JERSEY CITY, NJ, Sept. 16, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently published a report: “agrochemicals marketBy fertilizer type (nitrogen fertilizers, phosphate fertilizers, potassium fertilizers), by pesticide type (fungicides, herbicides, insecticides), by crop type (cereals and grains, oilseeds, and legumes), and by geography.
According to the latest study by Verified Market Research, the agrochemicals market was valued at US$240.3 billion in 2021 and is projected to reach US$309.7 billion by 2030, growing at a CAGR of 3.6% from 2022 to 2030.
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37 – Numbers
Overview of the global agrochemicals market
Increasing demand for pesticides and overconsumption of liquid form agrochemicals are two major factors expected to drive demand for agrochemicals in the global market. Global food consumption has increased due to population growth, which has increased demand for agricultural products. This has contributed to an increase in the use of agrochemicals to improve crop production and advances in the agricultural sector. As a result, the use of agrochemicals, including fertilizers and pesticides, has become essential to meet food needs. This also increases global demand for new agricultural advances. Agrochemicals play an important role in increasing crop yield and quality.
Rapid urbanization and industrialization has led to a reduction in arable land as the number of industries, houses, highways and other infrastructure investment structures has increased. In addition, increasing population demand for more food, increasing technological advancement in agribusiness, lack of availability of arable land, increasing environmental concerns, and advances in crop breeding and management around the world are affecting the market growth and leading to increased utilization of agrochemicals . Economic growth increases people’s standard of living and their purchasing power. Increasing income causes a change in the eating habits of the population. Due to people’s changing eating habits, the market for agrochemicals has grown faster than the population.
- In October 2020, Syngenta Group announced the acquisition of Valagro, a leading biological company, by its Syngenta Crop Protection business unit. Syngenta Crop Protection is one of the key global companies poised to shape the fast-growing biologics market, which is expected to nearly double in size over the next five years.
- In April 2020, Sumitomo Chemical completed the acquisition of four South American Nufarm subsidiaries. As a result of this acquisition, Sumitomo Chemical can expand its development and sales network for crop protection products in South America, including Brazil, the world’s largest market for crop protection products.
- Timeline FX, an advanced cross-spectrum spring crop foliar herbicide, was introduced by Adama in February 2022. The herbicide was developed with three active ingredients with complementary modes of action, as well as a built-in adjuvant to provide growers with a range of different applications.
Global Agrochemicals Market study report provides valuable insights focused on the global market. The main players in the market are
- Hunter International
- Evonik Industries
- Croda International
- Helena Agri company
- Country O’Lakes
Based on the research, Verified Market Research has segmented the global agrochemicals market into fertilizer type, pesticide type, crop type, and geography.
- Agrochemicals Market by Fertilizer Type
- nitrogen fertilizer
- phosphate fertilizer
- potassium fertilizer
- Agrochemicals Market by Pesticide Type
- Agrochemicals Market by Crop Type
- cereals and grains
- oilseeds and legumes
- fruits and vegetables
- Agrochemicals Market by Geography
- North America
- United Kingdom
- rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- THE LINE
- Middle East & Africa
- Latin America
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