Chicago, March 27, 2023 (GLOBE NEWSWIRE) -- The crop protection chemicals industry is experiencing significant growth, driven by the rising global population and demand for higher crop yields. With a diverse range of products including herbicides, insecticides, and fungicides, the market is expected to continue its upward trajectory, providing opportunities for industry players to innovate and excel.
According to MarketsandMarkets™, The global crop protection chemicals market was estimated at USD 63.7 billion in 2020. It is projected to reach USD 74.1 billion by 2025, recording a CAGR of 3.1% during the forecast period. People are considered to have food security when they have access to safe, nutritious, and sufficient food at all times to maintain a healthy life. Due to the continuous rise in population and limited cultivable land to suffice the growing need for food, there is less food security for the people. To fulfill the future demand for food, there is a need to increase food production across the world. In such a scenario, the use of crop protection products is inevitable. This situation has driven the growth of the crop protection chemicals market.
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The major factors leading to market growth include rising awareness about the advantages of crop protection chemicals in developing countries, and the increasing need for food security of the rising population. There are huge opportunities in the crop protection chemicals market due to increased application of chemicals for crop protection purposes as well as increasing technological innovation in agriculture. Heavy crop losses due to pest attacks as well as the growing biopesticides market are also prime factors driving market growth.
The traditional farming is being replaced by commercial farming with high-tech machinery and high-quality fertilizers and pesticides for crop yield enhancement and protection. This evolving technology and advancements in agricultural chemistry have enabled farmers with effective pest management. Along with this, increasing awareness about pesticides has not only resulted in the increased use of pesticides but has also increased awareness regarding the potential crop savings in developing nations. The table below shows the degree of use of crop protection chemicals. Soybean and cotton crops have shown the highest uses of herbicides, whereas insecticide use was highest in corn. Coffee uses minimum crop protection chemicals.
The global market for crop protection chemicals in this study is segmented based on origin, type, form, mode of application, and region. The market for crop protection chemicals appears to have a significant and bright commercial potential in the future. The next set of illustrations will provide a brief insight into the significant dynamics, projections, and trends in the crop protection chemicals market.
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South America is an emerging agricultural powerhouse, growing at a rapid pace above the global growth average. Growth in this region is significantly contributed by the growth in Brazil and Argentina, which are the world’s most potent agricultural producers and are expected to grow well above the regional average. The economic growth in South America has been stimulated by democratization, economic reforms, and the foundation of the two trading blocs namely, Mercosur and the Andean Pact. Availability of arable land and the expansion of farmlands, especially in Brazil, Argentina, and Chile, are promising the future growth of this market. Moreover, the need to improve per hectare crop yield is another opportunity for crop protection chemicals in South America.
Bayer CropScience AG (Germany), Syngenta AG (Switzerland), and BASF SE (Germany) hold over 50% of the South American pesticides market with their manufacturing facilities across the globe, including in Argentina, Brazil, Colombia, and Mexico.
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