Crop Protection Chemicals Market is Expected to Clock a Notable A...

Crop Protection Chemicals Market is Expected to Clock a Notable A CAGR of 3.3% and Reach USD 82.01 Billion by 2032

Posted 2023-09-19 05:15:41

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Reports and Data's latest report suggests that the global market size for crop protection chemicals market is expected to reach USD 82.01 billion by 2028, growing at a CAGR of 3.3%. The steady growth is attributed to the increasing global population, rising demand for food, and the adoption of advanced agricultural practices, such as Integrated Pest Management (IPM) and precision farming, to prevent crop damage and loss. The popularity of indoor farming and horticulture, the use of bio-based pesticides, and strict government regulations for food safety further contribute to the market's growth.

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Crop protection chemicals are used by farmers to protect crops against pests, weeds, rodents, birds, bacteria, and various plant diseases. The chemicals, including pesticides, herbicides, rodenticides, insecticides, and fungicides, work by disrupting the biological mechanism of pests, effectively enhancing crop quality and strengthening pest-resistance ability. The global market is expected to grow as more research and development activities are being carried out to formulate new active ingredients for agrochemicals. The report also highlights the increasing innovation of products by agrochemical companies, the growing incidence of food-borne diseases, the adoption of GMO-certified pesticides, and the increasing import and export of crop protection agents as factors driving market growth.

The report identifies that among the type segments, herbicides lead in the global market in terms of revenue share. Cereals & grains are the leading crop type segment, accounting for the largest revenue share of around USD 25 billion in 2020. The Asia Pacific region accounted for a significant revenue share of 80% in the global market in 2020 and is expected to register the fastest revenue growth rate over the forecast period, attributed to increasing agricultural activities in countries such as China and India, shifting preference from synthetic pesticides to bio-based pesticides, increasing use of GMO-certified agrochemicals, and rising R&D investments for new and more advanced crop protection solutions.

The major players in the market include Bayer Cropscience AG, Syngenta AG, The Dow Chemical Company, Dupont, BASF SE, Sumitomo Chemical Co., Ltd., Valent US, Bioworks Inc., NufarmLimited, Verdesian LifeSciences, FMC Corporation, America Vanguard Corporation, Adama Agricultural Solutions Ltd., Arysta Lifescience Corporation, Corteva Agriscience, Wynca Chemical, Chr. Hansen, Lianyungang Liben Crop Science Co. Ltd., UPL Limited, Agrolac, Jiangsu Yangnong Chemical Group Co. Ltd., Nanjing Red Sun, Kumiai Chemicals, Lier Chemicals, and Simpcam Oxon.

The report categorizes the global crop protection chemicals market based on type, source, form, crop type, mode of application, and region.

Crop Protection Chemicals Market: Drive factors

The crop protection chemicals market is expected to grow steadily due to several driving factors. The increasing global population, rising demand for food, and adoption of advanced agricultural practices like Integrated Pest Management (IPM) and precision farming are some of the key drivers of market growth. Additionally, the popularity of indoor farming and horticulture, increased emphasis on high agricultural output, and stringent government regulations for food safety are also contributing to the growth of the market. Crop protection chemicals, such as pesticides, herbicides, rodenticides, insecticides, and fungicides, are extensively used by farmers to protect crops against pests, weeds, diseases, and other damages that can reduce crop yield. The development of new active ingredients for agrochemicals and product innovations by agrochemical companies are also major factors boosting growth of the global crop protection chemicals market. Furthermore, the rising incidence of food-borne diseases, growing adoption of GMO-certified pesticides, and increasing import and export of crop protection agents are fueling global market growth.

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