Luton, Bedfordshire, United Kingdom, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Crop Protection Chemicals Market.
The Global Crop Protection Chemicals Market size was valued at USD 61.4 billion in 2022 and is projected to reach a value of USD 84.41 billion by 2029, growing at a CAGR of 3.6 % during the forecast period. The crop protection chemicals market refers to the market for chemicals used to protect crops from pests, diseases, and other harmful agents. The market is driven by the increasing demand for food and the need to enhance crop yield and quality. The use of crop protection chemicals is increasing due to the rise in population, increasing awareness of food safety, and technological advancements in agriculture. Key players in the market include Bayer, Syngenta, Dow Chemical, and Monsanto. The market is segmented based on type, application, and geography.
Key Industry Developments:
- In January 2020, Crystal Crop Protection Ltd acquired three insecticide brands, Dursban, Nurelle-D, and Predator, from Corteva Agriscience. This acquisition will be a valuable addition to the company's business and strengthen its market presence.
- In May 2019, BASF launched an innovative fungicide, ‘Seltima,’ for rice crop protection in Thailand. The product contains unique encapsulation technology to ensure the controlled release of the active ingredient directly on the plant surface
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| Report Coverage | Details |
| Forecast Period | 2023 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 3.6% |
| 2029 Value Projection | USD 84.41 Billion |
| Base Year | 2022 |
| Crop Protection Chemicals Market Size in 2022 | USD 61.4 Billion |
| Historical Data for | 2018-2022 |
| Segments covered | By Type, Origin, Form, Crop type, Application, Region |
| Crop Protection Chemicals Market Growth Drivers | Growing Adoption of Integrated Pest Management to Enhance Yields |
| Increasing Utilization of Crop Protection Solutions for High Yield to Fuel Growth | |
| Environmental impact resulting in changes in regulatory policies |
Drivers & Restraint
Increasing food security needs due to population growth
According to the International Food Policy Institute about 690 million people worldwide went hungry in 2019, up 10 million from 2018. The COVID-19 pandemic could push an additional 83 million to 132 million into chronic hunger in 2020. According to the State of World Food Security and Nutrition (SOFI) Report 2020, released July 13. The report contains the latest reliable estimates of global hunger, malnutrition and food insecurity.
The State of Food Security and Nutrition in the World (SOFI) 2020 estimates that if these trends continue and the world fails to meet the 2025 and 2029 targets to end malnutrition, there will be 8 We predict that 41.4 million people will go hungry. According to FAO's chief economist, he attributed these alarming consequences to the affordability of healthy diets, and his 3 billion people worldwide lack the means and access to proper nutrition. I pointed out that To transform the food system to reduce these costs, policy makers must consider both supply and demand. Policies should improve the efficiency of food supply chains and support the production of nutritious foods. At the same time, expanding social safety nets and policies that encourage behavior change can promote healthier diets.
People are considered food secure when they have access to safe, nutritious and sufficient food at all times to live a healthy life. With continued population growth and limited arable land to meet growing food demands, people are becoming less food insecure. Global food production must increase to meet future food needs. In such scenarios, the use of pesticides is inevitable. This situation is driving the growth of the Crop Protection Chemicals Market.
Pesticide residue problems
Pesticides are of greater concern due to their persistence, toxicity, bioaccumulation, lipophilicity, and adverse human health effects due to residue issues. These pesticides enter the human body through consumption of contaminated fruits and vegetables. Some of the major health effects associated with pesticide residues include cancer, birth defects, neurological disorders, endocrine disruptors, and reproductive effects. The effectiveness of pesticides is determined by exposure time and pesticide toxicity. Effects that may be caused are either acute or chronic. Potential health risks associated with the use of pesticides require continuous monitoring of growing fruits and vegetables.
Pesticides such as glyphosate, difenoconazole, imidacloprid, and bifenthrin are common pesticides found in fruits and vegetables that reach the consumer market.
Companies Profiled in Crop Protection Chemicals Market Report:
- BASF
- Syngenta
- Bayer Crop Science
- Corteva
- PI Industries
- Cheminova
- Hansen
- Nanjing red sun co. ltd
- Kumiai Chemicals
- Wynca Chemicals
- Sampan Oxon etc
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Market Analysis
The crop protection chemicals market is projected to register a CAGR of 3.6% during the forecast period.
Crop protection products are used to reduce crop losses from pests and disease and to maintain healthy crops. These are mainly classified as pesticides, pesticides and herbicides and are formed from both synthetic and biological compounds. Numerous insecticides are currently available to prevent crop damage from pests such as bacteria, rodents, insects and birds. For example, according to the Royal Society of Chemistry, around 800 chemically active compounds are approved for crop protection treatments worldwide.
The chemical pesticide industry has changed over the years due to strong growth and changing crop mix trends and environmental regulations. In the long term, population growth, arable land loss, food security and the need for increased agricultural productivity are the main factors driving the demand for increased agricultural production, thereby increasing crop protection around the world. Industry growth is encouraged. Moreover, increasing organic farming across the globe is expected to drive the bio-based agrochemicals market during the forecast period, which is a major factor restraining market growth.
Key Market Segments: Crop Protection Chemicals Market
By Type
- Herbicides
- Insecticides
- Fungicides
- Bactericides
By Origin
- Synthetic
- Biopesticides
By Form
- Liquid
- Solid
By Crop Type
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Other Crops
By Application
- Foliar Seed Treatment
- Soil Treatment
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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