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Agricultural Adjuvants Market is Expected to Grow at the Highest CAGR During the Forecast Period
Agricultural Adjuvants Market by Function (Activator and Utility), Chemical Group (Alkoxylates, Organosilicones, and Sulfonates), Application (Herbicides, Fungicides, and Insecticides), Formulation, Crop Type, and Region - Global Forecast to 2023
The agricultural adjuvants market is estimated at USD 3.13 billion in 2018 and is projected to reach USD 4.04 billion by 2023, at a CAGR of 5.24% during the forecast period. The agricultural and environmental benefits associated with these adjuvant solutions are the major factors contributing to the growth of this market, globally. Due to the growing demand for agrochemicals and the adoption of effective protective measures for crop cultivation, the market for adjuvants is projected to grow in the coming years.
The years considered for the study are as follows:
- Base year – 2017
- Estimated year – 2018
- Projected year – 2023
- Forecast period – 2018 to 2023
The agricultural adjuvants market is a relatively small sector in the crop protection chemicals industry; however, the market has been growing at a significant rate due to the increasing need for sustainable pest management in agricultural operations in developed countries. Strong research funding by key manufacturers for product development such as drift control and anti-foam agents is expected to drive the growth of the market over the next five years.
North America is estimated to lead the market in 2018; followed by Europe, owing to the high adoption of adjuvants to complement pesticide consumption in countries such as Germany, France, the US, and Canada. Increasing growth of industrial and high-value crops and rising awareness among farmers about the benefits of adjuvants are expected to provide more scope for market expansion. Moreover, ongoing research & development activities on better and efficient adjuvant solutions also render scope for growth of the market.
The major factors restraining the growth of agricultural adjuvants are the inconsistent regulatory procedures for adjuvant products across the globe and increased production costs for end-use farmers. Also, the increasing number of bans on a few pesticide classes in European and North American countries due to the growing environmental concerns caused by higher application of pesticides in agriculture—have also impacted the market to a huge extent.
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The global market for agricultural adjuvants is dominated by large players such as DowDuPont (US), Solvay (Belgium), Evonik Industries (Germany), Nufarm (Australia), and Croda International (UK). Some emerging players in the agricultural adjuvants market include BASF (Germany), Akzonobel (Netherlands), Huntsman Corporation (US), Helena Agri-Enterprises (US), Wilbur-Ellis (US), Stepan Company (US), Clariant (Switzerland), and BRANDT (US).
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