The pesticide and agricultural chemicals market has grown from $102.9 billion in 2023 to $113.86 billion in 2024, with a CAGR of 10.7%. Growth factors include crop yield enhancement, government policies, and responses to disease outbreaks. The market is projected to reach $169.77 billion by 2028, with a CAGR of 10.5%. Key drivers include digital agriculture, precision technologies, and the adoption of biological solutions. Trends to watch include the rise of biopesticides, innovations in agtech, and the growing importance of sustainability and food safety.
Major Driver In The Pesticide And Other Agricultural Chemicals Market
The world population's expected growth to reach 10 billion by 2050 is anticipated to significantly boost the pesticide and other agricultural chemicals market. The population increase creates a heightened demand for food, necessitating amplified crop production, farming activities, and trade volumes to meet the escalating needs. Consequently, farmers and commercial farming companies are anticipated to acquire more arable land to augment crop production, subsequently driving demand for insecticides, herbicides, and fungicides during the forecast period. Additionally, by 2023, the pesticide and agricultural chemicals market witnessed remarkable growth, reaching a valuation of $75 billion. Forecasts for 2028 project sustained expansion, with the market estimated to surpass $110 billion.
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Pesticide And Other Agricultural Chemicals Market Competitive Landscape
Mitsui Chemicals Inc., BASF SE, Marubeni Corporation, Bayer AG, Nutrien Ltd., Syngenta AG, Sumitomo Chemical Co. Ltd., Reckitt Benckiser Group plc, Corteva Inc., China National Chemical Corporation, DuPont de Nemours Inc., Nippon Soda Co. Ltd., Bharat Rasayan Limited, Sinochem International Corporation, Chemours Inc., FMC Corporation, Adama Agricultural Solutions, Nufarm Limited, Nissan Chemical Corporation, Arysta Lifescience Corporation, PI Industries Ltd., Meghmani Organics Limited, Crystal Crop Protection Pvt. Ltd., Gowan Co. LLC, Isagro S.p.A., Rallis India Limited, Albaugh LLC, UPL Limited, Rotam Agrochemical Company Ltd., Wynca Group, Insecticides India Limited, Drexel Chemical Co. Inc., Willowood Limited
Key Pesticide And Other Agricultural Chemicals Market Trend
Toxicologists globally are adopting nanotechnology in the development of new, environmentally friendly insecticides. Nanoparticles have revolutionized the pharmaceutical and chemical industries. Pesticidal nanoformulations are ultrafine particles with enhanced permeability, stability, and solubility. Most engineers believe that nanotechnology can help make insecticides much safer. Nano-sized insecticides can be sprayed in lesser amounts on agricultural fields in comparison with conventional forms. For example, Lansiumamide B (antibacterial) is formulated as a nanocapsule to treat tobacco bacterial wilt. Thiamethoxam (insecticide) is sprayed as nanoscaled fiber, and Deltamethrin (insecticide) is formulated as a lipid nanoparticle.
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Pesticide And Other Agricultural Chemicals Market Segmentation
The pesticide and other agricultural chemicals market covered in this report is segmented –
1) By Type: Herbicides, Insecticides, Fungicides, Other Pesticide and Other Agricultural Chemicals
2) By Origin: Synthetic, Bio-Based
3) By Application: Grains and Cereals, Pulses and Oilseeds, Commercial Crops, Fruits and Vegetables, Other Applications
By Geography:The regions covered in the pesticide and other agricultural chemicals market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the pesticide and other agricultural chemicals market in 2023.
The Pesticide And Other Agricultural Chemicals Global Market Report 2024 furnishes information about the global pesticide and other agricultural chemicals market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
