Crop Protection Chemicals Market Scope:
Population explosion across the globe is putting ever more pressure on food supplies and higher demand for additional crop yields which demands crops to be protected from spoilage. Crop protection chemicals make harvesting easier and maintain consistent farm yield and control the growth of weeds. Modern farming practices advocate the use of crop protection chemicals to inhibit the growth of weed and other potentially damaging organisms on crops which boosts the growth of the global crop protection chemicals market.
Global Crop Protection Chemicals Market Size is projected to reach USD 95.82 Billion by 2030, registering a CAGR of 5.0% during the forecast period of 2023 to 2030, predicts Market Research Future (MRFR) in an extensive study.
Modern products capable of selective activity which can be used for targeted organisms and minimize the impact on non-target organisms has been instrumental in stimulating the demand for crop protection chemicals. Additionally, modern crop protection chemicals are safer than their old counterparts and do not bioaccumulate in the environment.
On the flip side, concerned by the environmental and toxological properties of crop protection chemicals on the environment as well as human health, regulatory bodies across the globe continue to pressurize the crop protection industry which might dampen the growth of the market over the forecast period. North America and Europe have imposed legal restrictions on the use of certain c crop protection chemicals limit the growth of the market to some extent. However, Rigorous RD activities aimed at reducing the impact of crop protection chemicals on the environment has resulted in the development of bio-based, organic crop protection chemicals that are not only potent but are also specific for the required purpose. Such developments are likely to open new growth avenues for the growth of the global crop protection chemicals market.
The global crop protection chemicals market might face challenges on its growth trajectory in the form of lack of understanding by growers on how to utilize innovations and a relatively lower level of technology use.
Competitive Landscape:
The key players in the global crop protection chemicals market include Agrium Inc. (Canada), FMC Corporation (U.S.), Syngenta AG (Switzerland), Bayer AG (Germany), BASF SE (Germany), Monsanto Company (U.S.), and The Dow Chemical Company (U.S.).
Segmentation:
The global Crop Protection Chemicals Market Overview has been segmented based on type, formulation, method of application, and application.
By type, the global crop protection market has been segmented into herbicides, fungicides, insecticides, and others. The herbicides segment is the largest segment followed by the fungicides segment. Herbicides witness high demand due to its efficacy in minimization of crop loss by unwanted weeds.
By formulation, the global crop protection chemicals market has been segmented into emulsifiable concentrates, wettable powder, soluble powder, suspension concentrate, capsule suspensions, and others. The suspension concentrate segment is likely to showcase rapid growth over the forecast period. Suspension concentrates do not contain any hazardous solvents and exhibit improved stability.
By method of application, the global crop protection chemicals market has been segmented into foliar, soil treatment, seed treatment, and others. The foliar segment is dominating the global market.
By application, the global crop protection chemicals market has been segmented into oilseeds pulses, cereals grains, fruits vegetables, and others. The vegetable segment is the largest segment while the cereals and grains segment is expected to expand rapidly.
Regional Analysis:
By region, the global crop protection chemicals market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
APAC dominates the global crop protection market. Flourishing agribusiness and growth in a number of food agriculture companies in the region boost demand within the APAC market. Also, APAC has a high number of agrarian economies which generate greater demand for crop protection chemicals. Other factors boosting the growth of the market include subsidies given to farmers and a higher emphasis on cash crops which accelerate agricultural activities in the region and ignite growth within the APAC crop protection chemicals market.
North America is the second largest market for crop protection chemicals followed by Europe. In North America, agricultural activities are carried out on a large-scale which generates high demand for crop protection chemicals.
Europe market is driven by extensive research development activities in the region aimed at developing crop protection chemicals which meet contemporary safety and environmental standards. The Rest of the World is expected to showcase moderate growth over the forecast period.
Industry Updates:
In January 2019, BASF, a leading German Chemical company expanded its operations in Cambodia with the launch of three new crop protection products in the country. The new crop protection chemicals include Basagran Herbicide, Tetris Herbicide, and Regent 50 SC Insecticide which will be ideal for application in rice production.
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