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The global crop protection chemicals market size is projected to reach USD 73.94 billion by 2027 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, 2020-2027”. According to the report, the value of this market stood at USD 55.73 billion in 2019 and is expected to grow at a CAGR of 4.50% from 2020 to 2027.
Supply chain disruptions and economic downturn triggered by the COVID-19 pandemic has 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 US-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 INR 40-50crore 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.
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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 the market for crop protection chemicals 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.
List of Companies Profiled in the Market for Crop Protection Chemicals:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Crop Type
By Mode of Application