Agricultural Adjuvants Market Anticipated to Grow at Much Faster Rate in Upcoming Years 2022 – 2031
Agricultural Adjuvants Market Trends
Asia-Pacific is identified as the dominant market, accounting for more than one-third of the global agricultural adjuvants market in 2021
WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ -- The Agricultural Adjuvants Market report by Allied Market Research forecasts significant growth in the industry, projecting a rise from $3.5 billion in 2021 to $6.4 billion by 2031, with a compound annual growth rate (CAGR) of 6.1% from 2022 to 2031. Factors such as increased demand for effective insecticides, heightened pesticide use in agriculture to boost crop production, and a growing global population driving demand for food and beverages are propelling market growth. However, concerns over the toxicity of agricultural spray adjuvants are posing challenges. Despite this, opportunities lie in consumer focus on health and wellness, innovation in crop protection products, development of advanced adjuvant molecules, and the adoption of eco-friendly formulations by key industry players.
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The COVID-19 pandemic initially slowed down the market due to reduced demand for crop protection chemicals and adjuvants. Challenges in operations and supply chain disruptions were encountered by chemical manufacturers worldwide. However, with the relaxation of COVID restrictions and government support for local businesses, the market is expected to regain traction between 2022 and 2023.
The report identifies activators as the dominant product segment, contributing over three-fifths of the market in 2021, with a projected CAGR of 6.4% from 2022 to 2031. Tank-mix adjuvants are anticipated to maintain their leadership position in utilization type, representing nearly three-fourths of the market share in 2021, with a CAGR of 6.3% during the forecast period. In terms of application, herbicides are expected to retain their lion's share, while the insecticides segment is forecasted to witness the largest CAGR of 6.5% from 2022 to 2031.
Geographically, Asia-Pacific is identified as the dominant market, accounting for more than one-third of the global agricultural adjuvants market in 2021, with a projected CAGR of 7.2% during the forecast period. The region's vast agricultural lands and growing awareness about the benefits of adjuvants with spray chemicals are cited as key factors driving market growth.
Leading market players such as BASF SE, Corteva, Croda International Plc, and others are highlighted in the report. These players have implemented various strategies, including expansion, new product launches, and partnerships, to enhance their market penetration and strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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