Pune, India, April 13, 2023 (GLOBE NEWSWIRE) -- The global crop protection chemicals market size is projected to reach USD 81.74 billion by 2028, exhibiting a CAGR of 4.66% during the forecast period. The increasing pesticide resistance among new crop pests is expected to be one of the main factors driving the adoption of these chemicals, according to Fortune Business Insights™ in its recent report titled, “Crop Protection Chemicals Market, 2021-2028”. The market size stood at USD 57.13 billion in 2020.
Crop protection chemicals, also known as pesticides, are chemicals used to protect crops from pests, weeds, and diseases. These chemicals can be synthetic or naturally occurring and can be applied to crops in various forms such as sprays, dusts, granules, and baits.
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List of Key Players Covered in the Crop Protection Chemicals Market Report:
- Bayer CropScience (Leverkusen, Germany)
- Syngenta AG (Basel, Switzerland)
- BASF (Ludwigshafen, Germany)
- Corteva, Inc. (Delaware, U.S.)
- FMC Corporation (Pennsylvania, U.S.)
- ChemChina (Beijing, China)
- Sumitomo Chemicals (Tokyo, Japan)
- UPL Ltd. (Mumbai, India)
- Nufarm (Melbourne, Australia)
- Rotam CropScience Ltd (Hong Kong, China)
There are different types of crop protection chemicals, including insecticides, herbicides, fungicides, rodenticides, and molluscicides. Insecticides are used to control insects and other arthropods that can damage crops, while herbicides are used to control weeds. Fungicides are used to control fungal diseases, and rodenticides are used to control rodents. Molluscicides are used to control snails and slugs.
Crop protection chemicals can be harmful to humans and the environment if not used properly. Therefore, their use is regulated by governments, and farmers and other users must follow strict guidelines and regulations when using them. Additionally, there are efforts to develop and promote sustainable and environmentally friendly pest management strategies, such as integrated pest management, which combines various pest control methods to reduce the use of crop protection chemicals.
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 4.66% |
| 2028 Value Projection | USD 81.74 billion |
| Market Size in 2021 | USD 59.41 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 158 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Crop Protection Chemicals Market Growth Drivers | Increasing Utilization of Crop Protection Solutions for High Yield to Fuel Growth |
| The emergence of Pests and Diseases Due to Fluctuations in Climatic Conditions to Aid Growth |
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Report Coverage:
The report provides detailed evaluation of the factors driving and restricting the market growth. It offers comprehensive research into each and every market segment. The report has thorough profiling and study of key market players and their strategies. Further, it presents careful examination of the regional dynamics and their influence on the market.
Drivers and Restraints:
Rising Emphasis on Improved Agricultural Crop Output to Bolster Growth
Biological control, the adoption of resistant varieties, and adjustment of cultural practises are all part of an integrated pest management strategy that focuses on long-term pest prevention. The use of a variety of pest control methods as well as detailed knowledge of the pest life cycle and interactions leads in proper pest management with the least amount of risk to human and animal health. As a result, farmers are gravitating toward such methods since they lessen the environmental dangers connected with insect control. This factor will enable the expansion of this market. Integrated pest control strategies, for example, have enhanced agricultural crop output by 40.14% and 26.63% in rice and cotton harvests, respectively, according to the Directorate of Plant Protection Quarantine & Storage (India).
According to the study's findings, global insect pest losses have decreased from 13.6% in the post-green revolution era to 10.8% at the turn of the century. Pest infestations have decreased as a result of significant changes in agricultural production systems, use of crop protection agents, and better awareness of field and post-harvest losses as well as essential management measures.
Segments:
Synthetic Chemicals Segment to Account for the Largest Market Share
Attributed to the widespread use of crop protection agents in grain production, the cereals segment is expected to grow massively in the forthcoming years. According to the FAO, global cereal production increased by 2.6% in 2020 compared to the previous year. Furthermore, the growing worldwide population resulted in a greater focus on food security and high demand for crops, which aided the cereals segment's rise. The synthetic chemicals segment is expected to account for a high market share due to their widespread use in emerging Asian, South American, African, and Middle Eastern countries. Synthetic pesticides are being used more frequently due to their reduced cost and pest-targeted efficiency.
Regional Insights
Asia Pacific to Offer Lucrative Growth Opportunities for Market Players
With a market size of USD 16.54 billion in 2020, Asia Pacific is poised to dominate the crop protection chemicals market share during the forecast period. The primary growth driver of the regional market is the high dependency of the developing countries of the region on agriculture as the sector forms the backbone of these economies. Population growth in these countries and widespread poverty, are reinforcing the need for enhanced agricultural productivity to ensure food security for populations. As a result, the adoption of crop protection chemicals and products is expected to escalate in Asia Pacific in the forthcoming years. In Europe and North America, farmers are swiftly switching to sustainable agricultural practices and increasingly prefer eco-friendly and naturally-derived pesticides and insecticides.
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Competitive Landscape
Strategic Collaborations and Acquisitions by Key Players to Animate Competition
Key players in this market are singularly focused on diversifying their offerings of crop protection chemicals to entrench their foothold in the field of agribusiness. To accomplish this end, many companies are entering into collaborations with other players and acquiring smaller companies to expand their business horizons.
Detailed Table of Content:
- Introduction
- Research Scope
- Market SegHouseholdtation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Analysis
- Impact of COVID on Supply Chain of Crop Protection Chemicals Market
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Crop Protection Chemicals Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Herbicides
- Insecticides
- Fungicides
- Others
- By Source (Value)
- Synthetic Chemicals
- Biologicals
- By Mode of Application (Value)
- Foliar Spray
- Soil Treatment
- Seed Treatment
- Others
- By Crop Type (Value)
- Cereals
- Oilseeds and Pulses
- Fruits and Vegetables
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued...!
Industry Developments:
May 2020: FMC Corporation inked a deal with Isagro S.p.A. under which FMC will purchase Isagro’s intellectual assets of its Fluindapyr active ingredients for an estimated value of USD 60 million. The acquisition will also transfer to FMC all technological know-how associated with Isagro’s flagship fungicide molecule.
March 2020: Corteva Agriscience entered into a multi-year partnership with AgPlenus to engineer innovative herbicides. The collaboration will be based on synergy of expertise of both companies as well as strengthen Corteva’s crop protection products portfolio.
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