Crop protection chemicals market worth $70.57 bn by 2021

The crop protection chemicals market is projected to grow at a CAGR of 5.15% to reach USD 70.57 Billion by 2021, according to a latest report. The market growth is driven by the rising need for food security for the growing population, advancement in farming practices and technologies and heavy crop loss due to pest infestations. The market is further driven by factors such as increasing demand for biopesticides along with increasing acceptance for Integrated Pest Management (IPM) by the farmers, and high opportunities in developing countries.
 

On the basis of type, the crop protection chemicals market is led by herbicides, followed by, insecticides and fungicides. Herbicides segment is also projected to be the fastest-growing type in the crop protection chemicals market due to high crop loss by harmful weeds and high effectiveness of herbicides to reduce the crop loss.
 

Crop protection chemicals are used on all the crop types, the ones considered in this report are cereals & oilseeds and fruits & vegetables. The market for cereals & grains is the highest and is also projected to be the fastest-growing market. It is mainly due to a high demand for cereals & oilseeds by the growing population all over the world.
 

On the basis of origin of crop protection chemicals, the market is led by synthetic crop protections chemicals, but biopesticides is projected to be the fastest-growing market due to the rising demand for biopesticides by the farmers, as they are less toxic and environment friendly.
 

Liquid form of crop protection chemicals is majorly used all over the world as compared to the solid form, due to the user-friendliness as well as the easy application of liquid crop protection chemicals.
 

The different modes of applications for crop protection chemicals are foliar spray, seed treatment, soil treatment and others, which include chemigation and fumigation. The foliar spray is highly used for applying crop protection chemicals but due to the rising demand for seeds treated with crop protection chemicals, the seed treatment mode of application is projected to be the fastest-growing market in the next few years.
 

In 2015, South America accounted for the largest market share in crop protection chemicals market, followed by Asia-Pacific and Europe. Brazil and Argentina constituted the largest country-level markets in the South American region in 2015. Increasing awareness about the benefits of crop protection chemicals among the cultivators and rising population is leading to the growth of the market in this region. The crop protection chemicals market in the Asia-Pacific region is projected to grow with investments from several multinational manufacturers. Moreover, extensive R&D initiatives have been undertaken for exploring the new varieties of crop protection chemicals to be used on different pest infestations and also used as an alternative to pest resistant crop protection chemicals.

 

Pesticide residue problem and stringent government regulations are the restraining factors in the crop protection chemicals market.