Global Crop Protection Chemicals Market

Crop Protection Chemicals Market- By Type, Source, Form, Application, Crop Type, and Region.

Market Synopsis:

The Global Crop Protection Chemicals Market is valued at USD 63.8 Billion in the year 2021 and is projected to reach a value of USD 75.2 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.20% over the forecast period.

Crop Protection Chemicals are a low-cost option for farmers to improve the yield and quality of their crops. They also make harvesting easier and ensure that harvests are constant from year to year. Insecticides, herbicides, and fungicides are the three main types of crop protection agents. Selective herbicides, for example, prevent weeds from growing amid crops and competing with them for water, sunlight, and nutrients. Agriculture would be less efficient if Crop Protection Chemicals were not used. The major growth driver is a greater emphasis on high agricultural productivity to combat food security. In terms of regulatory interventions for safe farming and general farming culture and practices, the agricultural sector has made significant progress around the world. Growing food demand has prompted agrochemical-based companies to invest in research to improve their product and transition to greener alternatives. Companies have been seen commercializing bio-based chemicals derived from plant, mineral, bacterium, and animal sources.

Pesticides are persistent and have poisonous qualities, as well as bioaccumulation and lipophilicity, which can have negative effects on human health if taken. Due to the associated residual issues, there is growing concern about the same. Pesticides enter the human body through vegetables and fruits, resulting in serious health consequences such as neurological diseases, reproductive effects, birth defects, cancer, and more. Fruits and vegetables have been continuously monitored during production due to the linked and probable health dangers. Pesticides such as bifenthrin, glyphosates, and imidacloprid are among the pesticides detected in vegetables that reach consumers, influencing demand for crop protection chemicals.

Market Segmentation:

The Crop Protection Chemicals Market is segmented on the basis of Type, Source, Form, Mode of Application, and Crop Type. On the basis of Type, the market is segmented into Herbicides, Insecticides, Fungicides, and Others (rodenticides, disinfectants, fumigants, plant growth regulators, and mineral oils). On the basis of Source, the market is segmented into Natural and Biopesticide. On the basis of Form, the market is segmented into Dry and Liquid. On the basis of Mode of Application, the market is segmented into Foliar Spray, Seed Treatment, Soil Treatment, and Others (chemigation and fumigation). On the basis of Crop Type, the market is segmented into Cereals & grains, Oilseeds & pulses, Fruits & vegetables, and Other crops (turfs & ornamentals, forage, and plantation crops).

Based on Type:

On the basis of Type, Herbicides dominated the global market due to a labor shortage in many developing countries, including India and China, for mechanical weeding. The efficiency of herbicides over manual weeding methods is expected to drive market growth in the coming years. The Crop Protection Chemicals industry is growing due to the launch of new herbicide products with distinct features based on weed selectivity and crop emergence. Herbicides are being used increasingly frequently in agricultural production as the area under genetically modified crops develops in various regions.

Based on Crop Type:

On the basis of Crop Type, the cereals and grains business has seen rapid growth in recent years as a result of the increasing usage of Crop Protection Chemicals in cereal production. In addition, the expanding global population has led to a stronger focus on food security and high demand for crops, which has boosted the cereals segments growth.

Asia Pacific Region Dominates the Crop Protection Chemicals Market with the Largest Share

Asia Pacific held the largest market share during the year 2021 with a share of 38.50%. Due to its enormous agricultural base, Asia-Pacific is the largest user of crop protection. Farmers in the region are gradually shifting toward the use of eco-friendly, natural insecticides and bio-insecticides as they become more aware of the impact of chemical pesticides on human health. As a result, the expansion of biopesticides has had an influence on the market for synthetic insecticides, particularly in developing nations like India and China.

The surge in demand for organic baby food is attributable to an increasing emphasis on the importance of organic products among the younger generation, as well as the growing number of women in the workforce and the increasing adoption of the health and wellness trend in China. Synthetic pesticides have been widely utilized in India to reduce crop losses caused by pests and illnesses. Higher demand for food grains, restricted arable land availability, rising exports, increase in horticulture and floriculture, and rising public awareness about pesticides and biopesticides are all driving the Indian Crop Protection Chemicals industry. Companies in Japan, on the other hand, place a high priority on conducting research and development, which is the backbone of the launch of new and enhanced pesticide products, raising demand for Crop Protection Chemicals throughout Asia.

Competitive Landscape:

The key players in the Global Crop Protection Chemicals Market include- BASF SE (Germany) and others.

Segmentation of the Global Crop Protection Chemicals Market: