Report Overview

Thailand Agrochemical and Pesticide Market – Industry Trends & Forecast Report, 2029

Thailand agrochemical and pesticide market size was estimated at USD 869.21 million in 2022. During the forecast period between 2023 and 2029, the size of Thailand agrochemical and pesticide market is projected to grow at a CAGR of 5.12% reaching a value of USD 1,023.16 million by 2029. The major factor driving the growth of Thailand agrochemical and pesticide market is the increasing adoption of biopesticides and organic farming practices. Growing concerns about environmental sustainability and consumer demand for pesticide-free produce have driven this shift. Another trend is the emphasis on integrated pest management (IPM) techniques, which promote a balanced approach to pest control using a combination of cultural, biological, and chemical methods. Also, there has been a rising focus on research and development of new agrochemical formulations and technologies to enhance effectiveness and minimize environmental impact. Further, government regulations and initiatives promoting sustainable agriculture practices have played a crucial role in shaping the market's trajectory.

Thailand Agrochemical and Pesticide Market - Overview

Agrochemicals and pesticides are substances used in agriculture to enhance crop production and protect plants from pests, diseases, and weeds. They play a crucial role in modern farming practices, increasing agricultural productivity and ensuring food security. Agrochemicals include fertilizers, herbicides, insecticides, and fungicides, among others. They are designed to control pests, promote plant growth, and manage soil fertility. However, the use of agrochemicals has raised concerns about their environmental impact and potential health risks. Thus, there is a growing emphasis on developing sustainable and eco-friendly alternatives in agriculture to minimize the reliance on synthetic chemicals and promote a more environmentally conscious approach to farming.

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. The regulatory restraints have prompted the industry to shift towards more sustainable and eco-friendly alternatives, such as biopesticides and organic farming practices. While necessary for safeguarding the environment, these restraints pose challenges to the growth and profitability of the Thailand agrochemical and pesticide market.

Impact of COVID-19 on Thailand Agrochemical and Pesticide Market

The COVID-19 pandemic significantly impacted the Thailand agrochemical and pesticide market, leading to disruptions and challenges across the industry. The country's lockdown measures, and travel restrictions disrupted the supply chain, hindering the availability of raw materials and affecting production. Farmer's purchasing power and consumer demand were also affected due to economic uncertainties and reduced export opportunities. Logistical challenges and labor shortages added to the difficulties faced by the market. While the sector demonstrated resilience by adapting to new safety protocols and implementing digital solutions, the pandemic has underscored the need for increased resilience and innovation to navigate future uncertainties in the agrochemical and pesticide industry.

Thailand Agrochemical and Pesticide Market

Segmental Coverage

Thailand Agrochemical and Pesticide Market – By Type

On the basis of type, Thailand agrochemical and pesticide market is bifurcated into Fertilizers and Pesticides segments. The fertilizers segment holds a larger market share. Fertilizers play a crucial role in enhancing crop productivity and improving soil fertility, making them essential for the agriculture industry. The demand for fertilizers in Thailand is driven by the need to meet the growing food requirements of its population and improve agricultural yields. Factors such as government initiatives, technological advancements, and increasing awareness about sustainable agriculture contribute to the dominance of the Fertilizers segment in the Thailand agrochemical and pesticide market.

Thailand Agrochemical and Pesticide Market – By Fertilizer Type

Based on fertilizers type, Thailand agrochemical and pesticide market is divided into Nitrogenous Fertilizers, Phosphatic Fertilizers, and Potassic Fertilizers segments. The largest segment in the Thailand agrochemical and pesticide market is the Nitrogenous Fertilizers segment. Nitrogenous fertilizers play a crucial role in enhancing plant growth and development by providing essential nutrients to the soil. They are widely used in agriculture to boost crop yield and improve overall agricultural productivity. With Thailand being an agriculturally dominant country, the demand for nitrogenous fertilizers is significant due to their effectiveness in promoting healthy plant growth. The Phosphatic Fertilizers and Potassic Fertilizers segments also hold importance in the market, but the Nitrogenous Fertilizers segment stands out as the largest due to its vital role in supporting sustainable agriculture practices.

Thailand Agrochemical and Pesticide Market – By Crop Type

On the basis of crop type, Thailand agrochemical and pesticide market is divided into Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables segments. The fruits & vegetables segment is the largest crop type segment in the Thailand agrochemical and pesticide market. The segment encompasses a wide range of crops, including several types of fruits and vegetables grown in Thailand. The demand for agrochemicals and pesticides is high in this segment due to the extensive cultivation of these crops throughout the country. Farmers rely on these products to protect their fruit and vegetable crops from pests, diseases, and weeds, ensuring optimal yields and quality. The fruits & vegetables segment plays a crucial role in the overall agrochemical and pesticide market in Thailand, contributing significantly to the industry's growth and revenue.

Competitive Landscape

Major players in the 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. To expand their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

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, reduce production costs and enhance 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.

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand Agrochemical and Pesticide Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Demand for Crop Protection and Chemicals to Increase Productivity of Crops
         2. Expansion of Commercial Farming
      2. Restraints
         1. Increasing Resistance against Agrochemicals in Insect Species
      3. Opportunities
         1. Government Support and Regulations
      4. Challenges
         1. Rising Cost of Raw Materials
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Thailand Agrochemical and Pesticide Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Fertilizers
         2. Pesticides
      2. By Pesticide Type
         1. Insecticides
         2. Herbicides
         3. Fungicides
         4. Nematicides
         5. Others
      3. By Fertilizers Type
         1. Nitrogenous Fertilizers
         2. Phosphatic Fertilizers
         3. Potassic Fertilizers
      4. By Crop Type
         1. Cereals and Grains
         2. Oilseeds & Pulses
         3. Fruits & Vegetables
         4. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Thailand Agrochemical and Pesticide Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Thailand Agrochemical and Pesticide Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Bayer Crop Science AG
   2. BASF SE
   3. Corteva Agriscience AG
   4. Archer-Daniels-Midland (ADM)
   5. FMC Corporation
   6. Adama Agricultural Solutions
   7. Potash Corporation of Saskatchewan
   8. Nufarm Ltd
   9. Nutrien Ltd
   10. Yara International ASA
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Thailand Agrochemical and Pesticide Segmentation

Figure 2       Thailand Agrochemical and Pesticide Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Thailand Agrochemical and Pesticide Market Size, By Value (USD Million), 2019–2029

Figure 5       Thailand Agrochemical and Pesticide Market Share, By Type, By Value, 2019–2029

Figure 6       Thailand Agrochemical and Pesticide Market Share, By Pesticide Types, By Value, 2019–2029

Figure 7       Thailand Agrochemical and Pesticide Market Share, By Fertilizers Type, By Value, 2019–2029

Figure 8       Thailand Agrochemical and Pesticide Market Share, By Crop Type, By Value, 2019–2029

Figure 9       Thailand Agrochemical and Pesticide Market Share, By Industry Vertical, By Value, 2019–2029

List of Tables

Table 1        Thailand Agrochemical and Pesticide Market Size, By Value (USD Million), 2019–2029

Table 2        Thailand Agrochemical and Pesticide Market Size, By Type, By Value, 2019–2029

Table 3        Thailand Agrochemical and Pesticide Market Size, By Pesticide Types, By Value, 2019–2029

Table 4        Thailand Agrochemical and Pesticide Market Size, By Fertilizers Type, By Value, 2019–2029

Table 5        Thailand Agrochemical and Pesticide Market Size, By Crop Type, By Value, 2019–2029

Table 6        Thailand Agrochemical and Pesticide Market Size, By Industry Vertical, By Value, 2019–2029

Table 7        Bayer CropScience AG Company Overview

Table 8        Bayer CropScience AG Financial Overview

Table 9        BASF SE Company Overview

Table 10      BASF SE Financial Overview

Table 11      Corteva Agriscience AG Company Overview

Table 12      Corteva Agriscience AG Financial Overview

Table 13      Archer-Daniels-Midland (ADM) Company Overview

Table 14      Archer-Daniels-Midland (ADM) Financial Overview

Table 15      FMC Corporation Company Overview

Table 16      FMC Corporation Financial Overview

Table 17      Adama Agricultural Solutions Company Overview

Table 18      Adama Agricultural Solutions Financial Overview

Table 19      Potash Corporation of Saskatchewan Company Overview

Table 20      Potash Corporation of Saskatchewan Financial Overview

Table 21      Nufarm Ltd Company Overview

Table 22      Nufarm Ltd Financial Overview

Table 23      Nutrien Ltd Company Overview

Table 24      Nutrien Ltd Financial Overview

Table 25      Yara International ASA Company Overview

Table 26      Yara International ASA Financial Overview