2025, at a CAGR of 3.4% during the forecast period.
Increasing demand for food supply due to the rapid growth in the human population has triggered agricultural intensification during the last few decades. For addressing the growing food demands, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which accomplishes the gap between food production and consumption.
Nitrogen fertilizer, by fertilizer type, is estimated to account for the largest market share during the forecast period
Nitrogen fertilizers are the most widely used fertilizers in agricultural field. Amongst all nitrogen fertilizer, urea is the most used nitrogenous fertilizer in countries across the globe because of its high N content (46%N). Hence, it is one of the most widely used dry granular sources of nitrogen. It is preferred by the fertilizer manufacturing industry since it is relatively easy to manufacture. On a ton-for-ton basis, urea contains 35% more nitrogen than ammonium nitrate. This has implications on the storage and transport of nitrogen fertilizer products. Urea is considered a relatively stable product to store and transport, and it is for this reason that the transportation of urea is considered very cost-effective in comparison to its most common alternative, ammonium nitrate. Although urea often offers farmers the most nitrogen for the lowest price on the market, special steps must be taken when applying urea to the soil to prevent the loss of nitrogen through a chemical reaction.
How much is the agrochemical industry worth?
Demand for agrochemicals market will generate a revenue of USD 246.1 billion by 2025.
Asia Pacific is estimated to hold the largest market share during the forecast period
The Asia Pacific agrochemicals market is fragmented among multinational companies and numerous small-scale manufacturers who produce fertilizers and pesticides depending on the crops cultivated. There are more global players in the market that are trying to enter the Asia Pacific region by undertaking mergers & acquisitions or partnerships. The demand for fertilizers and pesticides has been growing in this region due to the increasing investment of overseas business lines in agricultural inputs to exclusively meet the demand of crop growers for attaining export quality.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the agrochemicals market. It consists of the profiles of leading companies such as Bayer (Germany), BASF (Germany), Yara International (Norway), Compass Minerals (US), and Syngenta (Switzerland), Adama Ltd (Israel), Sumitomo Chemicals (Japan), Nufarm Limited (Australia), UPL (India), K+S Group (Germany), and Israel Chemical Company (Israel).
Bayer (Germany) operates through four business segments, namely pharmaceuticals, consumer health, animal health, and crop science. The crop science division of the company has been working on introducing crop protection agrochemical products and digital solutions. The crop protection business offers a broad portfolio of highly effective herbicides, fungicides, insecticides, plant growth regulators, and seed treatment products with chemical or biological modes of action. The company provides extensive customer service to support sustainable agriculture.
Bayer has a vast geographic reach and has marked its presence in more than 87 countries. It has a significant market share in Asia Pacific countries, which account for approximately 20% of the total annual revenue share.
BASF SE (Germany) is a Germany-based chemical company. It operates through six segments, which include chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. It provides many agrochemical products such as herbicides, fungicides, insecticides, and seed treatment products that provide crops with higher resistance to diseases and pests to increase the potential yield.
It has a strong focus on innovation and development. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Asia, Australia, the Americas, and Africa. BASF has customers in over 190 countries and supplies products to a wide variety of industries.