Rankings of Global Top 20 Agrochemical Companies in FY2022

Recently, AgroPages released its TOP 20 rankings of global agrochemical companies in 2022. Despite challenges including the Russia-Ukraine war, currency fluctuations, and climate change, all companies on the list found growth opportunities and expanded turnover. 

The combined pesticide sales of the TOP 20 totalled US$85.762 billion in fiscal year 2022, representing an 18.18% year on-year increase from US$72.569 billion in 2021. Four major agricultural giants (Syngenta, Bayer, BASF and Corteva) accounted for over half (55.00%) of total sales on the list. With the exception of Nanjing Red Sun, all companies surpassed US$1 billion in revenue. There were 13 Chinese companies on the list, with total sales of US$37.069 billion, making up 43.22% of total sales. 

The top 11 companies have remained on the list for three consecutive years, with no change in rankings. This reflects these companies’ considerable strengths and market positions. Zhejiang Zhongshan Chemical Group Co., Ltd. was the only new entrant to the list, exceeding US$1 billion in revenue for the first time and ranking 19th. 

In the post-pandemic era, the energy crisis, geopolitics and financial system restructuring driven by various factors in 2023 raise questions on how these leading companies can achieve growth amidst the chaos.

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With sustainable development, digital agriculture and increased innovation as parallel goals 

Overall, the top four companies will continue increasing R&D of innovative products, developing digital agriculture, and aligning with sustainable growth. They are optimistic about sales growth in 2023, displaying the vitality of industry development. This will facilitate sustainable progress in global agriculture.

Syngenta Crop Protection 

Syngenta Crop Protection plans to maintain nearly 10% R&D intensity in 2023, focusing on green and low residue products and digital solutions. It will launch high-efficiency, low-residue pesticides, expand in the Chinese market for corn and rice, and expects double digit growth in seeds. Syngenta Cropwise platform users will significantly increase. Overall, Syngenta will consolidate its lead in pesticides and seeds. 

Bayer Crop Science 

Bayer Crop Science plans over 9 new crop protection launches in 2023, continuing investment in digital agricultural technologies like the Climate FieldView platform. The company forecasts global growth in seeds and pesticides, led by fungicides and herbicides. Bayer will accelerate expansion in Asia Pacific and Latin America. It also plans acquisitions to add high-value crops. 

BASF 

BASF Agricultural Solutions will increase 2023 R&D, launching products like the Serifel fungicide. Digital agriculture rollouts will continue in South America, Europe and Asia Pacific. BASF will expand in China through strategic alliances. It predicts mid-single digit sales growth in 2023, with significant increases in Xarvio revenue. 

Corteva 

Corteva will raise 2023 R&D spend to accelerate launches like Pioneer drought-tolerant corn and next-gen herbicides/insecticides. Investments in Granular digital agriculture will continue. Rapid growth in Brazil and progress in Europe are planned. Corteva will advance its strategy around efficiency and innovation.

Leveraging core strengths and accelerating catch-up with top multinationals

Generally, second-tier firms will expand globally, accelerating internationalization, and improving efficiency to control costs. Most conservatively predict 2023 growth, reflecting a cautious stance amid external changes. 

UPL 

UPL expects 2023 double-digit sales growth, expanding in Africa and Latin America through investment and local acquisitions. R&D spend will rise, focused on green and eco friendly products. Supply chain and distribution integration will improve efficiency. UPL will consolidate its top position in India. 

FMC 

FMC sales grew strongly in Latin America and Asia Pacific on product reception. The company will continue investing in R&D and registration in insecticides and sterilization. New production bases will meet growing capacity needs. The agrochemical division is confident of sustained 2023 growth. 

ADAMA 

ADAMA’s new products drove global growth. Expansion in China and India will accelerate. The company plans further efficiency improvements to control costs. Up to 10 new registered products will enrich its portfolio. Overall, innovation and international development will significantly improve 2023 performance.

Sumitomo Chemical 

Sumitomo Chemical will leverage strengths in botanicals for differentiation. In crop protection, maximizing sales of new products is key. Supply chain expansions in South America aim to improve capital efficiency. R&D will focus on strengths, utilizing open innovation. 

Nufarm 

Nufarm will stress cost control and efficiency while optimizing regional portfolios, investing more in higher margin products. The company plans 6-8 new global product launches. North America is a key growth area. 

Yangnong Chemical 

Yangnong Chemical will expand technical business, stabilizing preparations and growth in international business to maintain smooth performance. Production optimization, lean management, and cost reductions will improve efficiency. Investing in innovation and new products while advancing key projects like the northern base will enhance competitiveness. 

Rainbow 

Rainbow will continue its 2020- 2024 strategic plan, focusing on leadership training, process changes, a global ERP system, and procurement/sales coordination. Accelerating global expansion, market depth, and order delivery will maintain steady growth amid a strategic implementation period.

Pursuing steady growth with Chinese characteristics 

Generally, third-tier firms face complex environments but target stability or measured growth through product and technical innovation, organizational optimization, process improvements, and party building’s role in corporate governance - reflecting Chinese management methods.

Sino-Agri Leading Biosciences 

Sino-Agri Leading Biosciences will ensure pesticide supply and safe production while steadily advancing businesses. The crop health business will improve promotion, chemicals will gain share, international trade will focus on core markets, and packaging will continue factory renovation. Integrating online and offline services and building a localized technical team will improve farmer service quality. 

Wynca Chemical 

Wynca Chemical will create superior product groups for weeding, insecticides, and sterilization to gain share. ″One platform and four major regions″ will deepen global expansion, with product registration in overseas markets to stabilize exports. Maintaining African glyphosate advantages while growing non-grass/non-farm business will ensure substantial pesticide growth. Accelerating new growth points will increase sales in the Americas. 

Lier Chemical 

Lier Chemical will improve chloropyridine technology to ensure stable production. Optimizing marketing models, building overseas subsidiaries, strengthening R&D, and implementing HSEQ systems are priorities. Clarifying group/ base responsibilities and improving assessments and incentives will utilize party building to promote development. Overall innovation and management strengthening will improve competitiveness. 

Hubei Xingfa Chemicals 

Hubei Xingfa Chemicals will ensure glyphosate market share, vigorously expanding overseas while growing preparations. New fully continuous glyphosate processes aim for industrialization. Promoting cost and efficiency improvements will ensure stable, high yields for wet phosphoric acid and synthetic ammonia. Systematic planning will increase shares of major domestic fertilizer markets, with export strategies responsive to policy changes. 

Nutrichem 

Nutrichem will use product development to guide industry blueprints, concentrating resources on key projects and implementing lean production management for efficiency. Strengthening operational integration will ensure order delivery, while optimizing talent/team training will improve company development. Focusing on core competencies and leveraging advantages will achieve new industrial chain breakthroughs. 

Nanjing Red sun 

Nanjing Red Sun faces economic, market environment and judicial reorganization challenges. Focusing on high-quality development, the company will use technological integration to pioneer multi-digital green biochemical pesticide chains and achieve industrial upgrading. Relying on internal and external conditions, Nanjing Red Sun will focus on its core business, accelerate digital transformation, and take concerted efforts to turn crises into growth opportunities.

This article was initially published in AgroPages' '2023 Market Insight' magazine.

If you would like to share your company's story. Please contact Christina Xie at christina@agropages.com