The global crop protection chemical market size is estimated toreach USD 73.94 billion till 2027. This information isprovided by Fortune Business Insights™, in its report,titled, “Crop Protection Chemical Market, 2020-2027.” As perthe report, the market stood at USD 55.73 billion in 2019 andis further expected to showcase a stellar CAGR of 4.50% in theupcoming years. The key producers in the market are mainly focusing on theR&D of upgraded molecular chemicals for plants, as the already availableones are suspected to be outdated.
As per the Royal Society of Chemicals, newsegments of chemicals are introduced under the category of herbicides,pesticides, insecticides, and fungicides. Approximately, 800 active chemicalingredients are recorded as solutions for crop protection around the globe.
The agriculture sector suffered when thepandemic hit the world. It has majorly affected the processes that involvedproducing and distributing agrochemicals, importing raw materials, andmanufacturing end products. As China is the prominent producer of pesticidesand active ingredients, the lockdown affected the production in Chinesefactories and resulted in an enormous shortage of crop protection chemicals inthe global market.
Report Coverage
The report provides a thorough study of themarket segments and a detailed analysis of the market overview. A profoundevaluation of the current market trends as well as the future opportunities ispresented in the report. It further shares an in-depth analysis of the regionalinsights and how they shape the market growth. The COVID-19 impacts have beenadded to the report to help investors and business owners understand thethreats better. The report sheds light on the key players and their prominent strategiesto stay in the leading position.
Segmentation
Based on type, the global crop protectionchemical market is segmented into herbicides, insecticides, and fungicides. The herbicides accounted for39.7% of global market share in 2019. On the basis of crop type, the market isdivided into cereals, oilseeds and pulses, and fruits & vegetables. Bysource, the market is bifurcated into synthetic chemicals and biologicals. Interms of region, the global market is further classified into North America,Europe, Asia Pacific, South America, and the Middle East & Africa.
By mode of application, the market is segregatedinto foliar spray, soil treatment and seed treatment. Among the above, seedtreatment has appeared to be the most trending application for crop protectionchemicals since the past few years. This treatment is cost effective and safeand people are quickly adopting this method to replace the other conventionalmethods to prevent pests.
Drivers and Restraints
Rising Usage of CropProtection Chemicals for Gaining High Yield to Promote Growth
Crop protection chemicals are vastly used in theagricultural sector to prevent crops from gaining pest infection. This furtherensures high yield and guaranteed food security for the rapidly growingpopulation. As per Food and Agriculture Organization (FAO), the major consumersof crop protection chemicals are nations such as the U.S, Brazil and China. Thesurging usage of pesticides in these countries among others is expected todrive market growth in the upcoming years.
Regional Insights
Asia Pacific to Ace theMarket Backed by Awareness Regarding Usage of Pesticides
Asia Pacific generated USD 16.11 billion inthe year 2019. It is expected to hold major shares in the market and continueto dominate during the forecast period. Rising awareness about using cropprotection chemicals in small as well as marginal crop producers has resultedin strong growth support of insecticides in this region.
South America is the second-largest user of cropprotection chemicals and is estimated to hold an impressive amount of shares inthe market. It is anticipated that the usage of fertilizers will surpass thecurrent utilization by the year 2024.
North America and Europe are likely to witnesssubstantial growth owing to the steady focus of key players in these regions onbiologically obtained yield. This is estimated to promote market growth in thenear future.
Competitive Landscape
New Launches andAcquisitions Set to Propel Market Growth
Prominent players in the market often come upwith efficient strategies that include partnerships, acquisitions and mergers,product launches, etc. These strategies bolster their position as leadingplayers and also benefit the other involved companies as well.
For instance, in January 2020, Crystal CropProtection Ltd. initiated an acquisition of three brands from CortevaAgriscience. These brands include Dursban, Predator and Nurelle-D. This isexpected to boost the market growth and help the involved companies gainmonetary benefits from this acquisition.
Browse Detailed Summary ofResearch Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/crop-protection-chemicals-market-100080
