Global Crop Protection Chemicals Market: Synopsis:
Crop protection chemicals protect the crop from unwanted herbs and weeds and aid in improving the yield quality. The report published by Market Research Future (MRFR) projects that the global Crop Protection Chemicals Market is projected to reach USD 95.82 Billion by 2030, registering a CAGR of 5.0% during the forecast period of 2023 to 2030.
Increasing demand for food as a result of rapid rise in global population is leading to high demand for good quality crops, which in turn is propelling the growth global crop protection chemicals market during the assessment. Limited availability of farmlands due to rapid urbanization is inducing demand for increased agricultural productivity on a limited land area, leading to the increased utilization of insecticides and pesticides, which is also contributing to the expansion of the global crop protection chemicals market. However, stringent environmental regulations imposed over the production of agrochemicals and toxic nature of these chemicals are restraining the growth of the global Crop Protection Chemicals Market Insights during the assessment period.
Global Crop Protection Chemicals Market: Segmental Analysis:
The global crop protection chemicals market has been segmented on the basis of type, formulation, method of application, and application. Based on type, the global crop protection chemicals market has been segmented into herbicides, fungicides, insecticides, and others. The herbicides segment commands the dominant share of the global crop protection chemicals market followed by the fungicides segment. Increased utilization of herbicides for destroying various types of unwanted weed and herbs to optimize the quality of yield loss is propelling the growth of this segment.
Based on formulation, the global crop protection chemicals market has been segmented into emulsifiable concentrates, wettable powder, soluble powder, suspension concentrate, capsule suspensions, and others. The suspension concentrates segment commands the significant share of the global crop protection chemicals market owing to the improved stability and reduced use of hazardous solvents in this formulation.
Based on method of application, the global crop protection chemicals market has been segmented into foliar, soil treatment, seed treatment, and others. The foliar segment is dominating the global crop protection chemicals market.
Based on application, the global crop protection chemicals market has been segmented into oilseeds & pulses, cereals & grains, fruits & vegetables, and others. Among these, the fruits and vegetable segment commands the dominant share of the global crop protection market. However, the cereals and grains segment is anticipated to project notable growth during the assessment period.
Global Crop Protection Chemicals Market: Key Players:
Some of the prime players profiled by Market Research Future (MRFR) that are operating in the global crop protection chemicals market are BASF SE (Germany), The Dow Chemical Company (the U.S.), Monsanto Company (the U.S.), FMC Corporation (the U.S.), Bayer AG (Germany), Agrium Inc. (Canada) and Syngenta AG (Switzerland).
Global Crop Protection Chemicals Market: Regional Analysis:
Geographically, the global Crop Protection Chemicals Market Outlook has been segmented into four major regions such as Europe, Asia Pacific, North America and the rest of the world. The crop protection chemicals market in the Asia Pacific region commands the major share of the global crop protection chemicals market owing to the increasing demand for agrochemicals in the agriculture sector for improving the crop quality and increased production of agrochemicals as a result of availability of cheap raw materials in this region. Increased production and supply of agrochemicals such as pesticides, insecticides, and others in order to increased the productivity and fertility of land and incorporation of advanced technology for manufacturing the agrochemicals are propelling the growth of the crop protection market in the North America region. Increased research for the development of high-quality crop protection chemicals that provide faster results is fueling the growth of the crop protection chemicals market in Europe region.
Crop Protection Chemicals Market: Industry Updates:
In August 2018, Delhi-based Crystal Crop Protection Ltd. has announced that it has acquired four insecticide and herbicide brands, Furadan, Splendour, Metcil, and Affinity Force from a U.S-based diversified chemical company, FMC Corporation. This acquisition is set to strengthen the product portfolio of this agrochemical company.
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