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, 2021-2028”. The market size stood at USD 57.13 billion in 2020.
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.
Drivers and Restraints:
Rising Emphasis on Improved Agricultural Crop Output to Bolster Growth
Biological control, the adoption of resistant varieties, and adjustment of cultural practises 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, 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 towards 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 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.
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.
May 2020: FMC Corporation inked a deal with Isagro S.p.A. under which FMC will purchase Isagro’s intellectual assets of its Fluindapyr active ingredients for an estimated value of USD 60 million. The acquisition will also transfer to FMC all technological know-how associated with Isagro’s flagship fungicide molecule.
March 2020: Corteva Agriscience entered into a multi-year partnership with AgPlenus to engineer innovative herbicides. The collaboration will be based on synergy of expertise of both companies as well as strengthen Corteva’s crop protection products portfolio.
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