The Global Agrochemicals Market Exhibiting A Cagr Of 6.2% During The Forecast Period (2021 To 2027)

Agrochemicals are chemical products designed specifically for use in agriculture to increase crop yield and protect crops from pests, insects, weeds, fungi, and other pests. Agrochemicals can be manufactured using both chemical and biological methods. Synthetic agrochemicals are harmful to the environment and are gradually being phased out in favour of bio-based pesticides and fertilisers. Pesticide processes have vastly improved as a result of advancements in synthetic chemical manufacturing in order to meet the enormously growing global population and the resulting increases in food demand. Despite the effective use of pesticides, it is estimated that up to 40% of the world's crops are ruined by plant pests and diseases.

 

The global agrochemicals market is estimated to surpass US$ 103,383.4 Mn by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2021 to 2027).

 

Increasing demand for food supply as a result of rapid population growth has prompted Agrochemicals intensification over the last few decades. Agrochemicals (fertilisers and various pesticides) are rigorously used in agriculture to address rising food demands, bridging the gap between food production and consumption. However, the concurrent unbalanced use of agrochemicals degrades the environment and poses serious challenges to aquatic and terrestrial ecosystems. Various research studies have found that the use of fertilisers and pesticides in agriculture has increased significantly in both developed and developing countries in recent years in order to maximise crop yields.

 

Because of disruptions in the supply chain for various Agrochemicals products, the agrochemicals market has had little impact in the aftermath of the COVID-19 pandemic. The agrochemical sector is expected to recover quickly as food grain production increases in both developed and developing economies. The major factors driving the global agrochemicals market include rising population and consequent increase in food demand, soil degradation, limited agricultural land, and increased consumer awareness of the benefits of agrochemicals. However, the potential harm of using synthetic pesticides such as 2, 4-D and atrazine herbicide may stymie market growth. When used in higher concentrations, agrochemicals pollute surface water and harm the environment. As a result, the production of bio-based fertilisers and pesticides has created a plethora of opportunities for key market players.