Knowledge Sourcing Intelligence announces the publication of a new report on the Crop Protection Chemicals Market from 2019 to 2026 to their offering.
Global Crop Protection Chemical Market is projected to grow at a CAGR of 5.42% to reach a market size of US$101.640 billion in 2026 from US$70.239 billion in 2019.
The expansion of the demand globally for the food security and strict government regulations are driving the market demand of the crop protection chemicals. Crop protection product types include Herbicides, Insecticides, Fungicides and Others. crop pesticides are utilized to reduce the yield losses which is caused by pests and diseases. According to Royal Society of Chemicals approximately 800 chemically active ingredients are registered globally for the utilization as crop protection solutions. Heavy crop loss caused by the pest attack are pressurizing the farms to adopt the crop protection chemicals, further the rising investment in the research and development and agricultural sector is leading to continual product innovation which are further propelling the market growth. The rise in the awareness among the consumers regarding food and environmental safety is leading to growing demand for biopesticides and is creating opportunity for the market players of the crop protection chemicals in the forecasted period. The outbreak of the Covid-19 pandemic has impacted every industry globally which is causing socio-economic disruptions. Lockdown that followed the outbreak has disrupted production and distribution channel of the agrochemicals. This caused wide gap between demand and supply. However, it is expected that demand for crop protection chemicals will rise when the economic conditions will be back to normal.
Crop protection chemicals are highly utilized in the modern agriculture as an economical and effective solution to enhance the yield of the crop by preventing the harmful weeds and pests. Thus, the rise in the yield of the crops is ensuring the food safety for the growing population. According to United Nations, by the year of 2030, the world’s population will rise to 8.6 billion. Due to the rising population, the large tracts of the agricultural land will be urbanized thus increasing the pressure on the food supplies. The high demand for the crop yield is expected to boost the market demand for the crop protection chemicals. BASF announced in January 2020, the opening of its new plant in Singapore to expand the agriculturally based solution business in Asia Pacific region thus will help in supplying the patented crop protection products of BASF to farmers in the region of Asia Pacific. It is projected that when the facility is in full utilization, the plant will have a production capacity of 7 million liters per year.
The crop protection chemicals by origin are segmented as synthetic and biopesticides. Synthetic segment holds the major market share on account of its lower prices and their pest targeted effectiveness which is leading to high utilization of these chemicals in the developing countries such as South America, Middle East & Africa and Asia. While the biopesticides demand is increasing as the government and country are promoting the usage of the environmentally friendly crop protection products.
Crop protection chemicals by types are segmented as Herbicides, Insecticides, Fungicides and Others. Herbicides are witnessing significant market growth owing to the shortage of the labours in the developing countries such as China and India for mechanical weeding. This is motivating the market players to launch various products of herbicides with unique features which is further boosting the market growth.
Crop protection chemicals by applications are segmented as Fruit & Vegetables, Oilseeds & Pulses and Cereals & Grains, Cereals hold the major share and is witnessing robust growth in the recent years. According to FAO, world cereal production is expected to grow by 2.6% in 2020 from previous year level.
However, volatility in the prices of chemicals, stringent regulations of the government, lack of farmland and issues regarding the pesticide’s residue are expected to pose a challenge to the market growth of the crop protection chemicals market in the forecasted period. Changes in climatic conditions have significant impact on the crop production and have susceptibility to the pests thus declining the agricultural productivity of the produce.
Covid-19 has increased the trend regarding sustainability and environmental solution such as biologicals. Syngenta in October 2019 announced to invest $2 billion over the span of five years to spend on innovation to tackle the growing threats posed by climate change. It is expected to increase the investment in the biologicals as a part of the shift of the interest from food security to sustainable crop production and robust supply chains. Further positive impacts seen over the years include robust growth and changing crop mix trends,
The market on the basis of region is segmented as North America, South America, Europe, Middle East & Africa and Asia Pacific. Asia Pacific is expected to grow at high CAGR during the forecasted period due to the rapidly increasing demand by the rapidly developing countries such as China and India. North America is projected to dominate the market of the crop protection chemicals during the forecasted period due to strict agricultural regulations and high rate of adoption of the new technologies.
As a part of the report, the major players operating in the crop protection chemicals market, which have been covered are BASF SE, FMC Corporation, Corteva, Bayer AG, Syngenta, ADAMA India Private Limited, UPL and Jiangsu Yangnong Chemical Group Co., Ltd
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-crop-protection-chemicals-market
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