Chicago, Aug. 15, 2024 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the crop protection chemicals market is projected to reach USD 101.0 billion by 2029 from USD 79.3 billion by 2024, at a CAGR of 5.0% during the forecast period in terms of value. According to the Food and Agriculture Organization of the US, pests are responsible for the loss of 20% to 40% of global crop production each year. This significant impact underscores the necessity for robust crop protection measures.
Plant diseases alone cost the global economy approximately USD 220 billion annually, while invasive insects add another USD 70 billion in economic losses. Weeds, as another major biotic constraint, further exacerbate the challenge of maintaining food security. These statistics highlight the enormous economic and productivity pressures faced by the agricultural sector, driving the demand for effective crop protection chemicals. By addressing these pervasive threats, crop protection chemicals play a crucial role in enhancing crop yields, ensuring food security, and minimizing economic losses, thereby fostering market growth.
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Technological advancements in the crop protection chemicals market have revolutionized agricultural practices, enhancing efficiency, sustainability, and effectiveness in pest and disease management. Key advancements include the development of nanotechnology, which allows for the precise delivery of active ingredients at the nanoscale, improving efficacy and reducing environmental impact. Furthermore, the integration of digital farming technologies such as precision agriculture, drones, and satellite imaging enables farmers to monitor and manage crops with unprecedented accuracy. This data-driven approach facilitates targeted application of pesticides and herbicides, optimizing resources and minimizing chemical residues in the environment.
Additionally, the emergence of biotechnology has led to the creation of genetically modified crops with built-in resistance to pests and diseases, reducing the need for external chemical inputs. These advancements not only improve crop yields and quality but also contribute to sustainable farming practices by reducing chemical usage, enhancing resource efficiency, and mitigating environmental risks. As technological innovation continues to advance, the crop protection chemicals market is poised to further evolve, providing farmers with increasingly sophisticated tools to meet global food demand while safeguarding natural ecosystems.
Synthetic holds the largest market share in the origin segment of the crop protection chemicals market due to their established effectiveness, reliability, and broad spectrum of applications. Synthetic pesticides, herbicides, and fungicides are chemically synthesized compounds designed to target specific pests, weeds, and diseases, offering consistent and predictable results in crop protection. These chemicals have been extensively researched and developed over decades, resulting in formulations that provide rapid and effective control over a wide range of agricultural pests and pathogens.
Moreover, synthetic chemicals often exhibit longer residual activity compared to natural or bio-based alternatives, ensuring prolonged protection of crops throughout critical growth stages. Their stability and scalability make them attractive to large-scale agricultural operations where consistent and robust pest management solutions are essential to maintaining high yields and crop quality. Additionally, the regulatory approval process for synthetic chemicals is generally well-established, providing clear guidelines and standards for their use in agriculture. This regulatory framework supports their widespread adoption and market dominance, despite increasing interest and adoption of alternative bio-based or natural products.
In the form segment, liquid form is projected to be the fastest growing segment in the crop protection chemicals market primarily due to their practical advantages and diverse applications in modern agriculture. Liquid formulations offer several benefits that appeal to farmers and agronomists alike. Firstly, they are easier to handle and apply compared to other forms such as solids or granules. Liquid formulations can be conveniently mixed and sprayed using standard equipment, facilitating efficient and uniform distribution over large agricultural areas.
Moreover, liquid formulations often provide better coverage and adherence to plant surfaces, ensuring more effective absorption and uptake of active ingredients by crops. This enhanced efficacy is crucial in combating pests, diseases, and weeds effectively, thereby maximizing crop protection and yield outcomes. Additionally, the flexibility of liquid formulations allows for easier integration with other agricultural inputs, such as fertilizers and adjuvants, in tank mixes. This integration supports integrated pest management (IPM) strategies and enhances overall agricultural efficiency by reducing the number of applications needed and minimizing operational costs.
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South America boasts a vast and diverse agricultural landscape, with countries like Brazil and Argentina being major global producers of key crops such as soybeans, corn, sugarcane, and coffee. The region's extensive agricultural activities drive substantial demand for crop protection chemicals to ensure high yields and crop quality. The tropical and subtropical climates prevalent in much of South America create favorable conditions for a wide range of pests and diseases. Crops in the region are frequently threatened by insects, fungi, weeds, and pathogens, necessitating the use of effective crop protection chemicals to mitigate losses and maintain productivity. For example, soybean rust and the fall armyworm are significant threats that require robust chemical management. The region's integration into global agricultural markets through favorable trade policies and agreements enhances its competitiveness and export potential. High crop production for export markets necessitates rigorous pest and disease management to meet international quality standards, further fueling the demand for crop protection chemicals.
Key players in the crop protection chemicals market BASF SE (Germany), Bayer AG (Germany), FMC Corporation (US), Syngenta Group (Switzerland), Corteva (US), UPL (India), Nufarm (Australia), Sumitomo Chemical Co., Ltd (Japan), Albaugh LLC (US), Koppert (Netherlands), Gowan Company (US), American Vanguard Corporation (US), Kumiai Chemical Industry Co., Ltd (Japan), PI Industries (India), and Chr. Hansen A/S (Denmark).
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