Crop Protection Chemicals Market to be Worth $84.83 Billion by 2030
Added: (Tue Nov 07 2023)
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Meticulous Research®—a leading global market research company, published a research report titled, ‘Crop Protection Chemicals Market by Type (Synthetic [Insecticides, Herbicides, Fungicides], Biological), Formulation (Solid, Liquid), Mode of Application (Seed Treatment, Soil Treatment), Crop Type - Global Forecast to 2030.’
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In terms of value, the crop protection chemicals market is expected to reach $84.83 billion by 2030, at a CAGR of 3.3% from 2023 to 2030, while in terms of volume, the market is expected to reach 10,423,115.5 tons by 2030, at a CAGR of 2.5% from 2023 to 2030. The growth of this market is driven by the rising demand for low-cost crop protection solutions, the growing need to increase crop yield and quality, growing awareness about environmental safety, increasing adoption of advanced agricultural practices and technologies, and rapidly decreasing agricultural land. Furthermore, an increasing focus on integrated pest management, the growing adoption of biological seed treatments, and emerging economies in Asia-Pacific and Latin America are expected to provide significant growth opportunities for players operating in this market.
However, growing concerns over chemical residues in food and stringent and non-standardized regulations hinder the growth of this market. On the other hand, lengthy product registration and approval processes and the complicated process of developing film coating for seed treatment are major challenges to market growth.
The key players operating in the crop protection chemicals market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), and Jiangsu Yangnong Chemical Co. Ltd (China).
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The crop protection chemicals market study is segmented by type, formulation, mode of application, crop type, and geography.
Based on type, the crop protection chemicals market is segmented into synthetic chemicals and biological chemicals. In 2023, the synthetic chemicals segment is expected to account for a larger share of the crop protection chemicals market. The large market share of this segment is attributed to its increasing use in developing countries, ease of availability, high efficiency, and lower cost than biological products.
However, the biological chemicals segment is projected to witness significant growth during the forecast period. The rapid growth of this segment is mainly driven by the increasing adoption of organic farming, growing environmental and public health concerns regarding the use of chemical crop protection products, high demand for chemical residue-free agricultural products, and the initiatives by governments worldwide to promote the use of biological crop protection products.
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Based on formulation, the crop protection chemicals market is segmented into liquid formulation and dry formulation. In 2023, the liquid formulation segment is expected to account for a larger share of the crop protection chemicals market. The large market share of this segment is attributed to the uniform & easy application of liquid form, better performance, and higher effective duration (up to 6 months) than dry form (up to 3 months).
Moreover, it is also expected to witness significant growth during the forecast period. The growth of this segment is driven by the increased importance of the latest irrigation technologies, such as drip irrigation and sprinkler irrigation, with a reduction in blockage.
Based on mode of application, the crop protection chemicals market is segmented into foliar spray, seed treatment, soil treatment, and other modes of application. In 2023, the foliar spray segment is expected to account for the largest share of the crop protection chemicals market. The large market share of this segment is attributed to the high efficiency in the application, uniform distribution of chemicals, and minimum to no wastage of crop protection chemicals in the foliar spray mode of application.
However, the seed treatment segment is projected to witness significant growth during the forecast period. The rapid growth of this segment is mainly driven by the increased germination and uniform seedling emergence, safety, and pest resistance advantages with the use of the seed treatment technique. In this method, microbial pesticides are often applied with chemical pesticides, as chemical pesticides provide early-season control, and microbial pesticides provide extended control.
Based on crop type, the crop protection chemicals market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops. In 2023, the cereals & grains segment is expected to account for the largest share of the crop protection chemicals market. The large market share of this segment is attributed to the growing need to increase cereal & grain production, minimize cereal & grain loss due to pests and diseases, and the increasing use of these crops in animal feed, biofuel, and starch & ethanol production.
Based on geography, in 2023, Latin America is expected to account for the largest share of the crop protection chemicals market. Latin America’s major market share is attributed to several factors, including increasing population and food requirements, rapid expansion in the agriculture sector, and the growing need to increase crop yield. Also, rising awareness among farmers about the benefits of using high-end agro products and increasing adoption of organic farming practices further support the growth of this market.
However, the market in Europe is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the increasing demand for organic products, increasing government support, increased adoption of natural products over synthetic products, and rising health consciousness.
Key Questions Answered in the Report:
Which are the high-growth market segments in terms of type, formulation, mode of application, crop type, and geography?
What is the historical market size for crop protection chemicals across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the crop protection chemicals market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the crop protection chemicals market?
What strategies are adopted by the major crop protection chemicals market players?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the crop protection chemicals market, and how do they compete with other players?
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