Pesticide Preparations Market size is estimated to reach $165.3bn by 2025, growing at a CAGR of 11.5% during the forecast period 2020-2025. Pesticides are substances that help to control pests, including weeds. Most Pesticides are intended to serve as plant protection products, which in general, protect plants from weeds, fungi, or insects. Increase in the demand for food across the world, growing demand for bio pesticides, increase in the adoption of herbicide-resistant crops, growing acceptance of new farming practices and increase in the adoption of genetically modified (GM) crops are the factors that are set to drive the growth of the global market for the forecast period 2020-2025.
By Type- Segment Analysis
Based on the Type, the Chemical Pesticide segment held the largest share in 2019. This is owing to the factors such as, rapid increase in the demand for food, increase in instances of crop losses and growing focus on the crop yield. Bio pesticide segment is estimated to be the fastest growing segment during the forecast period 2020-2025. The growth in this segment is owing to the factors such as increase in the demand of residue-free food, growing demand for organic cultivation, increase in the government initiatives and increase in the investment by the major companies.
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By Application- Segment Analysis
Based on the Application, Weeding segment held the largest share in 2019, owing to the factors such as increase in the government initiatives, growing focus on increasing the crop yield, decrease in the arable lands, and growing emphasis on pest and weed management. Insecticide segment is estimated to be the fastest growing segment owing to the factors such as advancement in farming techniques, growing instances of crop losses and growing reliance on insecticide-based pest management.
By Geography - Segment Analysis
Based on the Geography, Asia-Pacific held the largest share in 2019. The growth in this segment is owing to the factors such as growing focus towards the eradication of crop production losses, increase in the research and development activities, emergence of new trends in the developing nations. North America is estimated to be the fastest growing segment owing to the factors such as increase in the investment by the major companies in the developed nations, advancements in technology, increase in the adoption of genetically modified (GM) crops and growing demand for bio pesticides.
Drivers – Pesticide Preparations Market
Increase in the global food demand and increase in the government initiatives
increase in the demand for food across the world owing to the growing population, is estimated to enhance the growth of Pesticide Preparations Market. Advancements in technology and increase in the government initiatives are also the factors, which enhance the growth of Pesticide Preparations Market.
Increase in the demand for bio pesticides and increase in the investment by the major companies
There is a rapid increase in the demand for bio pesticides, owing to the factors such as increase in the importance for biological products and growing demand for residue-free food. This led to rapid increase in the growth of Pesticide Preparations Market. Increase in the adoption of companion diagnostics is also estimated to enhance the growth of the Pesticide Preparations Market.
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Challenges – Pesticide Preparations Market
Growing demand for Integrated Pests Management (IPM) technique and stringent regulations regarding the distribution of pesticides.
The increasing demand for Integrated Pests Management (IPM) owing to the increasing awareness of the effects caused by the pesticides is one of the major factors that is estimated to reduce the growth of the Pesticide Preparations Market. The stringent regulations regarding the distribution of pesticides is also said to reduce the growth of the Pesticide Preparations Market.
Pesticide Preparations Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Pesticide Preparations Market. Key companies of this market are BASF SE, BAYER AG, Syngenta AG, Monsanto Company, FMC Corporation, Nufarm Ltd, ADAMA India private Limited, Dow Agrosciences, ChemDatas Agrochemicals, E.I. Du Pont De Nemours and Company among others.
Acquisitions/Product Launches:
In 2019, BASF SE has launched Ventigra pesticide to combat increasing pest pressures for nursery and greenhouse growers, providing precision-targeted pest management of piercing-sucking insects like whiteflies, aphids and scales.
In 2020, FMC Corporation has launched Avaunt eVo, an advanced formulation of Avaunt pesticide that provides improved mixability, an expanded label and an advanced package size for easy handling.
Key Takeaways
Geographically, Asia-Pacific Pesticide Preparations Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
The increase in the technology and increase in the initiatives by governments is likely to aid in the market growth of Pesticide Preparations Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Pesticide Preparations Market report.
The increase in the demand for bio pesticides and increase in the adoption of genetically modified (GM) crops are creating higher opportunities for the growth of market for the forecast period 2020-2025.
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