The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 29, 2023 /PRNewswire/ -- As per The Business Research Company's Agricultural Adjuvants Global Market Report 2023, the global agricultural adjuvants market size grew from $3.7 billion in 2022 to $4.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 10%. The agricultural adjuvants market size is then expected to grow to $6 billion in 2027 at a CAGR of more than 10%. Going forward, reducing farming lands, increasing food demand, and rising precision farming practices will drive the agricultural adjuvants market growth.
The agricultural adjuvants market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 37.1% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. Marubeni was the largest competitor with 8.76% agricultural adjuvants market share, followed by Evonik Industries, Solvay Inc., Nufarm Limited, The Dow Chemical Company, BASF SE, Nouryon, Croda International Plc., Clariant AG and Stepan Company.
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To keep up with the rising demand for agricultural adjuvants, companies in the agricultural adjuvants market are launching new innovative products to improve and strengthen their product portfolios. For instance, in February 2020, Wilbur-Ellis, a US-based agricultural products, and specialty chemical company launched EFFICAX, a soil retention adjuvant that aids producers in maximizing the residual activity of herbicides by increasing the coverage, absorption, and adherence of the spray material deposits onto soil particles, extending the duration of growers' spray operations.
Furthermore, in January 2021, Precision Labs, a US-based specialty chemical provider, in collaboration with Michigan State University, a US-based public land-grant research university, developed Activo, an activator adjuvant with a green pigment to enhance the efficacy of pesticides and the appearance of turfgrass. With its improved pesticide effectiveness, Activo is ideal for application on broad tracts of land in combination with fungicides and plant growth regulators.
In addition, agricultural adjuvants market manufacturers are focusing on partnerships and collaborations to improve their capabilities and market their products. For instance, in January 2021, Attune Agriculture, a US-based hydrocolloid company, partnered with CommoditAg, a US-based online marketplace for high-quality agricultural products, to make their Accomplice, a row crop adjuvant, available to growers.
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Players should focus on the North American region since it was the largest region in the agricultural adjuvants market, accounting for 33.9% of the global market in 2022. It was followed by Asia Pacific, Western Europe and other regions. Going forward, companies should also focus on the fastest-growing regions in the agricultural adjuvants market such as Asia Pacific and South America.
According to the agricultural adjuvants market analysis, other market-trend-based strategies for the agricultural adjuvants market include technological advancements, unmanned aerial vehicle (UAV) spraying-based agricultural adjuvants, and partnerships and collaborations.
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