North America Agrochemicals Market Size (2024 - 2029)

North America Agrochemicals Market Analysis

The North America Agrochemicals Market size is estimated at USD 37.91 billion in 2024, and is expected to reach USD 46.36 billion by 2029, growing at a CAGR of 4.10% during the forecast period (2024-2029).

• Over the years, the agrochemical market in North America has undergone significant transformations, marked by robust growth, evolving crop mix trends, and stringent environmental regulations. As a result, there is a heightened emphasis on judiciously utilizing optimal chemicals while minimizing their environmental impact. Regulations are pivotal in shaping this market. The agrochemical market is witnessing a steady emergence of price premiums and innovative, eco-friendly production methods.
• The main focus of the agriculture sector is to increase productivity and food security in the region. However, the region’s agricultural area has seen significant fluctuations over the years compared to neighboring regional economies. The growing population in the United States is leading to a decline in the proportion of arable land, which is primarily used to produce food. This is pushing crop cultivation under poor soil profiles. As per FAOSTAT data, the area under cereals decreased from 54,729,333 hectares in 2021 to 50,911,502 hectares in 2022. Therefore, the use of agrochemicals is the highest for cereals and grains as soil nutrient deficiencies can lead to decreased yield and less bio-available nutrients in crops such as rice.
• The US fertilizer market is mature in terms of N, P, and K fertilizer consumption. The demand for nitrogen fertilizers is the highest among inorganic fertilizers. The demand for potassic and phosphatic fertilizers is increasing at a steady pace, owing to the shift of farmers toward maize cultivation rather than soybeans. Several initiatives have been taken by the US government to encourage farmers to use fertilizers. For instance, in 2022, the US Department of Agriculture (USDA) announced USD 500 million in grants to increase American fertilizer production to spur competition and combat price hikes on US farmers caused by the Russia-Ukraine War.

North America Agrochemicals Industry Segmentation

According to the OECD, agrochemicals are commercially produced, usually chemical, bio-based compounds used in farming, such as fertilizers, pesticides, or soil conditioners. 

The North American agrochemicals market is segmented by type (fertilizers, pesticides, adjuvants, and plant growth regulators), application (grains and cereals, pulses and oilseeds, fruits and vegetables, turfs and ornamentals, and other applications), and geography (United States, Canada, Mexico, and Rest of North America). The report offers market estimation and forecasts in value (USD) for all the above-mentioned segments.