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Pharmaceutical industry

Agrochemicals Market to Grow by $35.53 Billion During 2020-2024, Driven by Increasing Use of Herbicides

Strategic Insights

— 2 min read

The agrochemicals market is poised to grow by $35.53 billion during 2020-2024, progressing at a Compound Annual Growth Rate (CAGR) of about 4% during the forecast period. The market is driven by the increasing use of herbicides, which has been instrumental in driving the growth of the market. However, the rising popularity of organic farming might hamper market growth.

Key Takeaways:

  • The agrochemicals market is expected to grow by $35.53 billion during 2020-2024, with a CAGR of about 4%.
  • The market is driven by the increasing use of herbicides, which accounted for the largest share of the market in 2019.
  • The market is segmented into product, geography, and vendor landscape, with the product segment being the largest contributor to market growth.
  • The implementation of IPM (Integrated Pest Management) as a method of crop protection is a prime reason driving the agrochemicals market growth during the next few years.
  • Archer Daniels Midland Co., BASF SE, Bayer AG, Cargill Inc., CF Industries Holdings Inc., DuPont de Nemours Inc., Evonik Industries AG, Nissan Chemical Corp., Nutrien Ltd., and Yara International ASA are some of the major market participants.
  • The market is expected to witness a moderate level of competition, with a moderate level of fragmentation expected during the forecast period.
  • The market drivers include the increasing use of herbicides, growing demand for food, and increasing awareness about crop protection.
  • The market challenges include the rising popularity of organic farming, stringent regulations, and environmental concerns.
  • The market trends include the growing adoption of IPM, increasing use of precision farming, and rising demand for sovereign agrochemicals.
  • The vendor landscape of the market is experiencing a moderate level of competition, with a moderate level of fragmentation expected during the forecast period.

Statistics:

  • The agrochemicals market is expected to grow by $35.53 billion during 2020-2024, with a CAGR of about 4%.
  • The market is driven by the increasing use of herbicides, which accounted for the largest share of the market in 2019, at 63.1% and 55.1% respectively in term of market share.
  • The product segment was the largest contributor to market growth, accounting for 67.1% and 66.1% respectively in term of market share in 2019.
  • The implementation of IPM as a method of crop protection is a prime reason driving the agrochemicals market growth during the next few years.
  • The market is expected to witness a moderate level of competition, with a moderate level of fragmentation expected during the forecast period.
  • The market drivers include the increasing use of herbicides, growing demand for food, and increasing awareness about crop protection.
  • The market challenges include the rising popularity of organic farming, stringent regulations, and environmental concerns.
  • The market trends include the growing adoption of IPM, increasing use of precision farming, and rising demand for sovereign agrochemicals.

Sources:

  • Businesswire, "Technavio has been monitoring the agrochemicals market and it is poised to grow by $ 35.53 bn during 2020-2024, progressing at a CAGR of about 4% during the forecast period."
  • Technavio, "Agrochemicals Market 2020-2024."

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