SPECIALTY PESTICIDES MARKET ANALYSIS

Specialty Pesticides MarketSize and Trends

The global specialty pesticides market was valued at US$ 232.37 Bn in 2021 and is expected to reach US$ 370.56 Bn by 2030, exhibiting a CAGR of 4.0% during the forecast period (2022-2030).

Market Trends

Widespread adoption of modern farming methods and government policy supports ground spreading. For instance, the EPA approved dicamba (herbicide) for aerial spraying in 2017 in conjunction with soybean seeds genetically engineered to be resistant to the chemical, which had previously only been approved for ground spreading. As a result, the demand for agrochemicals such as specialty pesticides is expected to increase.

Figure 2. Global Specialty Pesticides Market Revenue Share (%), By Type, 2021

Among types, the fungicide segment held a dominant position in the global specialty pesticides market in 2021, accounting for 36% of market share. Fungicides increase the yield and number of crops and new foliage growth of crops. Fungicides prevents the growth of fungal diseases within turf for a set number of days or seasons. Fungicides are also beneficial to protect fruits like grapes, vegetables, and tubers from fungi etc.

Global Specialty Pesticides Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 outbreak was first reported in December 2019 in Wuhan, China. Due to lockdowns, travel bans, and business closures, the outbreak has affected economies and industries in a number of countries. The global specialty pesticides market has been hit hard by supply chain failures, technology event cancellations, and office closures during the COVID-19 pandemic. The COVID-19 pandemic forced the closure or partial closure of factories, warehouses, businesses, and educational institutions around the world. Other lockdown measures such as strict social distancing norms, restricted travel, and limited access to public spaces, restaurants, theme parks, movie theaters, and shopping malls were implemented. There has been a supply chain disruption as a result of the COVID-19 pandemic, causing problems in the agricultural sector such as labor shortages, transportation barriers, market access restrictions, and inventory shortages in some regions such as Asia specific.