Thailand Agrochemical and Pesticide Market: Trends, Growth, and Forecast 2023-2030

Thailand agrochemical and pesticide market is flourishing due to an increasing demand for food, rising awareness about crop protection, adoption of modern farming techniques, and government initiatives to enhance agricultural productivity and ensure food security.        

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Thailand agrochemical and pesticide market size at USD 869.21 million in 2022. During the forecast period between 2023 and 2029, Thailand agrochemical and pesticide market size is expected to grow at a CAGR of 5.12% reaching a value of USD 1,023.16 million by 2029. The rising adoption of biopesticides and organic agricultural practices is a major element driving the expansion of Thailand's agrochemical and pesticide business. This transition is being driven by growing concerns about environmental sustainability and customer demand for pesticide-free vegetables. Another trend is the increased emphasis on integrated pest management (IPM) strategies, which advocate a balanced approach to pest control through the use of cultural, biological, and chemical treatments. There has been an increased emphasis on the research and development of novel pesticide formulations and technologies to improve effectiveness while minimizing environmental impact. Further, government rules and programs supporting sustainable agriculture practices significantly impact the market's trajectory.

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Growth Drivers

Sustainable Agriculture Practices

In recent years, the adoption of sustainable agriculture practices has emerged as a significant growth driver for the Thailand agrochemical and pesticide market. Farmers and agricultural organizations are increasingly recognizing the importance of minimizing the environmental impact of their operations while maintaining crop productivity. This shift towards sustainable practices, including integrated pest management (IPM) and organic farming, has fueled the demand for innovative agrochemicals and pesticides that are eco-friendly and effective. The Thai government's support through policy incentives and educational campaigns has further accelerated this trend. Thus, the agrochemical and pesticide market in Thailand is experiencing robust growth, driven by the increasing focus on sustainable agricultural solutions.

Restraints

Stringent Regulations

The Thailand agrochemical and pesticide market has encountered significant challenges from strict regulatory measures. With mounting concerns over environmental sustainability and public health, Thai authorities have implemented stringent regulations to control the usage and distribution of agrochemicals and pesticides. These measures aim to minimize the adverse effects of these chemicals on the ecosystem, wildlife, and human health. As a consequence, agrochemical manufacturers and suppliers face increased scrutiny, rigorous testing requirements, and limited access to certain hazardous substances.

Recent Developments

• In June 2022: BASF Agriculture Solutions launched Basta – x with new applications on cassava and rubber in Thailand. With Basta – x, BASF provides a non-selective, non-residual herbicide with limited translocation potential which is effective for controlling over 80 weed species for Rice, Mango, Cassava, Palm Oil, and Rubber farms.
• In May 2022: Bayer Thai invested THB 26.7 million (USD 0.76 Million) for the “Better Farms, Better Lives 2.0” to support smallholder farmers improve their crop yield, reducing production costs, and enhancing their technical knowledge. The “Better Farms, Better Lives 2.0” program aims to benefit 26,000 smallholder farmers in 11 provinces in the central and northeastern regions.

Don’t miss the business opportunity in Thailand Agrochemical and Pesticide Market. Consult our analysts to gain crucial insights and facilitate your business growth.

Scope of the Report:

By Type

• Fertilizers
• Pesticides

By Pesticide Type

• Insecticides
• Herbicides
• Fungicides
• Nematicides

By Fertilizers Type

• Nitrogenous Fertilizers
• Phosphatic Fertilizers
• Potassic Fertilizers

By Crop Type

• Cereals and Grains
• Oilseeds & Pulses
• Fruits & Vegetables

Frequently Asked Questions (FAQs):

1. Which fertilizer type segment accounts for the major share of Thailand Agrochemical and Pesticide Market?

Ans: The nitrogenous fertilizers segment accounts for the highest market share in Thailand Agrochemical and Pesticide Market by fertilizer type.

2. What are the major factors driving the growth of the Thailand Agrochemical and Pesticide Market?

Ans: Major factors driving the growth of Thailand Agrochemical and Pesticide Market include increasing demand for food production, adoption of modern farming techniques, rising awareness about crop protection, government initiatives to promote agricultural productivity and expansion of commercial farming activities.

3. What is the current market size of Thailand Agrochemical and Pesticide Market?

Ans: Thailand Agrochemical and Pesticide Market size was estimated at USD 869.21 million in 2022.

4. Which type segment accounts for a major share of Thailand Agrochemical and Pesticide Market?

Ans: The fertilizers segment accounts for a higher market share in Thailand Agrochemical and Pesticide Market by type.

5. Name the key players in Thailand Agrochemical and Pesticide Market.

Ans: Key players in Thailand Agrochemical and Pesticide Market include Bayer Crop Science AG, BASF SE, Corteva Agriscience AG, Archer-Daniels-Midland (ADM), FMC Corporation, Adama Agricultural Solutions, Potash Corporation of Saskatchewan, Nufarm Ltd, Nutrien Ltd, and Yara International ASA.

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