The need for various agrochemicals including fertilizers and pesticides is rising owing to the increase in population, which triggers demand for crops and vegetable production. The global agrochemical additives market is anticipated to reach a valuation of US$ 2.7 Billion by 2032, with sales growing at a 4.6% CAGR over the assessment period.
While the demand for food products is rising all across the globe, cultivation area is decreasing as a result of urbanization, industrialization, and development in the infrastructure. The market of agrochemical additives has been substantially influenced by certain socio-demographic factors, economic development, urbanization, and high demand for genetically modified crops.
Furthermore, focus on seed treatment, rationalization of rates, post-harvest agrochemical regulations, innovation funds for aggrotech, and import substitutions are expected to fuel the agrochemical additive market.
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“Growing demand for functional foods and high-nutrient food products is driving sales of agrochemical additives. In addition to this, significant government-backed investments, and subsidies for crop production across emerging economies will augment the growth in the market,” says an FMI analyst.
Key Takeaways:
- By end use, pesticides are expected to account for a dominant share of the total demand for agrochemical additives.
- Based on crop type, the cereals and grains segment is anticipated to hold about 35.8% of the overall consumption.
- India is expected to emerge as a lucrative pocket in the South Asia agrochemical additives market over the assessment period.
- China will continue dominating the East Asia agrochemical additives market over the forecast period.
Competitive Landscape
Leading players operating in the global agrochemical additives market include Syngenta, Bayer, BASF, UPL, Compass Minerals, Adama Ltd., Sumitomo Chemicals., Nufarm Limited., K+S Group., and the United States Israel Chemical Company (Israel).
Some recent developments in the market include:
- In Oct 2021, one of the prominent market participant United Phosphorus announced its long-term collaboration with a global bioscience company Chr. Hansen to commercialize microbial-based solutions for sustainable agriculture.
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Agrochemical Additive Market Segmentation
By End Use:
- Fertilizers
- Pesticides
- Plant Growth Regulators
- Soil Conditioners
- Liming and Acidifying agents
By Application:
- Crop Protection
- Seed Treatment
- Soil Health
- Solvents
- Dispersants
- Preservatives
- Others
By Crop Type:
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Plantation Crops and Hydroponics
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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