Reflecting on the pesticide sector's boom from 2021 to 2022, manufacturers successively devised new investment strategies to expand production capabilities and scale. Leading companies in the industry not only focused on refining their technological processes but also on upgrading machinery to enhance efficiency. This surge in activity attracted investors from diverse sectors, prompting investments across the spectrum, from intermediates and active pharmaceutical ingredients to formulations and the utilisation of by-products.
However, the market has been overshadowed by the pandemic, prompting cautious buyers to bolster safety stock levels amid fears of potential supply disruptions. Consequently, there is now a surplus across most product lines. In 2023, the market faced the dual challenges of oversupply from producers and declining demand from consumers, resulting in a downward spiral in prices. The global pesticide market is currently in a destocking phase, with the industry experiencing a general slowdown.
In 2024, China's pesticide sector bottoms out and steadies, marking a year of consolidation amid mounting external pressures and intensifying internal challenges. Guided by the "steady progress to secure stability" principle, the industry offsets weak downstream demand, persistently low prices, and declining margins, delivering overall stable performance.
In May, the 2025 top 100 enterprise lists based on agrochemical sales of pesticide/pesticide formulation enterprises were released, with the top 10 pesticide enterprises in the list brought in USD14.38 billion in sales, down by 0.48% compared to that in 2024. Over the past few years, the combined sales of the top 10 pesticide enterprises saw the first decline in 2024, followed by essentially flat performance in 2025 with negligible variation from the previous year's figures.
In the 2025 overview of China's leading pesticide companies, roughly 68% of the 2024's revenue was generated by Jiangsu, Shandong, Zhejiang, and Hubei provinces. When it comes to formulations, Shandong, Jiangsu and Guangdong took the lead, contributing to 48% of the total income from these products in the same year. The 2024 sales for the top 100 pesticide companies rose 9.43 % year on year. Dominating the list were ADAMA Ltd., Shandong Weifang Rainbow Chemical Co., Ltd., and Sino-Agri Leading Biosciences Co., Ltd. The sales for the top 100 pesticide formulation companies experienced a uptick of 14.39%. Guangdong Zhongxun Agri-science Corporation, Shenzhen Noposion Agrochemicals Co., Ltd. and Bayer CropScience China Co., Ltd. secured the top spots in this segment.
In this issue, the USD/CNY exchange rate is USD1.00=RMB7.1102 for the data of 2024 and USD1.00=RMB7.0424 for the data of 2023, sourced from the average figures of the People's Bank of China.
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