The global crop protection chemicals market was valued at USD 56.21 billion in 2016 and is projected to grow at a CAGR between of 6.5% to 7.5% from 2018 to 2023. The market is studied for insecticides, herbicides, fungicides, and others. The report includes an extensive market analysis for North America, Europe, Asia-Pacific, Latin America and Rest of the World regions such as Africa and Middle-East. The major crop types considered for the study are cereals & oil seeds, fruits & vegetables and others (nursery crops, and turfs & ornamentals pants).
The market is majorly driven by increasing demand for food security by the increasing population and heavy crop loss due to pest attacks. Innovation in farming techniques and rising implementation of conventional farming practices is also diving the market for crop protection chemicals. A huge market growth is expected in the herbicides and insecticides segments of the crop protection chemicals as the leading companies are investing huge sums of money in R&D and introducing innovative products with better results and high effectiveness.
Among the types of crop protection chemicals, herbicides held the largest market share in 2015, followed by insecticides fungicides. Herbicides are the highest demanded crop protection chemicals due to high wed infestation mainly in cereals and grains and also less availability of labor force to manually remove the harmful weeds and herbs. Herbicides once spread on the field are very effective in destroying the unwanted weeds hampering the growth of the crops and hence are widely used all over the world.
The crop types considered in the crop protection chemicals market are cereals & grains, oilseed & pulses fruits & vegetables and others. The cereals & grains segment dominated the market in 2016 followed by fruits & vegetables and oilseed & pulses. The pest infestations are highest on cereals & grains and thus using crop protection chemicals becomes inevitable.
The crop protection chemicals market is studied for North America, Europe, Latin America, Asia-Pacific ad RoW that includes South Africa, the Middle East, and others. Latin America dominated the market with the largest market share followed by Asia-Pacific and Europe. Brazil and Argentina have the largest market share in the country-level market in Latin America region. Increasing population and increasing food demand with limited arable land available for farming has triggered the demand for crop protection chemicals in Latin America and Asia-Pacific region.
The leading players in this industry include BASF SE, DuPont, Monsanto, Syngenta Ag, The Dow Chemical Company, Bayer CropScience Ag, Sumitomo, ADAMA Agricultural Solutions, among others. These companies have established their position in the market by offering competent crop protection chemical products. Along with this, they are making their presence strong in the market though strategies such as mergers, acquisitions, joint ventures and collaborations.