The global crop protection chemical market sizeis estimated to reach USD 73.94billion till 2027. This information is provided by Fortune Business Insights™, in itsreport, titled, “Crop ProtectionChemical Market, 2020-2027.” As per the report, the market stoodat USD 55.73 billion in2019 and is further expected to showcase a stellar CAGR of 4.50% in the upcoming years. Thekey producers in the market are mainly focusing on the R&D of upgradedmolecular chemicals for plants, as the already available ones are suspected tobe outdated.
As per the Royal Society of Chemicals, new segments of chemicalsare introduced under the category of herbicides, pesticides, insecticides, andfungicides. Approximately, 800 active chemical ingredients are recorded assolutions for crop protection around the globe.
COVID-19 Impact
The unfortunate event of the global pandemic hit the world andevery industry faced some collateral damage. Due to the strict government normsimposed on the national movement of vehicles be it commercial or passenger, thedemand-supply chain cycle was seen disrupted.
The agriculture sector suffered when the pandemic hit the world.It has majorly affected the processes that involved producing and distributingagrochemicals, importing raw materials, and manufacturing end products. AsChina is the prominent producer of pesticides and active ingredients, thelockdown affected the production in Chinese factories and resulted in anenormous shortage of crop protection chemicals in the global market.
Report Coverage
The report provides a thorough study of the market segments and adetailed analysis of the market overview. A profound evaluation of the currentmarket trends as well as the future opportunities is presented in the report.It further shares an in-depth analysis of the regional insights and how theyshape the market growth. The COVID-19 impacts have been added to the report tohelp investors and business owners understand the threats better. The reportsheds light on the key players and their prominent strategies to stay in theleading position.
Segmentation
Based on type, the global crop protection chemical market issegmented into herbicides, insecticides, and fungicides. Theherbicides accounted for 39.7% of global market share in 2019. On the basis ofcrop type, the market is divided into cereals, oilseeds and pulses, and fruits& vegetables. By source, the market is bifurcated into synthetic chemicalsand biologicals. In terms of region, the global market is further classifiedinto North America, Europe, Asia Pacific, South America, and the Middle East& Africa.
By mode of application, the market is segregated into foliarspray, soil treatment and seed treatment. Among the above, seed treatment hasappeared to be the most trending application for crop protection chemicalssince the past few years. This treatment is cost effective and safe and peopleare quickly adopting this method to replace the other conventional methods toprevent pests.
Drivers and Restraints
Rising Usage of Crop Protection Chemicals for Gaining High Yieldto Promote Growth
Crop protection chemicals are vastly used in the agriculturalsector to prevent crops from gaining pest infection. This further ensures highyield and guaranteed food security for the rapidly growing population. As perFood and Agriculture Organization (FAO), the major consumers of crop protectionchemicals are nations such as the U.S, Brazil and China. The surging usage ofpesticides in these countries among others is expected to drive market growthin the upcoming years.
Regional Insights
Asia Pacific to Ace the Market Backed by Awareness Regarding Usageof Pesticides
Asia Pacific generated USD 16.11 billion in theyear 2019. It is expected to hold major shares in the market and continue todominate 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 crop protectionchemicals and is estimated to hold an impressive amount of shares in themarket. It is anticipated that the usage of fertilizers will surpass thecurrent utilization by the year 2024.
North America and Europe are likely to witness substantial growthowing to the steady focus of key players in these regions on biologicallyobtained yield. This is estimated to promote market growth in the near future.
Competitive Landscape
New Launches and Acquisitions Set to Propel Market Growth
Prominent players in the market often come up with efficientstrategies that include partnerships, acquisitions and mergers, productlaunches, etc. These strategies bolster their position as leading players andalso benefit the other involved companies as well.
For instance, in January 2020, Crystal Crop Protection Ltd.initiated an acquisition of three brands from Corteva Agriscience. These brandsinclude Dursban, Predator and Nurelle-D. This is expected to boost the marketgrowth and help the involved companies gain monetary benefits from thisacquisition.
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https://www.fortunebusinessinsights.com/industry-reports/crop-protection-chemicals-market-100080
