Agrochemicals refer to the set of chemicals that are used in agriculture. These include pesticides, herbicides, or fertilizers used for the management of ecosystems in agricultural sectors. Agrochemicals are used for a variety of reasons ranging from protection against pests, improving nutrient quality, altering pH levels of the soil, and helping in the growth of the crop.
The prices of most agrochemicals are regulated in the market. However, there have been significant price fluctuations in the price of agrochemicals in the recent past. Herbicides, for example, have demonstrated uncertain price tendencies. While the prices of 2,4-D 98% Herbicide has shown a constant increase (from USD 2.6/kg in March 2017 to USD 3.79/kg in December 2020), similarly prices of Glufosinate 95% have been constantly declining (from USD 30.58/kg in March 2017 to USD 22.6/kg in December 2020).
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Demand Outlook
The global agrochemicals market is valued at USD 208.6 billion as of 2020 and is expected to grow at a CAGR of 3.4% till 2025. The geographic demand will be driven by APAC with countries like China, India, and Vietnam being the major consumers in the APAC market. Fertilizers and pesticides are the two most commonly used types of agrochemicals in the market and occupy approximately 60% of the overall agrochemicals market.
Cost Drivers
The growing need for food due to the growth in population is the fundamental reason which drives the growth of agrochemicals. In addition to this, the requirement of healthy food with adequate nutrients and crops untarnished by pests are driving the requirement for fertilizers and pesticides. Over the last decade, the requirement for biofertilizers has been consistently increasing. Similarly, the overall requirement for bio-based products in agrochemicals as compared to synthetic agrochemicals has increased. One of the major downsides of synthetic agrochemicals is that it is not sustainable in nature. While the immediate effects of using synthetic agrochemicals are fulfilling, it leaves the soil barren over an extended period of time. Bio-based agrochemicals cost higher than their synthetic counterparts. Therefore, the growing demand for bio-based agrochemicals is helping drive the overall growth of the market from a value-based perspective.
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