Global Agrochemicals Industry Poised For Lucrative Growth by the Year 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 6, 2024 /PRNewswire/ -- The global agrochemicals industry is anticipated to witness an upward growth curve between the years 2024 and 2030, as per the market intelligence reports published by Grand View Research. Some of the prominent factors driving this growth are the rising global demand for fertilizers, the need for maintenance and protection of crops in varied climatic conditions, the increased adoption of precision farming practices, and the increasing demand for food for the ever-increasing global population.

Concurrently, however, considering their potential harm to consumers and the environment, synthetic agrochemicals are witnessing increasing regulatory scrutiny by governments, regulatory bodies, and environmental organizations worldwide. In addition, the increasing preference for organic alternatives globally may also hinder the market growth of the global agrochemicals industry. Following is a list of markets that are driving growth for the agrochemicals industry:

The global agricultural adjuvants market was estimated at USD 3.80 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. The market growth is attributed to the increasing demand for crop protection products in agricultural fields, as approximately 25% of the world's crop output is lost yearly due to diseases and attacks by pests and weeds. Pesticide consumption is also expected to drive market growth, as most adjuvants are used in pesticides.

The agricultural biologicals market size was estimated at USD 7.13 billion in 2023 globally, and it is anticipated to expand at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030. The rising demand for organically cultivated food products is projected to be a key driving factor for market growth. Agricultural biologicals help protect plants against pests and are increasingly becoming an integral part of modern farming practices.

Global biochar market size was estimated at USD 541.8 million in 2023 and is projected to register a compound annual growth rate (CAGR) of 13.9% from 2024 to 2030. Increasing product consumption in producing organic food and its ability to enhance soil fertility & plant growth are expected to be key factors driving market growth.

The biofertilizers market size was valued at USD 1.66 billion in 2023 globally and is expected to grow at a CAGR of 13.3% from 2024 to 2030. The increasing usage of microbes in biofertilizers proves the potential for sustainable farming methods and food safety. The increasing concern with respect to food safety is expected to drive the market for biofertilizers over the forecast period.

Global biological seed treatment market size was estimated at USD 1.28 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 12.4% from 2023 to 2030. The surging demand for chemical-free crops is expected to drive the growth of the industry over the forecast period. A shift in consumer trends toward the improvement of personal health and consumption of healthy food is also likely to fuel the product demand.

The global biostimulants market size was estimated at USD 2.6 billion in 2022 and is anticipated to register a compound annual growth rate (CAGR) of 7.4% from 2023 to 2030. This growth is attributed to the rising demand for the product from various end-use applications such as seed, soil, and foliar treatment. Biostimulants are fertilizers that are created organically and are used to nourish agricultural products as well as to promote plant growth and production.

The crop protection chemicals market size was valued at USD 43.24 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. This growth is attributed to the increasing need for food security due to the rising global population along with increasing awareness of crop protection for healthy yields. The agricultural industry is driven by the rising demand for food due to the increasing population, this is likely to propel the growth of the product market during the forecast period.

Global nitric acid market size was estimated at USD 29.8 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 2.4% from 2023 to 2030. The growth for the product is expected to be driven by increasing demand for the product from fertilizer formulators and by rising consumption of fertilizers in agrarian economies of the world.

The worldwide nitrogenous fertilizer market size was valued at USD 57.2 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 5.7% in terms of revenue from 2022 to 2030. The growth is attributed to the increasing popularity of agriculture on a commercial level across the world. There has been a rising demand for nitrogenous fertilizers from the agriculture industry for providing appropriate nutrition to the various food crops, thereby improving their yield.

The global phosphoric acid market was valued at USD 41.26 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2040. Phosphoric acid is mainly used to produce phosphate fertilizers, such as Mono-Ammonium Phosphate (MAP) and Diammonium Phosphate (DAP), which is expected to drive market growth over the forecast period.

The rodenticides market size was valued at USD 5.27 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. Factors such as the increasing prevalence of pest-related diseases, a surging rodent population, rising demand for pest control, and the availability of natural rodenticides are likely to be major drivers of market growth.

The global white oil market size was valued at USD 2.0 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030. The demand for the product is anticipated to be driven by the growth in the personal care and pharmaceutical industries. Globally, rising product demand from medicinal and cosmetics applications is expected to be a major driver for the market growth.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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