The Horticulture Chemical Market size is estimated to reach US$28.9 billion by 2027, after growing at a CAGR of 4.3% during the forecast period 2022-2027. The use of horticulture chemicals in fruits has increased significantly. They are used to protect crop yields from pests, weeds, plant diseases and other organisms that cause damage to horticulture crops. The massive demand for crop protection chemicals such as fungicides, fertilizers and pesticides from developing countries was the primary driver of the horticulture chemical market. According to Avocados Australia Limited (AAL), the avocado sector production in Australia increased to 87,546 tons in 2019-20, marking a growth of 2% over the previous year. 

Horticulture Chemical Market: The Fruits Segment Leads the Market

On the basis of the end-use industry, the Horticulture Chemical market can be segmented into fruits, vegetables and others. During the forecast period 2022-2027, the fruits segment is expected to grow at a CAGR of 4.7%. Fruit production in various regions has increased global demand for horticulture chemicals. The fruits sector is rapidly expanding as a result of growth factors such as increased agricultural produce, thriving trade activities and rising income levels. According to the National Statistics, Department for Environment, Food and Rural Affairs, the value of fresh fruits in the UK increased from US$903 million in 2019 to US$1,045 million in 2020. Furthermore, the value of fresh vegetables increased from $1,516 million in 2010 to $1,670 million in 2020.

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Horticulture Chemical: Asia-Pacific Holds the Largest Share

On the basis of geography, the Horticulture Chemical market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2021, the Asia-Pacific region held a 43.8% share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are comparatively ahead in terms of consuming fruit products. According to the Ministry of Agriculture & Farmers Welfare, the total Horticulture production in 2020-21 reached a record 334.60 million tonnes, an increase of 14.13 million tonnes (4.4 percent) over the previous year in India. According to the Ministry of Agriculture & Farmers Welfare, India’s fruit production reached 102.48 million tons in 2020-21, up from 102.08 million tons in 2019-20. The Horticulture Chemical market would also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the Horticulture Chemical market.

Horticulture Chemical Market: Competitive Landscape

Key companies holding major shares in the Horticulture Chemical market are BASF SE, Syngenta International AG, Bayer Crop Science, Corteva AgriScience, United Phosphorus Limited (UPL) Ltd., Dow DuPont, SCOTTS, Nufarm Limited, Adama Agricultural Solutions Ltd. and FMC Corporation.

R&D Investments:

In July 2022, FMC introduced a pre-emergent herbicide to help sugarcane farmers in Maharashtra. Austral herbicide provides a new level of broad-spectrum weed control in the critical growth stage of sugarcane.

In July 2022, BASF introduced Voraxor, a new herbicide in the Uruguayan market that contains the active ingredient trifludimoxazin + saflufenacil.

In March 2020, Sumitomo Chemical Company Limited ("Sumitomo Chemical") introduced KANAME® Flowable*, a new fungicide containing INDIFLINTM (inpyrfluxam) in Japan.

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