Crop Protection Chemicals Market Growth, Outlook, Demand, Key Player Analysis and Opportunity
by Rahul Rastogi Market Research AnalystThe global crop protection chemicals market has witnessed a
positive growth over the past several years. This can be attributed to the
rising awareness among the farmers along with the introduction of bio-based
chemicals which are environment-friendly.
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.
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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 crop
protection chemicals 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:
Ø 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 crop protection chemical market share.
Ø 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 crop protection chemicals market share.
Ø Based
on crop type, cereals and grains represent the largest segment, followed by
oilseeds and pulses; fruits and vegetables; and others.
Ø 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.
Ø 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.
Ø 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.
Ø 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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Created on Apr 29th 2019 04:44. Viewed 370 times.