by The global Crop Protection Chemicals Market is estimated to be valued at US$ 66.44 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Crop protection chemicals include herbicides, insecticides, fungicides and others. These chemicals are used to protect crops from weeds, insects, pests, fungi and other pathogens to increase crop yield and quality.
Market key trends
One of the key trends in the crop protection chemicals market is the growing demand for biopesticides and organic farming. Consumers are increasingly preferring organic foods due to rising health concerns regarding residues of chemical pesticides. As a result, farmers are shifting towards biopesticides derived from natural materials like animals, plants, bacteria and certain minerals over chemical pesticides. This trend of organic and sustainable farming is expected to drive the demand for biopesticides in the coming years.
SWOT Analysis
Strength: Crop Protection Chemicals provide yields that helps meet growing global food demand. They help protect crops from weeds, pests, and diseases thereby improving crop productivity.
Weakness: Over dependence and continuous usage of agrochemicals can lead to development of resistance in pests. Chemical residues in food crops and their impact on human and environmental health is also a concern.
Opportunity: Growth in global population is increasing demand for food. There is opportunity to develop innovative, sustainable and integrated pest management solutions to boost crop production.
Threats: Stringent government regulations around the world related to the usage of certain agrochemicals pose a threat. Farmers may switch to alternative crop protection methods if input costs increase substantially.
Key Takeaways
The Global Crop Protection Chemicals Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing global food demand amid rising population. Growth in adoption of modern agricultural practices in developing regions is fueling market expansion.
North America dominates the global market owing to large scale commercial agriculture and developed agrochemical industry in the US and Canada. Asia Pacific is expected to grow at fastest pace during the forecast period led by rising crop production in China and India to meet domestic food requirement of vast population base.
Key players operating in the Crop Protection Chemicals market are Bayer CropScience, ChemChina Corporation, BASF SE, Corteva Agriscience, UPL Limited, FMC Corporation, Nufarm Ltd, Sumitomo Chemicals, American Vanguard Corporation, ISAGRO SpA, Bioworks Inc., Ishihara Sangyo Kaisha Ltd, Marrone Bio Innovations Inc., and Syngenta International AG. Major players are focusing on developing biopesticides and integrated pest management solutions through partnerships and M&A activities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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