According to the latest report by IMARC Group, titled “Crop Protection Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global crop protection chemicals market reached a value of US$ 57.7 Billion in 2017. Since the beginning of agricultural practices, attempts have been made to protect the crops from fungi, pests or insects. The emergence of crop protection chemicals, such as insecticides, pesticides, herbicides, fungicides, etc., have replaced the use of the compounds used earlier, such as arsenic and mercury salts. These chemicals enable the farmers to improve the yield and quality of their crops in a cost-effective way. Over the years, the manufacturers have developed innovative products and cutting-edge technology to protect crops from being destroyed, which has provided a positive thrust to the crop protection chemicals market.
Global Crop Protection Chemicals Market Trends:
The frequent outbreaks of pest attacks on crops coupled with the rising need for food security have compelled the farmers to increase the usage of crop protection chemicals so as to maximize crop yield and minimize losses. Along with this, growing awareness among the farmers regarding the benefits of these chemicals has led to an increase in their consumption. Recently, a number of programs have also been introduced in across the world, particularly in Europe, to ensure that all the agrochemicals available in the market cater to the 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, fungi, etc. 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 near future. Looking forward, the market is projected to reach a value of US$ 77.3 Billion by 2023, exhibiting a CAGR of around 5% during 2018-2023.
Global Crop Protection Chemicals Market Summary:
- Based on product type, the market has been segmented as herbicides, fungicides, insecticides and others. Amongst these, herbicides are the most popular product, holding the largest share.
- On the basis of origin, the market has been categorized into synthetic and natural chemicals. Currently, synthetic chemicals dominate the market, accounting for the majority of the overall market share.
- Based on crop type, cereals and grains represent the largest segment, followed by oilseeds and pulses; fruits and vegetables; and others.
- The market has further been categorized on the basis of form into solid and liquid crop protection chemicals. Presently, crop protection chemicals in the liquid form account for the largest share.
- On the basis of mode of application, foliar spray leads the market, holding the biggest share. Other major application modes include seed treatment and soil treatment.
- Region-wise, Asia Pacific enjoys the leading position in the global crop protection chemicals market. Other major regions are 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, The DOW Chemical Company, Dupont, Sumitomo Chemical Co., Ltd, Syngenta AG, Bayer Crop science AG, FMC Corporation, Monsanto Company, Nufarm Limited and ADAMA Agricultural Solutions Ltd.
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