The global agrochemicals market is estimated to be valued at USD 235.2 billion in 2023. It is projected to reach USD 282.2 billion by 2028, recording a CAGR of 3.7% during the forecast period. Increasing demand for food supply due to the rapid growth in the human population has triggered agricultural intensification during the last few decades. According to World Population Prospects 2022, the world population reached an all-time high of 8 billion. The growing population puts immense pressure on the limited agricultural land for higher yields. To address the growing food demand, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which bridges the gap between food production and consumption.
Key players in this market include Bayer AG (Germany), BASF SE (Germany), Syngenta (Switzerland), Corteva (US) and EuroChem Group (Switzerland).
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Bayer AG is a life science corporation with over 150 years of history and core expertise in healthcare and agriculture. The company operates through three business segments: pharmaceuticals, consumer health, and crop science. The crop science division of the company has been working on introducing crop protection agrochemical products and digital solutions. The crop protection business offers a broad portfolio of highly effective herbicides, fungicides, insecticides, and seed treatment products with chemical modes of action. In addition, the company provides extensive customer service to support sustainable agriculture. For instance, in November 2022, Bayer AG launched Lune Flex fungicide in the US for crops, including apples, citrus, and fruiting vegetables. This fungicide provides growers with a defense to help control problematic diseases, such as scab, melanose, powdery mildew, and gummy stem blight. With this new product, the company would strengthen its position in the US and expand its fungicide portfolio. In March 2021, to develop new cloud-based digital tools and data science solutions for use in agriculture and related industries, Bayer and Microsoft went under a partnership. This partnership brought new infrastructure and foundational capabilities to accelerate innovation, increase efficiency, and support sustainability across value chains. Similarly in October 2021, Solvay acquired Bayer’s global seed coating business with facilities in France and tolling operations in US and Brazil. This business is recognized for seed coatings and seed-enhanced products, such as Peridiam, fluency powders, Certop, Pro-ized pigment and Talkum. With this acquisition, Bayer AG expanded its crop protection portfolio.
BASF SE is one of the leaders operating in the agrochemical products industry. The company markets its products in various categories, including chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. It provides agrochemical products through its agricultural solutions unit, which comprises fungicides, herbicides, insecticides, biological solutions, and seeds and seed treatment products. For instance, in September 2022, BASF SE launched, Revylution fungicide, that contains Revysol and is used against disease, speckled leaf blotch, in wheat crops, by New Zealand farmers. With this introduction, the company is catering to the needs of its consumers and strengthening its position in New Zealand. Similarly in August 2022, Corteva Agriscience and BASF SE revealed their long-term partnership to create innovative soybean weed control products for growers worldwide. The two businesses concurred to jointly license soybean traits while creating complementary herbicide technologies, allowing both to provide cutting-edge soybean weed control options. BASF SE and Corteva Agriscience collaboration helps farmers to develop weed control alternatives that are different from the pre-existing ones.
Syngenta is a key player in agribusiness, operating through its crop protection and seeds segments. Within the crop protection division, the company offers solutions for selective herbicides, non-selective herbicides, fungicides, insecticides, seed care, controls, and other crop protection products. The company markets its products in over 90 countries across the globe. Like, in May 2022, VICTRATO a seed treatment, that is a cutting-edge technology with a potent mix of nematode and disease management, was presented by Syngenta Crop Protection's Seedcare division. The product aimed to help growers improve the quality and production of their crops and maintain the long-term health of their soil. Syngenta Ag expanded its seed treatment portfolio by launching products under the segment and catering to farmers' demand. Likewise, in August 2022, Syngenta in Argentina granted regulatory approval for Syngenta's TYMIRIUM technology, enabling farmers to access cutting-edge, highly effective nematicide and fungicide for both seed and soil usage, even at low use rates. The TYMIRIUM technology offers long-lasting defense against soil-borne illnesses. The ability to shield plant roots from harm, move to the plant's above-ground sections, and guard against early-season illnesses are only a few of its many advantages. The product is straightforward to use and compatible with various crop inputs. The global rollout of more than 100 crops in more than 60 countries has reached a significant turning point for Syngenta with the successful registration in Argentina.
Agrochemicals Market by Type (Fertilizers, Pesticides), Crop Type (Cerelas & Grains, Oilseeds & Pulses, Fruits & Vegetables), Fertilizers Type, Pesticide Type (Insecticides, Herbicides, Fungicides, Nematicides) and Region - Global Forecast to 2028
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