Crop Protection Chemicals Market to Hit USD 81.74 Billion by 2028 | With a 4.66% CAGR
Key companies covered in crop protection chemicals market are Rotam CropSciences Ltd (Hong Kong, China), UPL Ltd. (Mumbai, India), ChemChina (Beijing, China), Corteva, Inc. (Delaware, U.S.), Syngenta AG (Basel, Switzerland), Nufarm (Melbourne, Australia), Sumitomo Chemicals (Tokyo, Japan), FMC Corporation (Pennsylvania, U.S.), BASF (Ludwigshafen, Germany), Bayer CropScience (Leverkusen, Germany) and many more.
Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) — The global crop protection chemicals market size is projected to reach USD 81.74 billion by 2028, exhibiting a CAGR of 4.66% during the forecast period. The increasing pesticide resistance among new crop pests is expected to be one of the main factors driving the adoption of crop protection chemicals, according to Fortune Business Insights™ in its recent report titled, “Crop Protection Chemicals Market, 2023-2028”. The market size stood at USD 57.13 billion in 2020.
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List of Key Players Covered in the Crop Protection Chemicals Market Report:
- Rotam CropSciences Ltd (Hong Kong, China)
- UPL Ltd. (Mumbai, India)
- ChemChina (Beijing, China)
- Corteva, Inc. (Delaware, U.S.)
- Syngenta AG (Basel, Switzerland)
- Nufarm (Melbourne, Australia)
- Sumitomo Chemicals (Tokyo, Japan)
- FMC Corporation (Pennsylvania, U.S.)
- BASF (Ludwigshafen, Germany)
- Bayer CropScience (Leverkusen, Germany)
Crop protection chemicals, commonly referred to as pesticides, are substances used to control or manage pests that can damage crops and reduce agricultural yields. These pests can include insects, weeds, fungi, bacteria, and other organisms that can threaten the health and productivity of crops. Crop protection chemicals play a significant role in modern agriculture by helping farmers to enhance their crop yields and ensure food security.
Report Scope & Segmentation:
|2028 Value Projection||USD 81.74 billion|
|Market Size in 2021||USD 59.41 billion|
|No. of Pages||158|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Crop Protection Chemicals Market Growth Drivers||Increasing Utilization of Crop Protection Solutions for High Yield to Fuel Growth|
|The emergence of Pests and Diseases Due to Fluctuations in Climatic Conditions to Aid Growth|
On the basis of type, the market is segmented into fungicides, herbicides, insecticides, and others. On the basis of crop type, the market is fragmented into furits & vegetables, oilseeds & pulses, cereals, and others. On the basis of mode of application, the market is categorized into seed treatment, soil treatment, foliar spray, and others. Geographically, the market is classified into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
The report provides detailed evaluation of the factors driving and restricting the market growth. It offers comprehensive research into each and every market segment. The report has thorough profiling and study of key market players and their strategies. Further, it presents careful examination of the regional dynamics and their influence on the market.
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Drivers and Restraints:
Rising Emphasis on Improved Agricultural Crop Output to Bolster Growth
Biological control, the adoption of resistant varieties, and adjustment of cultural practices are all part of an integrated pest management strategy that focuses on long-term pest prevention. The use of a variety of pest control methods as well as detailed knowledge of the pest life cycle and interactions leads in proper pest management with the least amount of risk to human and animal health. As a result, farmers are gravitating toward such methods since they lessen the environmental dangers connected with insect control. This factor will enable the expansion of the market. Integrated pest control strategies, for example, have enhanced agricultural crop output by 40.14% and 26.63% in rice and cotton harvests, respectively, according to the Directorate of Plant Protection Quarantine & Storage (India).
According to the study’s findings, global insect pest losses have decreased from 13.6% in the post-green revolution era to 10.8% at the turn of the century. Pest infestations have decreased as a result of significant changes in agricultural production systems, the use of crop protection agents, and better awareness of field and post-harvest losses as well as essential management measures.
However, the growing pests’ resistance to crop pesticides may hinder market growth.
Asia Pacific to Offer Lucrative Growth Opportunities for Market Players
With a market size of USD 16.54 billion in 2020, Asia Pacific is poised to dominate the crop protection chemicals market share during the forecast period. The primary growth driver of the regional market is a high dependency of the developing countries of the region on agriculture as the sector forms the backbone of these economies. Population growth in these countries and widespread poverty, is reinforcing the need for enhanced agricultural productivity to ensure food security to populations. As a result, the adoption of crop protection chemicals and products is expected to escalate in Asia Pacific in the forthcoming years. In Europe and North America, farmers are swiftly switching to sustainable agricultural practices and increasingly prefer eco-friendly and naturally derived pesticides and insecticides.
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Strategic Collaborations and Acquisitions by Key Players to Animate Competition
Key players in this market are singularly focused on diversifying their offerings of crop protection chemicals to entrench their foothold in the field of agribusiness. To accomplish this end, many companies are entering into collaborations with other players and acquiring smaller companies to expand their business horizons.
Detailed Table of Content
- Research Scope
- Market SegHouseholdtation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Analysis
- Impact of COVID on Supply Chain of Crop Protection Chemicals Market
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Crop Protection Chemicals Market Analysis, Insights and Forecast, 2023-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- By Source (Value)
- Synthetic Chemicals
- By Mode of Application (Value)
- Foliar Spray
- Soil Treatment
- Seed Treatment
- By Crop Type (Value)
- Oilseeds and Pulses
- Fruits and Vegetables
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
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