The latest report by IMARC Group, titled “Crop Protection Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global crop protection chemicals market size reached US$ 60 Billion in 2018. The rapidly growing population, particularly in the developing regions, has been challenging the food production capacity. To ensure adequate and reliable food supply, farmers rely on crop protection chemicals. Also known as pesticides or agrochemical products, crop protection chemicals play a crucial role in monitoring and controlling the pests and diseases that infect, consume or damage crops. The development of crop protection chemicals has helped farmers to manage crop pests including weeds, insects and fungi; improve and maintain the yield; and cost-effectively contribute to food security.
Governments in various countries are creating awareness among farmers about the benefits of crop protection chemicals. They are also encouraging R&D for manufacturing new products that will help in efficiently dealing with pest attacks on crops. For instance, BASF United States has developed new strobilurins which control fungal pathogens in a higher number of cultivated crops, including grains and specialty crops. Apart from this, researchers are focusing on producing products that are highly selective in their action to minimize the impact on non-target organisms. Recently, several programs have also been introduced across the world, particularly in Europe, to ensure that the agrochemicals available in the market cater to modern safety and environmental standards. This, in turn, has encouraged the manufacturers to produce bio-based chemicals derived from natural sources, such as plants, bacteria, animals and fungi. Due to their beneficial properties and lower environmental impact as compared to conventional products, the demand for bio-based crop protection chemicals is anticipated to increase in the coming years. Looking forward, the market value is projected to exceed US$ 80 Billion by 2024, expanding at a CAGR of 4.8% during 2019-2024.
- Based on the product type, the market has been segmented as herbicides, fungicides, insecticides and others. Amongst these, herbicides are the most popular type of crop protection chemicals.
- On the basis of the origin, synthetic chemicals currently dominate the market, accounting for the majority of the market share. They are followed by natural chemicals.
- The market has also been segmented based on the crop type into cereals and grains; oilseeds and pulses; fruits and vegetables; and others. At present, cereals and grains represent the leading segment, holding the majority of the market share.
- Based on the form, the market has been segmented into solid and liquid crop protection chemicals. Liquid crop protection chemicals currently exhibit a clear dominance in the global market.
- On the basis of the application, the market has been segregated into foliar spray, seed treatment, soil treatment and others. Amongst these, foliar spray represents the largest application segment, accounting for the majority of the market share.
- Region-wise, Asia Pacific enjoys the leading position in the global crop protection chemicals market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being BASF SE, DowDuPont, Sumitomo Chemical Co., Ltd, Syngenta AG, Bayer CropScience AG, FMC Corporation, Monsanto Company, Nufarm Limited and ADAMA Agricultural Solutions Ltd.
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