Crop Protection Chemicals Market To Witness Heightened Revenue Growth In Next Decade : Fact.MR

On account of this, sales of crop protection chemicals are projected to grow by 5.3% CAGR over the forecast period 2021-2031 in comparison to 4.3% CAGR registered between 2016 and 2020. Plant pests, weed, and diseases have become more common due to the change in environmental circumstances. Hence, modern farmers are extensively adopting crop protection chemicals such as herbicides, insecticides, and fungicides to increase agricultural yield by safeguarding crops against pests and weeds.

Driven by this, demand for crop protection chemicals is anticipated to increase by 1.6x over the coming decade. Also, growing investments and the introduction of subsidies by the government to increase the overall agricultural output will boost the market. These subsidies are intended to facilitate agricultural production and address surging demand for food in Brazil, India, the U.S., and China.

In terms of source, bio-based crop protection chemicals are expected to register the fastest growth. Expansion of this category is attributed to the increasing commercialization of bio-based chemicals derived from plants, bacteria, minerals and animal sources and increasing awareness regarding the ill effects of using synthetic chemicals on arable land.

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Key Takeaways from the Crop Protection Chemicals Market Study

• Driven by the increasing adoption of bio-based crop protection chemicals across the U.S., the North America market is likely to account for more than one-fifth of global sales in 2021.
• The Latin America market is forecast to expand at a CAGR of 4.7% through 2031, owing to the increasing import of crop protection chemicals in Brazil and Argentina.
• India and China are projected to collectively account for the largest revenue share in Asia Pacific, favored by the increasing government investment in the agriculture sector.
• Bio-based crop protection chemicals are expected to emerge as one of the most remunerative source segments, contributing nearly 423 BPS by 2031.
• Based on products, herbicides are estimated to dominate the segment, accounting for more than 40% of the total demand in 2021.

Key Drivers

• Rising inclination towards the use of eco-friendly crop protection products and increasing focus on sustainable agricultural production are spurring the sales of bio-based crop protection chemicals.
• Superior efficiency of herbicides over manual weeding procedures and scarcity of manpower for mechanical weeding across the U.S. and countries in the European Union will propel the demand for herbicides, fueling growth

Key Restraints

• Adverse effects of pesticides on human health due to their persistent nature, lipophilicity, bioaccumulation, and toxic properties are hampering the growth of the market.
• Decline in effectiveness of crop protection chemicals owing to the increased resistance of pests and evolving metabolism patterns in insects is expected to hinder sales.

Competitive Landscape

As per Fact.MR, tier-1 crop protection chemicals manufacturers are expected to account for more than one-third of the global sales in 2021. Key manufacturers are heavily investing in the research and development (R&D) for introducing novel crop protection solutions and focusing on geographical and capacity expansion to expand its market share. For instance,

• In July 2021, Corteva Agriscience, a leading American agricultural chemical and seed company, announced introducing its new product, Resicore® XL corn herbicide for the 2022 season. The herbicide is a three-mode crop protection chemical that works before as well as after the emergence of weeds.
• In January 2021, Nufarm Limited, an Australian agricultural chemical company, announced launching a new brand named NUCROP – hybrid electric crop protection. The electrifying solution offer alternative weed control to the farmers and contractor in France, Germany, the Netherlands, and Belgium.

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More Valuable Insights on Crop Protection Chemicals Market

Fact.MR, in its new report, offers an unbiased analysis of the global crop protection chemicals market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in crop protection chemicals market with detailed segmentation:

• By Crop
  • Grains & Cereals
  • Pulses and Oilseeds
  • Fruits and Vegetables
  • Others (Plantation Crops, etc.)
• By Produce
  • Herbicides
  • Insecticides
  • Fungicides
  • Others (Rodenticides, etc.)
• By Source
  • Synthetic Crop Protection Chemicals
  • Bio-based Crop Protection Chemicals
• By Form 
  • Liquid Crop Protection Chemicals
  • Solid Crop Protection Chemicals
• By Mode of Application
  • Foliar
  • Seed Treatment
  • Soil Treatment

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 Key Questions Covered in the Crop Protection Chemicals Market Report 

• The market survey also highlights projected sales growth of the crop protection chemicals market between 2021 and 2031
• The report offers insight into crop protection chemicals demand outlook for 2021-2031
• Crop protection chemicals market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Crop protection chemicals market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

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