Global agricultural chemical market value 2019 & 2024

In 2019, the agrochemical market worldwide was worth 243.1 billion U.S. dollars. This is expected to increase to nearly 300 billion U.S. dollars in 2024.

Agricultural chemicals and their uses

Agricultural chemicals (also known as agrochemicals) are chemical agents that are used to protect crops from harmful things such as disease and pests. Additionally, they are used to improve or increase the growth and fertility of plants. Herbicides are used to kill weeds, fungicides are used to kill fungi, and insecticides are used to kill insects. Although the functions fulfilled by these products are very important, the use of agricultural chemicals such as pesticides is heavily criticized. Long term exposure to pesticides has been linked to diseases such as Parkinson’s, asthma, and leukemia. On an immediate basis, however, the health effects of pesticides include nose and throat irritation.

Agrochemical companies

The leading agrochemical company worldwide in 2018 based on sales was Chinese-owned company Syngenta. Based on market capitalization, Canadian fertilizer company Nutrien (the result of a merger between PotashCorp and Agrium) was one of the world’s leading agrochemical company as of 2019. Monsanto was previously one of the largest and most well-known agrochemical/biotechnology companies in the world. As of June 2018, Bayer finalized a deal to take Monsanto over.

Agricultural chemicals market value worldwide in 2019 and 2024

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Source

Release date

January 2020

Region

Worldwide

Survey time period

2019

Supplementary notes

* Forecast based on a CAGR of 4.3 percent during the forecast period 2019-2024.

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Statistics on "Agricultural chemical industry"

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