SPECIALTY PESTICIDES MARKET ANALYSIS
Global specialty pesticides market is estimated to be valued at USD 22.35 Bn in 2024 and is expected to reach USD 32.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
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Specialty pesticides are used in a variety of applications such as household insecticides, termite control, wood treatment, and others. Increased awareness about health and hygiene along with rising prevalence of hospital acquired infections is expected to drive the demand for antiseptics and disinfectants. Stringent regulations regarding sterilization and disinfection of medical devices and healthcare facilities are also boosting the market growth. Growing usage of antiseptics and disinfectants in veterinary and food processing industries is further expected to support market expansion through 2031.
Market Driver - Increasing demand for high-yield and pest-resistant crops
The global food demand is rising continuously owing to the increasing population. On the other hand, arable land for agriculture is shrinking at an alarming rate due to rapid urbanization. Therefore, farmers are under tremendous pressure to produce more crops from existing agricultural land in order to meet the demand. This has led to increasing adoption of high-yield and pest-resistant crop varieties among farmers worldwide. Specialty pesticides that are specifically formulated to protect such crops play a vital role in boosting agricultural productivity.
Cereals and grains are among the important crops for which high-yield varieties are widely cultivated. However, these HYV crops also attract large infestation from various pests and diseases. Continuous planting of the same crop varieties increases susceptibility to pest attacks. Specialty pesticides such as biopesticides and others that contain bioactive ingredients targeted towards crop-specific pests help farmers protect such susceptible HYV crops. This ensures maximizing yields from existing farmlands. Even fruits and vegetables cultivation has greatly intensified in recent years. These perishable commodities require extensive protection from fungal, bacterial and viral diseases through specialty fungicides and bactericides.
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Rising Awareness about Sustainable Farming Practices and Integrated Pest Management
There is growing concern around the world about the harmful effects of excessive agrochemical usage on the environment as well as human health. Continuous and indiscriminate spraying of broad-spectrum pesticides has led to myriad issues like biodiversity loss, soil and water pollution. Many pests are developing resistance to commonly used pesticide active ingredients at an alarming pace. Moreover, stricter regulations are being enacted in several countries pertaining to Maximum Residue Limits (MRLs) of pesticides in crops. This is significantly boosting demand for ecofriendly specialty pest management products and integrated pest management programs.
IPM focuses on monitoring pest population levels and employs cultural, mechanical, biological and chemical methods in an optimum combination for managing pests. Specialty pesticides have a key role to play in IPM as they target specific pests and are less harmful for natural enemies of pests. Biopesticides derived from natural materials like plants, animals, bacteria, and certain minerals are gaining widespread acceptance among IPM practicing farmers. Similarly, newer generation semio-chemicals that mimic natural insect pheromones are enabling effective trapping of pests. Sustainability oriented farmers also prefer reduced risk pesticides during the last stages of crop cultivation as part of IPM. All these factors are fueling growth of specialty pesticides market.
Key Takeaways from Analyst:
The global specialty pesticides market continues to experience steady growth driven by increasing demand for high-value crops worldwide. Farmers are consistently looking for solutions to protect their crops from pests and diseases, boost yields, and meet the growing global demand for food. Developing regions in Asia Pacific and Latin America remain key growth engines due to their vast arable lands and rapid agricultural expansion.
However, price fluctuations in raw materials pose a notable challenge to specialty pesticide formulators. Strict regulations regarding the use of agrochemicals in developed markets of North America and Europe also impact market access and supply. Environmental and health concerns associated with pesticide residues can further restrain revenue growth.
New product innovation focused on biopesticides, botanical extracts and targeted application methods present opportunities for specialty manufacturers to satisfy evolving end-user demand and regulatory norms. Collaboration with biotech companies is allowing players to introduce differentiated products with novel modes of action. Furthermore, the market sees adoption of digital and precision farming technologies that support more efficient pest and disease control.
Going forward, the Middle East and Africa will emerge as an important specialty pesticides market backed by investment in agricultural infrastructure and a growing young population. Agrochemical companies need to proactively evaluate regulations and develop supply chain resilience in light of evolving trade policies.
Market Challenge - Stringent regulations concerning pesticide usage and safety
The global specialty pesticides market has been facing stringent regulations regarding pesticide usage and safety in many countries. Regulatory authorities are increasingly imposing restrictions on the usage of certain chemical pesticides and introducing safety standards to minimize their side effects on human health and environment. This is negatively impacting the sale and demand of conventional chemical pesticides. Many agrochemical companies such as BASF SE and others are facing challenge in developing bioequivalent pesticide products within restricted timing amid rising costs of R&D and regulatory compliances. The ban or restrictions on handful of popular pesticides have also reduced available product options for farmers. The pesticide manufacturers require to thoroughly test products and spend significantly to obtain approvals under strict norms. Non-compliance may lead to penalties or prohibition on sales, impacting their top and bottom lines.
Market Opportunity - Development of Biopesticides and Environmentally Friendly Pest Control Solutions
The growing development of biopesticides and environmentally friendly alternatives present a major opportunity in the global specialty pesticides market. For instance, on September 28, 2023, Croda International Plc is a specialty chemicals company, announced the launch of its new product, Atlox BS-50, a specialized delivery system designed to cater to the needs of the expanding biopesticide market. This innovative product aims to enhance the effectiveness and application of biopesticides, providing a solution that meets the increasing demand for sustainable agricultural practices. With increasing environmental consciousness, consumers are preferring food products and crops grown without toxic chemical pesticide residues. The development of pesticides derived from natural materials like plants, animals, bacteria and certain minerals provides a viable solution. The biopesticides usually have minimal effects on human health and help boost organic farming. Many agrochemical giants and new emerging players are heavily investing in R&D of biopesticides to cater the demand and tap growth prospects. This shifting trend towards greener products also allow companies to position themselves as sustainability driven and allay concerns of stringent regulations. The market for biopesticides is expected to witness double digit growth and help capture significant market share from chemical pesticides.
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Insights by product type: Growing Need for Weed Management
In terms of product type, herbicides is expected to contribute 38.8% share of the market in 2024, owing to the growing need for effective weed management in agricultural fields. Herbicides help farmers control weeds that compete for nutrients, water, and sunlight meant for crop plants. As agricultural lands worldwide face increasing pressure of weed infestation due to factors like changing cultivation practices, herbicide resistant crop varieties have found widespread adoption. Traits like glyphosate resistance in soybean and corn crops have boosted the use of non-selective herbicides that provide broad-spectrum weed control, therefore increasing launch of new products by key players is expected to drive the segment growth. For instance, in 2023, BASF, a chemical company, launched two new herbicides, Facet and Duvelon, aimed at supporting rice and tea farmers in India in their efforts to protect crops from invasive weeds. These innovative herbicides are designed to provide effective weed control, helping farmers enhance crop yields and maintain the health of their fields.
Insights by application: Ensuring High Crop Yields
In terms of application, crop protection is expected to contribute 32.3% share of the market in 2024, driven by the need to maximize agricultural productivity and ensure high crop yields. Pest infestations cause significant losses to standing crop every year. Specialty pesticides that target key pests help farmers protect their crops from diseases, insects, nematodes, and other pathogens. Their use helps increase crop resilience and safeguard food production. As global population rises, the emphasis on boosting per acre crop output through effective pest and disease management will continue promoting the crop protection segment.
Insights by Formulation: Ease of Application
In terms of formulation, liquid is expected to contribute 39.7% share of the market in 2024, due to advantages over other formulations in terms of easy handling and application. Liquid pesticides can be readily mixed with water and penetrate plant surfaces efficiently through foliar feeding. They allow for precise application through methods like spraying, misting or drenching. Modern spraying equipment also support their extensive use in large farms. Liquid pesticides are thus highly convenient to use and help optimize crop treatments through uniform and extended coverage of plant surfaces.
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North America remains the dominant region in the global specialty pesticides market. The region is expected to hold 36.6% of the market share in 2024. The U.S. and Canada have a very well-established agricultural industry that extensively uses pesticides for crop protection. Major pesticide producers such as BASF SE and others have their headquarters located in the region and invest heavily in R&D to develop innovative products. Farmers in North America also have high acceptance for newer and specialized pest control solutions. This allows companies to easily pilot test and launch novel formulations. Furthermore, the regulatory environment provides reasonable timelines for approvals, thus encouraging continuous new product introduction.
Asia Pacific has emerged as the fastest growing market for specialty pesticides globally over the past decade. Rapid growth in population and rising incomes have significantly increased agricultural production in countries like India and China. This has augmented the need for reducing pre- and post-harvest crop losses through effective pest and disease management. Tropical conditions prevalent in many Asian nations also make cultivation more susceptible to pest attacks. Local agrochemical manufacturers are constantly enhancing their portfolios through technical tie-ups with international leaders. Governments too have extended subsidies for acquiring imported agro-inputs. The availability of low-cost generic versions has enabled widespread adoption of agrochemicals even by smallholder farmers.
Mature Western European counties still account for sizable revenues but have relatively sluggish growth prospects. On the other hand, Eastern European nations are witnessing healthy increases in chemical usage driven by substantial increases in cultivated land areas in recent times. Accessibility to advanced agro-inputs sourced from both within and outside the region also supports market expansion. However, stringent regulations around pesticide approvals and maximum residue limits remain a key challenge for companies seeking to establish foothold. Overall, the European specialty pesticides landscape continues to undergo dynamic changes with shifting macroeconomic conditions and changing trade policies.
Specialty Pesticides Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 22.35 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 5.4% | 2031 Value Projection: | US$ 32.17 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Bayer AG, Syngenta AG, Corteva Agriscience, BASF SE, FMC Corporation, Adama Agricultural Solutions Ltd., Nufarm Limited, Sumitomo Chemical, Monsanto Company (part of Bayer), UPL Limited, Lanxess AG, Nippon Soda Co., Ltd., Zhejiang Jianfeng Chemical Co., Ltd., Hanfeng Evergreen Inc., American Vanguard Corporation, Arysta LifeScience Corporation, Mitsui Chemicals, Inc., SABIC, Kumiai Chemical Industry Co., Ltd., ad Rallis India Ltd. |
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| Restraints & Challenges: |
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*Definition: The global specialty pesticides market consists of sales of specialty pesticides and related services used in applications like household, commercial, and agricultural sectors. Specialty pesticides include herbicides, insecticides, and fungicides that control weeds, insects, nematodes, fungi, rodents, disinfectants and other pests and are usually applied using low-pressure methods like spraying, misting, or fogging.
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About Author
Vidyesh Swar
Vidyesh Swar is a seasoned Consultant with a diverse background in market research and business consulting. With over 6 years of experience, Vidyesh has established a strong reputation for his proficiency in market estimations, supplier landscape analysis, and market share assessments for tailored research solution. Using his deep industry knowledge and analytical skills, he provides valuable insights and strategic recommendations, enabling clients to make informed decisions and navigate complex business landscapes.
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