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Crop Protection Chemicals Market to Rise at 4.66% CAGR during 2021-2028; Increasing Demand for Synthetic Chemicals for Enhanced Crop Yield to Boost Market

December 31, 2021 | Food & Beverages

The global crop protection chemicals market size is projected to grow from USD 59.41 billion in 2021 to reach USD 81.74 billion by 2028 on account of growing implementation of seed treatment techniques in farms. This information is provided by Fortune Business Insights™ in its report, titled “Crop Protection Chemicals Market Size, Share & COVID-19 Impact Analysis, By Type (Herbicides, Insecticides, Fungicides, and Others), Source (Synthetic Chemicals and Biologicals), Mode of Application (Foliar Spray, Soil Treatment, Seed Treatment, and Others), Crop Type, and Regional Forecast, 2021-2028”. According to the report, the value of this market stood at USD 57.13 billion in 2020 and is expected to grow at a CAGR of 4.66% from 2021 to 2028.


Supply chain disruptions and economic downturn triggered by the COVID-19 pandemic caused widespread distress to farmers around the world. The crop protection chemicals market growth is also expected to suffer as a consequence as the progress of the market is heavily dependent on uninterrupted logistics and smooth conduct of trading activities.


Crystal Crop Acquires Corteva’s Three Insecticide Brands


In January 2020, India-based agro-chemical company, Crystal Crop Protection, announced the acquisition of three proprietary insecticide brands owned by the U.S.-based Corteva Agriscience. The purchase of the three premium brands – Predator, Nurelle-D, and Dursban – from Corteva will enable Crystal to further diversify its crop protection offerings as well as expand its presence in the Indian market. The company hopes to augment its revenue streams with this acquisition, with projections of adding around USD 500 million annually to its business. Implementation of such strategies, which serve the dual aims of portfolio expansion and revenue enhancement, is speedily emerging as a hallmark characteristic in this market.    


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/crop-protection-chemicals-market-100080


Growing Food Insecurity Worldwide to Boost Market Prospects


Inequitable access to food and nutrition has intensified the issue of food insecurity around the globe in recent years. According to the World Bank (WB), 151 million children under 5 years of age are currently suffering from chronic malnutrition. Despite visible economic growth, the WB further highlights, the number of undernourished individuals has increased from 784 million in 2015 to 820 million in 2018. Moreover, the COVID-19 outbreak, as per findings by the Food and Agriculture Organization (FAO), can potentially add over 80 million hungry people to the current numbers, in case of severe economic contractions in food-importing countries. These extreme, though probable, scenarios are expected to stoke the adoption of crop protection chemicals and integrated pest management techniques to ensure stable agricultural yield, which benefits the market growth.


Industry Bigwigs to Focus on Developing Efficient Crop Pesticides


The competitive landscape of this market is dominated by the presence of agro-chemical industry giants such as Bayer and FMC. These companies, with their strong product portfolios and diversified revenue sources, are heavily investing in research & development activities to create efficient and effective crop pesticides and insecticides. More importantly, these players are now shifting their attention towards making their products more accessible to small farmers, especially in developing economies.


Industry Development:



  • March 2021: BASF SE and AgBiome, based in the U.S. signed a contract to introduce new biofungicide in Europe and in the Middle East and Africa.

  • February 2020: Syngenta Canada introduced five new fungicide products, such as Miravis Ace, Miravis Neo, Miravis Bold, Miravis Duo, and Miravis Prime, to protect various fungal diseases in Canadian agriculture.


List of Companies Profiled in this Market Report:



  • Bayer CropScience (Leverkusen, Germany)

  • Syngenta AG (Basel, Switzerland)

  • BASF (Ludwigshafen, Germany)

  • Corteva, Inc. (Delaware, U.S.)

  • FMC Corporation (Pennsylvania, U.S.)

  • ChemChina (Beijing, China)

  • Sumitomo Chemicals (Tokyo, Japan)

  • UPL Ltd. (Mumbai, India)

  • Nufarm (Melbourne, Australia)

  • Rotam CropScience Ltd (Hong Kong, China)


Further Report Findings:



  • The herbicides segment is expected to lead the market as herbicides are a more efficient solution to manual weeding. In 2020, the segment held a share of 40.14%.

  • Asia Pacific, which boasted a market size of USD 16.54 billion in 2020, is anticipated to dominate the crop protection chemicals market share in the coming years on account of increasing cultivation of high-value, export-grade crops.

  • In the emerging economies of Latin America, growing awareness about crop protection and modern pest management techniques will fuel the market.


Table of Segmentation:


















































 ATTRIBUTES 


 DETAILS     

Study Period



 2017-2028



Base Year



 2020



Estimated Year



  2021



Forecast Period



 2021-2028



Historical Period



 2017-2019



Unit



 Value (USD Billion)



Segmentation



By Type



  • Herbicides

  • Insecticides

  • Fungicides

  • Others



By Crop Type



  • Cereals

  • Oilseeds and Pulses

  • Fruits and Vegetables

  • Others



By Source



  • Synthetic Chemicals

  • Biologicals



By Mode of Application



  • Foliar Spray

  • Soil Treatment

  • Seed Treatment

  • Others



By Geography



  • North America (By Type, Crop Type, Source, Mode of Application, and Country)


    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)


  • Europe (By Type, Crop Type, Source, Mode of Application, and Country)


    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe (By Type)


  • Asia Pacific (By Type, Crop Type, Source, Mode of Application, and Country)


    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • South Korea (By Type)

    • Vietnam (By Type)

    • Indonesia (By Type)

    • Malaysia (By Type)

    • Rest of Asia Pacific (By Type)


  • South America (By Type, Crop Type, Source, Mode of Application, and Country)


    • Brazil (By Type)

    • Argentina (By Type)

    • Chile (By Type)

    • Peru (By Type)

    • Rest of South America (By Type)


  • Middle East and Africa (By Type, Crop Type, Source, Mode of Application, and Country)


    • South Africa (By Type)

    • Egypt (By Type)

    • Rest of the Middle East & Africa (By Type)



Crop Protection Chemicals Market
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