As per the report published by Kings Research, global Agricultural Spray Oil Market was valued at USD 901.2 million in 2022 and is projected to reach USD 1,237.7 million by 2030, growing at a CAGR of 4.17% from 2023 to 2030.

The market growth is significantly influenced by the emergence of sustainable agricultural practices which include the use of crop diversity, that can help reduce pest pressure and improve soil health by encouraging the growth of beneficial microorganisms in the soil. The use of organic farming and sustainable plant protection methods offers many benefits to both farmers and consumers by improving productivity which propels market growth.

Government regulations and restrictions on the use of certain types of pesticides or chemicals increase the demand for safer and more environmentally friendly alternatives, such as agricultural spray oils. As consumers become more aware of their health and the environment, the demand for organic food is increasing. This increasing need for environmentally friendly and non-toxic alternatives for pest control and crop management provides lucrative opportunities for the market.

Key Insights

• Based on product, the orchard segment is growing at a CAGR of 4.17% over the forecast period
• Based on the power source, the electric segment is expected to dominate over the forecast period
• On the basis of region, Asia Pacific accounted for the largest market share with a forecasted CAGR of 5.10%

Novozymes Launched New Product to Expand the Potential to Provide Sustainable Solutions

February 2021: Novozymes launched a promising enzyme-based technology focusing on expanding its current base of microbial products and innovations. The new technology has enormous potential to control major pests with highly effective yet sustainable pest control solutions.

Ongoing Developments of More Precise and Focused Spraying Applications Augments the Market Growth

The development of more precise and targeted spraying applications using drones equipped with sensors and cameras has boosted market growth. The new and advanced spraying technologies are allowing farmers to spray more efficiently which aids in reducing waste and increasing efficiency. It also explores the use of nanotechnology in agriculture, including the development of Nanoemulsions that improve the delivery and effectiveness of agricultural spray oils. Moreover, the agricultural spray oil market is evolving to meet the needs of the changing agricultural landscape with an even greater emphasis on safety, durability, and precision. Intelligent robotic platforms are being used for precision spraying on specialized crops, while on-off and canopy-optimized technologies are more profitable than conventional spraying in certain conditions which fosters market growth.

Increasing Awareness About the Potential Implications of Pesticides on the Environment to Drive Market Growth

Governments throughout the world have recognized the necessity of raising awareness about the risks of pesticides used in agriculture. The growing awareness of the potential environmental impacts of inappropriate pesticide use is proliferating market growth. Scientists and policymakers are increasingly focused on discovering ways to reduce the use of harmful pesticides and promote more sustainable agricultural practices. The emerging trend of the use of integrated pest management (IPM) methods, which involve a combination of biological, cultural, and chemical strategies to control pests while minimizing the use of pesticides also fosters market growth. The awareness towards more sustainable and environmentally friendly agricultural practices that maintain yields and farmer profitability accelerates market growth.

Agricultural Spray Oil Market in the Asia Pacific Region is Growing Rapidly with a Market Value of USD 345.0 Million in 2022

The burgeoning demand for precision farming techniques and the use of drones in agricultural spraying operations are gaining traction in the Asia-Pacific. Farmers across the region are increasingly adopting drones for more targeted and efficient applications of pesticides and fertilizers. In addition, the Asia-Pacific region is a major producer of natural and vegetable oils such as rapeseed and soybean oil, which can be used as an alternative to petroleum-based agricultural spray oils. These oils are more durable and biodegradable, making them more environmentally friendly for farmers which has attracted more attention towards the development of agricultural spray oil across the region.

Agricultural Spray Oil Market in North America is Growing Rapidly with a Market Value of USD 183.9 Million in 2022

The availability of integrated pest management is based on monitoring and targeting specific pests, minimizing their impact on crops, and maximizing the use of natural predator species. This approach is reducing the amount of synthetic pesticides used in agriculture and creates a more balanced ecosystem that is less susceptible to pest outbreaks. In addition, the use of vegetable oils as a sustainable alternative to petroleum-based agricultural spray oils is also gradually becoming more common in the region. Furthermore, numerous technologies, such as driverless and drone sprayers, are providing attractive opportunities in the market.

Key Players in the Market are Concentrating Product Development to Expand their Product Portfolio

The agricultural spray oil market is fragmented in nature with significant number of key players such as BASF SE, Calumet Specialty Products Partners, L.P., Eastern Petroleum, Evonik Industries AG, Exxon Mobil Corporation, Gulf Oil International Ltd, Indian Oil Corporation Ltd, INTOchem S.A., RENKERT OIL, Solvay. The market players are focsuing on employing several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization.