The Global Crop Protection Chemicals Market was valued at US$ 66.44 Bn in 2023, exhibiting a CAGR of 6.7% in terms of revenue, over the forecast period (2023-2030) to reach US$ 104.53 Bn by 2030.
Global Crop Protection Chemicals Market by Origin (Synthetic, Bio-Based), By Type (Fungicide, Insecticide, Nematicide, Herbicide, Other types), By Application (Grains and cereals, Pulses and Oilseeds, Fruits and Vegetables, Commercial Crops, Other crop types) By Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa)
Global Crop Protection Chemicals Market: Drivers
Increasing adoption of genetically modified crops
Increasing adoption of genetically modified crops due to their benefits is driving growth of the crop protection chemicals market. Genetically modified (GM) crops were first introduced in the U.S.in 1996. Currently, many products such as corn meal, oils, and sugars, are derived from these crops. These products are commonly used for food preparation worldwide.
Global Crop Protection Chemicals Market: Opportunities
Growing technological advancement and innovation in the market
Growing technological advancement and innovation in the market are projected to bring lucrative growth opportunities over the forecast period. Precision agriculture involves the use of technology, such as GPS and sensors, to optimize crop production and reduce waste. Crop protection chemicals that are compatible with precision agriculture, such as those that can be applied using drones or other automated systems, are in high demand. The growing technological advancements and innovations in the crop protection chemicals market are expected to bring lucrative growth opportunities over the forecast period. These advancements are driving demand for new and more effective crop protection chemicals that are compatible with sustainable agriculture practices and digital farming technologies.
Global Crop Protection Chemicals Market: Restraints
Climate uncertainties are a key factor expected to restrict market growth of the crop protection chemicals market. The necessity to provide products that can adapt to shifting environmental circumstances is one of the major issues facing the crop protection chemicals business. The timing and severity of pest and disease outbreaks, for instance, may fluctuate as a result of variations in temperature and rainfall patterns, making these threats harder to predict and manage. Crops can be harmed by extreme weather conditions like floods, droughts, and storms, which can also disrupt supply chains and lower demand for crop protection chemicals. For businesses in the industry, this may result in pricing changes and decreased profitability.
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Global Crop Protection Chemicals Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic disrupted the workings of several markets, including the crop protection chemicals market globally. The pandemic affected supply chain networks, resulting in losses for companies and farmers. In terms of supply, a short-term shortage of migrant laborers amidst distribution bottlenecks created a wide gap between the number of workers required for bio pesticide production and the ones available. Suitable measures being taken by the governments to mitigate the losses caused by the pandemic coupled with increasing concern over security, will help stabilize the agrochemicals market from the impact of COVID-19. So, the market is expected not to be severely hampered during the forecast period.
Key Takeaways:
The Global Crop Protection Chemicals Market was valued at US$ 66.44 Bn in 2023 and is forecast to reach a value of US$ 104.53 Bn by 2030 at a CAGR of 6.7% between 2023 and 2030.
The synthetic segment held a dominant position in the Global Crop Protection Chemicals Market in 2022, accounting for 75% share in terms of value. Increasing approval and the launch of new products is expected to propel growth of the segment during the forecast period.
Global Crop Protection Chemicals Market Trends:
The growing trend to go green is leading to technological advancement in the field of bio-based pesticides. This is attributed to the growing need for less toxic pesticides that have a lower environmental impact. Moreover, the low R &D (Research and development) investment required for developing bio-based pesticides is again creating demand for bio-based pesticides.
Companies are focusing on diversifying their product portfolios by promoting product innovations in this market. For instance, in June 2020, BASF (Badische Anilin und Soda Fabrik) introduced an insecticide called Sefina in order to protect cotton and vegetable crops from sucking pests in India and Australia.
Global Crop Protection Chemicals Market : Competitive Landscape
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
Global Crop Protection Chemicals Market : Recent Developments
- In December 2020, Corteva Agriscience launched a new mobile application to help growers protect their crops and secure a more resilient and sustainable agriculture system. The tool provides information to ensure the safe use of insecticides, including Closer™, Runne, Intrepid, Spintor, Tracer, Success, Delegate, and Exalt.
- In April 2021, Corteva Agriscience and Symborg, an expert in microbiological technologies, announced a multi-year agreement around a microbe-based nitrogen fixation product in the United States, Canada, Brazil, and Argentina. The collaboration represents another step forward for Corteva’s expanding global biological portfolio, which is dedicated to developing bio stimulants, bio control products, and pheromone products with proven and predictable performance.
