Mexico Agrochemicals Market Size (2024 - 2029)

Mexican Agro Chemicals Market Analysis

The Mexico Agrochemicals Market size is estimated at USD 1.37 billion in 2024, and is expected to reach USD 1.68 billion by 2029, growing at a CAGR of 4.10% during the forecast period (2024-2029).

• The agricultural agrochemicals industry in the country has been transforming over the years, with robust growth coupled with changing crop mix trends and environmental regulations, which play an essential role in this sector.usageAn increasing need to balance the judicious use of the best chemicals and minimize the impact of agrochemicals is becoming relevant to ensure safety and proper in all aspects by the adequate intervention of the government. Mexico, on December 2021, passed a decree to eliminate the use of glyphosate herbicide by 2024. This would create massive demand for bio-based sustainable products that protect and facilitate plant growth.
• There is a comprehensive regulatory framework that addresses the issues and controls the pesticide value chain in Mexico. But the significant challenges are using more than 3000 agrochemicals for different applications, including banned products, and the recurring delay in the registration process; they also require improvement in regulatory compliance and enforcement activities to boost the sector further.
• The imports of agrochemicals are regulated by state-owned Petroleos Mexicanos(Premex) to control the price hike and cater to the demand as the international supply has been down mainly from Russia and China. The growing global and regional population, accompanied by rising affluence, enables a shift in consumption patterns. There is a need to increase production to meet demand and ensure that the nutritional needs of an increasingly affluent population are met. With the arable land at 20 million hectares in 2021, with a drop from 2017, the demand and use of agrochemicals have become necessary to increase the yield to match the request from the increasing population.

Mexican Agro Chemicals Industry Segmentation

According to the Organization for Economic Co-operation and Development (OECD), agrochemicals are commercially produced, generally for use in farming as fertilizers, pesticides, or soil conditioners. The agrochemical industry operates in B2B and B2C business formats. To eliminate double-count errors in market estimations, bulk buyers procuring agrochemicals for retail sale after value addition through further processing are not considered part of the agrochemical market. The Mexican agrochemicals market is segmented by type (fertilizers, pesticides, adjuvants, and plant growth regulators) and application (grains and cereals, pulses and oilseeds, fruits and vegetables, turf and ornamentals, and other applications). The report offers market sizing and forecasts in value (USD million) for all the above segments.