Agricultural Adjuvants Market to Garner $6.4 Billion, Globally, By 2031 at 6.1% CAGR, Says Allied Market Research
Rise in demand for effective insecticides, increase in use of pesticides in agriculture to maximize crop production and yield and the spike in demand for food and beverages due to the growing population drive the growth of the global agricultural adjuvants market. On a regional level, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period.
PORTLAND, Ore., Aug. 22, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Agricultural Adjuvants Market by Product Type (Activators, Spray Modifiers, Utility Modifiers), by Utilization Type (Tank-mix Adjuvants, In-can Adjuvants), by Application (Pesticides, Herbicides, Insecticides, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global agricultural adjuvants industry generated $3.5 billion in 2021, and is estimated to reach $6.4 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031. The report offers a detailed analysis of the changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.
Drivers and Opportunities
Rise in demand for effective insecticides, increase in use of pesticides in agriculture to maximize crop production & yield, and spike in demand for food and beverages due to the growing population drive the growth of the global agricultural adjuvants market. However, toxicity associated with the use of agricultural spray adjuvants hampers the market growth. On the other hand, increase in focus on health and wellness among consumers, launch of innovative crop protection products that maximize crop yields, development of advanced adjuvant molecules and formulation technology that includes multi-components and multi-functional adjuvants, and use of green chemistries by key players for formulating eco-friendly adjuvant products are expected to present lucrative opportunities for the growth of the agricultural adjuvants market in the future.
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- The outbreak of the COVID-19 pandemic negatively impacted the demand for agricultural crop protection chemicals and adjuvants, leading to a slowdown of sales.
- Chemical manufacturers in many countries faced challenges regarding operation and supply chain due to the rapid spread of the virus, implementation of emergency protocols, and shutdown of several operations during the lockdown.
- However, the market is expected to gain traction during the period, 2022-2023. Economies are reviving as governments of various nations relaxed Covid restrictions and are supporting local businesses.
The activators segment to rule the roost during the forecast period
Based on product type, the activators segment grabbed more than three-fifths of the global agricultural adjuvants market in 2021, and is expected to rule the roost during the forecast period. The same segment is projected to witness the largest CAGR of 6.4% from 2022 to 2031. This is due to the extensive use of activators in agriculture. Activators are adjuvants that alter particle size, viscosity, evaporation rate and other characteristics of agrochemicals.
The tank-mix adjuvants segment to maintain its lion’s share during the forecast period
Based on utilization type, the tank-mix adjuvants segment contributed to nearly three-fourths of the global agricultural adjuvants market in 2021, and is expected to maintain its leadership status during the forecast period. The same segment is projected to witness the largest CAGR of 6.3% from 2022 to 2031. Tank-mix adjuvants can be used with diverse plant protection products, such as non-selective herbicides, horticulture insecticide sprays, cotton defoliant, and others. They are capable of improving spray formation, retention, and efficiency of agrochemical products.
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The herbicides segment to maintain its lion’s share during the forecast period
Based on application, the herbicides segment contributed to nearly half of the global agricultural adjuvants market in 2021, and is expected to maintain its leadership status during the forecast period. Most of the adjuvants available in the market are designed and proven to help herbicides stick, cover and penetrate the leaves reaching the target area effectively. According to the Australian Pesticide and Veterinary Medicine Authority, herbicide adjuvants are used mainly to improve product efficiency and improve ease of herbicide application. The insecticides segment is projected to witness the largest CAGR of 6.5% from 2022 to 2031. Incorporation of adjuvants with insecticides enhances the performance of insecticides in cold weather condition. Moreover, physical and chemical properties of pesticides or sprays can be enhanced with the use of adjuvants.
Asia-Pacific to dominate the market during the forecast period
Based on region, Asia-Pacific was the largest market in 2021, accounting for more than one-third of the global agricultural adjuvants market, and is expected to maintain its dominance during the forecast period. The same segment is projected to manifest the fastest CAGR of 7.2% during the forecast period. This is because the region comprises vast agricultural lands for cultivation. In addition, the growing demand for staple food and other food products that push the need for high crop yield, and the growing awareness regarding the benefits of adjuvants with spray chemicals in another factor driving the market in the region.
Leading Market Players
- BASF SE
- Croda International Plc
- Evonik Industries
- GarrCo Products Inc.
- Helena Agri-Enterprises LLC
- Loveland Products Inc.
- Nufarm, Solvay Inc.
- WinField Solutions LLC
The report analyzes these key players of the global agricultural adjuvants market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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