Global Agrochemical market size expected to reach $338.49 Billion by 2030
23 February 2024, New Delhi: The global agrochemical market size is expected to reach $338.49 billion by 2030, at a CAGR of 4.0% from 2023 to 2030. The growth of this market is driven by the rising demand for low-cost crop protection solutions, the growing need to increase crop yield and quality, growth in organic farming & the rising demand for organic food, growing awareness about environmental safety, increasing focus on soil management practices to drive the demand for soil conditioners, and increasing government initiatives to promote the use of biopesticides.
Furthermore, an increasing focus on integrated pest management and emerging economies in Asia-Pacific and Latin America are expected to provide significant growth opportunities for players operating in this market. However, stringent and non-standardized regulations, high demand for synthetic fertilizers, and lack of education & awareness among farmers hinder the growth of this market. On the other hand, lengthy product registration and approval processes are a major challenge for market growth.
The findings are part of a research report published by Meticulous Research titled, ‘Agrochemicals Market by Type (Fertilizers, Synthetic Chemicals, Biological Chemicals, Biostimulants, Plant Growth Regulators), Form (Dry, Liquid), Mode of Application (Seed Treatment, Soil Treatment, Fertigation), Crop Type – Global Forecast to 2030.’
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