Crop Protection Chemicals Market Size to Exceed USD 95.82 Billion
Crop Protection Chemicals Market Overview
Crop Protection Chemicals Market Size was valued at USD 95.82 billion by 2030,exhibiting a compound annual growth rate (CAGR) of 5.0% during the forecast period (2023 - 2030). Crop protection chemicals are used to safeguard the crops from conditions that pose potential damage to the growth of the crops. Crop protection chemicals have become an integral part of the agricultural practices. Without them, many crops would suffer dramatic losses. The most commonly used crop protection chemicals include herbicides, fungicides, insecticides, and others. Each one has a distinct function such as herbicides kill or inhibit the growth of unwanted plants, insecticides kill arthropod pests, whereas fungicides destroy or prevent the growth of pathogenic fungi. In 2022, the Crop Protection Chemicals Market Size reached a valuation of USD 68.1 billion. Projected industry growth indicates an increase from USD 71.51 billion in 2023 to USD 95.82 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 5.0% during the forecast period from 2023 to 2030.
Crop protection chemicals market help in improving agricultural productivity by killing unwanted herbs and weeds in the plantation. Increasing population and growing demand for food have led to high agricultural productivity which is driving the growth of the crop protection chemicals market. Moreover, limited availability of cultivable land and the pressure to increase farm productivity is boosting the demand for crop protection chemicals.
Growing acceptance of modern farming is adding fuel to the growth of crop protection chemicals market. Owing to the demand for improving the efficiency of crop protection chemicals, major players are investing in research and development which is further boosting the growth of global crop protection chemicals market. However, hazards associated with synthetic crop protection chemicals have led to several stringent regulations on the use of crop protection chemicals which may hamper the growth of crop protection chemicals market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.9% of crop protection chemicals market during the forecast period 2023-2030.
Downstream analysis
Crop protection chemicals market is segmented on the basis of a type such as herbicides, fungicides, insecticides, and others. Among them, the herbicides segment is dominating the market. The high utility of herbicides for destroying various herbs and unwanted weeds to minimize the crop loss is driving the growth of this segment. However, the fungicides segment is projected to grow substantially over the forecast period followed by insecticides segment.
Based on the formulation, the crop protection chemicals market is segmented into emulsifiable concentrates, wettable powder, soluble powder, suspension concentrate, capsule suspensions, and others. Among all, the suspension concentrate is projected to grow substantially over the forecast period owing to reduced or no use of hazardous solvents and improved stability.
On the basis of the method of application, the crop protection chemicals market is segmented into foliar, soil treatment, seed treatment, and others. The foliar applied crop protection chemicals are dominating the market and are expected to grow substantially over the forecast period.
Based on the application of crop protection chemicals, the market is segmented into oilseeds & pulses, cereals & grains, fruits & vegetables, and others. Among all, the fruits and vegetables segment is dominating the market. However, the cereals and grains segment is expected to witness substantial growth over the forecast period.
Competitive analysis
The major players in the Crop protection chemicals market
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- Monsanto Company (U.S.)
- FMC Corporation (U.S.)
- Bayer AG (Germany)
- Agrium Inc (Canada)
- Syngenta AG (Switzerland)
Regional Analysis
The global Crop protection chemicals market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to witness substantial growth over the estimated period. India and China which are two of the largest countries in terms of population are majorly contributing to the growth of crop protection chemicals in this region.
In North America, the U.S. is the major contributor to crop protection chemicals. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain the market growth in these regions. Bio based crop protection chemicals are expected to offer huge growth opportunity in North America and Europe. For rest of the world, South America is projected to witness high growth owing to increasing demand for crops in this region.
Market Segmentation
Crop protection chemicals market is segmented on the basis of type, formulation, method of application, application, and region.
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