Rockville, May 30, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global crop protection chemicals market is estimated to be valued at US$ 79.9 billion in 2023 and is estimated to grow at a CAGR of 4.6% during the forecast period of 2023-2033.
Growing concerns over food security is one of the prominent drivers of the demand for crop protection chemicals. With a rapidly increasing global population, there is a growing need to produce more food on the same amount of arable land. However, agricultural productivity is constantly under threat from pests, diseases, and weeds that can reduce crop yields and quality.
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Crop protection chemicals, including pesticides, fungicides, and herbicides, play a crucial role in protecting crops from these threats. They help to improve crop yields and reduce losses caused by pests and diseases, thereby contributing to food security.
In recent years, the demand for crop protection chemicals has increased due to the growing popularity of high-value crops such as fruits and vegetables, which are more susceptible to pests and diseases than staple crops like wheat and rice. The increasing demand for organic food has also led to the development of organic crop protection chemicals that are safe for human consumption and the environment. Hence, the demand for crop protection chemicals is expected to continue to grow in the coming years.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 125.2 Billion |
| Growth Rate (2023-2032) | 4.6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 168 Tables |
| No. of Figures | 134 Figures |
Key Takeaways from Market Study
- The global crop protection chemicals market is projected to grow at 4.6% CAGR and reach US$ 125.2 billion by 2033
- Under product, herbicides are estimated to dominate the market with a 47.5% market share in 2023
- Latin America is estimated to dominate the market with a 29.9% market share in 2023
- North America is likely to represent 17.9% market share in 2023
- East Asia & South Asia and Oceania are expected to expand at CAGRs of 4.6% and 5.2%, respectively
- Grains & cereals crops are set to project prominent growth during the forecast period and it holds a prominent market share of 36.7% in 2023
“With Booming Agriculture and Agrochemicals Industries Crop Protection Chemicals Market is Likely to Witness Immense Growth Opportunities” says a Fact.MR analyst.
Key Companies Profiled In this Report
- BASF SE
- Bayer CropScience AG
- FMC Corporation
- Ishihara Sangyo Kaisha Ltd
- Nufarm Ltd
- Sumitomo Chemicals
- Syngenta International AG
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Market Development
Considering the varied demand from farmers and agriculturists, prominent crop protection chemical producers are introducing new crop protection solutions. The firms are concentrating on both increasing their production capacities and their geographic reach. This will help in delivering better quality products to consumers. Many manufacturers are trying to start their production units in Latin America and the Asia Pacific region where the demand for crop protection chemicals is increasing.
- In January 2023, Bayer and the agricultural biotech company Oerth Bio today announced a new collaboration seeking to develop the next generation of more sustainable crop protection products.
- In April 2022, BASF launched the Exponus insecticide chemical which is able to protect crops and boost productivity. It is registered for use on various largely cultivated crops under the Oil seeds, Pulses & Vegetables segment to control critical insect pests such as Caterpillars & Thrips.
Segmentation of Crop Protection Chemicals Industry Research Report
- By Product :
- Herbicides
- Insecticides
- Fungicides
- Others (Rodenticides, & Others)
- By Crop :
- Grains & Cereals
- Pulses & Oilseeds
- Fruits & Vegetables
- Others (Plantation Crops, & Others)
- By Source :
- Synthetic
- Bio-based
- By Form :
- Liquid
- Solid
- By Mode of Application :
- Foliar
- Seed Treatment
- Soil Treatment
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the crop protection chemicals market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product (herbicides. insecticides, fungicides, and others (rodenticides, & others)), crop (grains & cereals, pulses & oilseeds, fruits & vegetables, others (plantation crops, & others)), source (synthetic and bio-based), form (liquid and solid), mode of application (foliar, seed treatment, and soil treatment) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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