Agrochemicals Market Size Worth $272.0 Billion By 2028

Grand View Research, Inc.

SAN FRANCISCO, Jan. 26, 2022 /PRNewswire/ -- The global agrochemicals market size is anticipated to reach USD 272.0 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 2.8% from 2021 to 2028. The global market is predominantly driven by the increasing demand for crop protection products in the agricultural field across the globe. Approximately 25% of the world crop output is lost every year due to diseases and attacks by pests & weeds. Hence, agrochemicals play a vital role in enhancing crop yield and production. Growing food demand, increasing adoption of precision farming methods, shrinking arable land due to increasing population, and rapid urbanization & industrialization across the globe are some also among the key factors driving the market.

Key Insights & Findings from the report:

• The fertilizer segment accounted for the maximum revenue share in 2020 owing to its extensive consumption of fertilizers in the global agricultural sector for the enhancement of crop production
• It also helps in providing nutrients to the crops; thus, farmers incorporate various types of fertilizers, such as nitrogen fertilizers and diammonium phosphate, in their agricultural practices
• The herbicides sub-segment held a significant market share in 2020. Herbicides are the most extensively used pesticides in the world. They are mainly used to control weed formation in the agricultural cropland
• According to the FAO, in 2019, the total consumption of herbicides was more than 2 million tons, more than 2 folds compared to insecticides
• The cereals & grains application segment led the market in 2020 owing to the high production of grains and cereals compared to other crops
• Moreover, the demand for these products is increasing across the world owing to the increasing population. Cereals and grains cover vast cropland and thus the requirement for fertilizers and pesticides is more in this segment

Read 100 page market research report, "Agrochemicals Market Size, Share & Trends Analysis Report By Product (Fertilizers, Plant Growth Regulators), By Application (Cereal & Grains, Fruits & Vegetables), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.