Crop Protection Chemicals Market Trends, Growth, Share, Size and 2025 Forecast Research Report 2027
The global crop protection chemical market size is estimated to reach USD 73.94 billion till 2027. This information is provided by Fortune Business Insights™, in its report, titled, “Crop Protection Chemical Market, 2020-2027.” As per the report, the market stood at USD 55.73 billion in 2019 and is further expected to showcase a stellar CAGR of 4.50% in the upcoming years. The key producers in the market are mainly focusing on the R&D of upgraded molecular chemicals for plants, as the already available ones are suspected to be outdated.
As per the Royal Society of Chemicals, new segments of chemicals
are introduced under the category of herbicides, pesticides, insecticides, and
fungicides. Approximately, 800 active chemical ingredients are recorded as
solutions for crop protection around the globe.
COVID-19 Impact
The unfortunate event of the global pandemic hit the world and
every industry faced some collateral damage. Due to the strict government norms
imposed on the national movement of vehicles be it commercial or passenger, the
demand-supply chain cycle was seen disrupted.
The agriculture sector suffered when the pandemic hit the world.
It has majorly affected the processes that involved producing and distributing
agrochemicals, importing raw materials, and manufacturing end products. As
China is the prominent producer of pesticides and active ingredients, the
lockdown affected the production in Chinese factories and resulted in an
enormous shortage of crop protection chemicals in the global market.
Report Coverage
The report provides a thorough study of the market segments and a
detailed analysis of the market overview. A profound evaluation of the current
market trends as well as the future opportunities is presented in the report.
It further shares an in-depth analysis of the regional insights and how they
shape the market growth. The COVID-19 impacts have been added to the report to
help investors and business owners understand the threats better. The report
sheds light on the key players and their prominent strategies to stay in the
leading position.
Segmentation
Based on type, the global crop protection chemical market is
segmented into herbicides, insecticides, and fungicides. The
herbicides accounted for 39.7% of global market share in 2019. On the basis of
crop type, the market is divided into cereals, oilseeds and pulses, and fruits
& vegetables. By source, the market is bifurcated into synthetic chemicals
and biologicals. In terms of region, the global market is further classified
into North America, Europe, Asia Pacific, South America, and the Middle East
& Africa.
By mode of application, the market is segregated into foliar
spray, soil treatment and seed treatment. Among the above, seed treatment has
appeared to be the most trending application for crop protection chemicals
since the past few years. This treatment is cost effective and safe and people
are quickly adopting this method to replace the other conventional methods to
prevent pests.
Drivers and Restraints
Rising Usage of Crop Protection Chemicals for Gaining High Yield
to Promote Growth
Crop protection chemicals are vastly used in the agricultural
sector to prevent crops from gaining pest infection. This further ensures high
yield and guaranteed food security for the rapidly growing population. As per
Food and Agriculture Organization (FAO), the major consumers of crop protection
chemicals are nations such as the U.S, Brazil and China. The surging usage of
pesticides in these countries among others is expected to drive market growth
in the upcoming years.
Regional Insights
Asia Pacific to Ace the Market Backed by Awareness Regarding Usage
of Pesticides
Asia Pacific generated USD 16.11 billion in the
year 2019. It is expected to hold major shares in the market and continue to
dominate during the forecast period. Rising awareness about using crop
protection chemicals in small as well as marginal crop producers has resulted
in strong growth support of insecticides in this region.
South America is the second-largest user of crop protection
chemicals and is estimated to hold an impressive amount of shares in the
market. It is anticipated that the usage of fertilizers will surpass the
current utilization by the year 2024.
North America and Europe are likely to witness substantial growth
owing to the steady focus of key players in these regions on biologically
obtained yield. This is estimated to promote market growth in the near future.
Competitive Landscape
New Launches and Acquisitions Set to Propel Market Growth
Prominent players in the market often come up with efficient
strategies that include partnerships, acquisitions and mergers, product
launches, etc. These strategies bolster their position as leading players and
also benefit the other involved companies as well.
For instance, in January 2020, Crystal Crop Protection Ltd.
initiated an acquisition of three brands from Corteva Agriscience. These brands
include Dursban, Predator and Nurelle-D. This is expected to boost the market
growth and help the involved companies gain monetary benefits from this
acquisition.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/crop-protection-chemicals-market-100080
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