Dublin, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The "Crop Protection Chemicals Market by Type (Synthetic [Insecticides, Herbicides, Fungicides], Biological), Formulation (Solid, Liquid), Mode of Application (Seed Treatment, Soil Treatment), Crop Type-Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The latest research reveals key insights into the future trajectory of the crop protection chemicals market, showing robust growth prospects and potential opportunities through the year 2030. Amidst a growing global imperative for enhanced agricultural yields and sustainable farming practices, the crop protection chemicals sector is witnessing a wave of innovation and environmental consciousness.
The analytical deep-dive into market dynamics indicates that by the end of the forecast period, the global market value is predicted to surge to $84.83 billion, expanding at a compound annual growth rate (CAGR) of 3.3%. This bullish trend is paired with an anticipated market volume growth, expecting to achieve approximately 10,423,115.5 tons by 2030, with a CAGR of 2.5%.
The market’s expansion is principally propelled by intensified demand for cost-effective crop protection solutions and mounting challenges related to diminishing arable land. Furthermore, a significant upswing in the adoption of advanced agricultural practices and a pronounced sense of environmental safety augur a well-poised growth scenario for the market.
Leading industry stakeholders, comprising prominent chemical and biological solution providers, occupy strategic market positions and continue to shape industry innovation. Among the various regions evaluated, the Asia-Pacific and Latin America regions are poised for exceptional growth, attributed to advancements in agricultural methods and an increasing embrace of organic farming.
The report segments the market analysis based on chemical type, with synthetic crop protection chemicals currently commanding the largest market share due to their prevalent use in developing countries and competitive cost points. However, biological chemicals are forecasted to rapidly grow through the next decade, reflecting an increased preference towards organic farming and stringent regulatory standards on chemical usage.
Segmentation Highlights
- Type: Synthetic crop protection dominates, but biological variants show rapid growth.
- Formulation: Liquid formulations lead the market due to efficiency and application advantages.
- Mode of Application: Foliar spray remains predominant, while seed treatment emerges as a key growth area.
- Crop Type: Cereals & grains maintain the largest share, encouraging further research into protective measures for these essential commodities.
From a geographical perspective, the surging demands of the Latin American market resonate with an urgent need for yield improvements, aligned with the expanding agricultural sector and heightened awareness of advanced agro-products.
Overall, the crop protection chemicals market’s landscape is characterized by a blend of advancements and uptake of novel practices, including integrated pest management. The cumulative effect of these factors, along with the technology integration within the sector, points towards a future where sustainable agriculture meets increasing global food demands.
Companies Mentioned
- BASF SE (Germany)
- Bayer AG (Germany)
- Corteva Inc. (U.S.)
- FMC Corporation (U.S.)
- Novozymes A/S (Denmark)
- Nufarm Limited (Australia)
- Syngenta AG (Switzerland)
- UPL Limited (India)
- Sumitomo Chemical Co. Ltd. (Japan)
- Jiangsu Yangnong Chemical Co. Ltd (China)
For more information about this report visit https://www.researchandmarkets.com/r/178jvp
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