Latest Report Agrochemicals Market Is Estimated To Be US$ 325.4 Billion by 2032; Growing Focus on Agricultural Yield of Crop to Fuel Market Growth 2032.-BY PMI
According to Prophecy Market Insights “Agrochemicals Market accounted for US$ 227.9 billion in 2022 and is estimated to be US$ 325.4 billion by 2032 and is anticipated to register a CAGR of 3.6%.”
Covina, June 21, 2023 (GLOBE NEWSWIRE) — Herbicides, pesticides, fertilizers, insecticides are the examples of agrochemical product which are used in agriculture to protect crops from insects and pests. Agrochemicals kills damaging insects and help in improving growth of crop.
New product launch and growing demand for agrochemicals to protect crops has further fueled the market growth. Growing adoption of fertilizers to supply nutrients to crop for higher yield is expected to propel the demand for Agrochemicals market growth over the forecast period.
The agrochemicals market plays a crucial role in modern agriculture by providing farmers with tools to protect their crops and optimize production. These chemicals help to combat pests and diseases that can reduce crop yields, leading to food shortages and economic losses. Additionally, fertilizers ensure that crops receive the necessary nutrients for healthy growth and increased productivity.
Key Highlights:
In December 2022, Indian Agrochemical Firm GSP Crop Science, launched new chlorantraniliprole (CTPR) under brand name Ballot and Helipro which works through contact, injections, larvicidal, ovi-larvicidal on chewing pest insects.
In April 2022, BASF SE launched new “Exponus” insecticide which delivers powerful with quick & control of toughest pest like Thrips & Caterpillars and used on crops like pulses, oil seeds and vegetables.
Analyst View:
Use of agrochemicals to boost the production and productivity of crops by farmers is likely to propel market growth. To get rid of insects and pests from destroying growth of crops has given rise in use of fertilizers, pesticides, insecticides, herbicides which in turn, is anticipated to increase the demand for Agrochemicals market growth.
Key Market Insights from the report:
Agrochemicals Market accounted for US$ 227.9 billion in 2022 and is estimated to be US$ 325.4 billion by 2032 and is anticipated to register a CAGR of 3.6%. The Agrochemicals Market is segmented based on Product, Application and Region.
Based on Product, Agrochemicals Market is segmented into Crop Protection Chemicals, Fertilizers, Plant Growth Regulators and Others.
Based on Application, Agrochemicals Market is segmented into Fruits & Vegetables, Oilseeds & Pulses, Cereals & Grains and Others.
By Region, the Agrochemicals Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
| Attributes | Details |
| Agrochemicals Market Value (2022) | US$ 227.9Bn |
| Agrochemicals Market Projected Value (2032) | US$ 325.4Bn |
| Agrochemicals Market CAGR (2022 – 2032) | 3.6% |
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