Expanding Agricultural Industry to Boost Agrochemicals Market, Projected to Reach US$ 281.7 billion by 2028
At the conclusion of the forecast period, the worldwide Agrochemicals Market is anticipated to reach US$ 281.7 billion while expanding at a CAGR of 4.9%, in terms of value. The demand for agrochemicals in the global market is anticipated to increase as a result of factors including rising pesticide demand and rising consumption of agrochemicals in liquid form.
The global agrochemicals market is expected to grow at a significant rate in the next few years due to increasing demand for food production and improving agricultural practices. Agrochemicals are essential to maintaining crop health and protecting them from pests and diseases. The market is primarily driven by the growth of the agriculture industry, technological advancements, and increasing population.
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The report provides a detailed analysis of the agrochemicals market, including market size, segmentation, and key trends. The market is segmented by type, application, and region. The report also includes a competitive landscape analysis of key players operating in the market.
Key Findings
- The global agrochemicals market is expected to grow at a CAGR of 4.9% from 2021 to 2028.
- The herbicides segment is expected to hold the largest market share during the forecast period.
- Asia Pacific is expected to dominate the market due to the large population, increasing demand for food, and growing awareness of agrochemicals.
Market Overview
Agrochemicals are chemicals used in agriculture to enhance crop production, protect crops from pests and diseases, and improve soil fertility. They include pesticides, fertilizers, and plant growth regulators. The market for agrochemicals is primarily driven by the growth of the agriculture industry, technological advancements, and increasing population.
Market Players
Bayer AG, YARA International ASA, BASF SE, Israel Chemicals Ltd., Nutrien Ltd., FMC Corporation, The Mosaic Company, Fengro Industries Corp., PhosAgro, DowDuPont Inc., OCI N.V., Fertilizantes Heringer S.A., WinHarvest Pty Ltd, Syngenta AG, K+S KALI GmbH, Saudi Arabia Fertilizer Company (SAFCO), Jordan Abyad Fertilizers and Chemicals Company
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Market Segmentations
The global agrochemicals market is segmented by type, application, and region.
Based on type, the market is segmented into herbicides, insecticides, fungicides, and others. The herbicides segment is expected to hold the largest market share during the forecast period due to their high demand for weed control in crop production.
Based on application, the market is segmented into crop-based and non-crop-based. The crop-based segment is expected to hold the largest market share during the forecast period due to the high demand for agrochemicals in crop production.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to the large population, increasing demand for food, and growing awareness of agrochemicals.
Competitive Landscape
The global agrochemicals market is highly competitive, with the presence of several large and small players. Some of the key players operating in the market include BASF SE, Dow Chemical Company, Monsanto Company, DuPont, and Syngenta AG. These companies are focusing on research and development, strategic collaborations, and mergers and acquisitions to expand their product portfolio and market share.
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the global agrochemicals market is expected to grow at a significant rate in the next few years due to increasing demand for food production and improving agricultural practices. The market is segmented by type, application, and region. The herbicides segment is expected to hold the largest market share during the forecast period, and Asia Pacific is expected to dominate the market. The market is highly competitive, with the presence of several large and small players. The key players are focusing on research and development, strategic collaborations, and mergers and acquisitions to expand their product portfolio and market share.
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