The Latin America crop protection chemicals market was estimated at USD 15.05 billion in 2016 and is projected to reach USD XX billion by 2022, with a CAGR of 6.85% during the forecast period. Globally, the Latin American market is the second fastest-growing crop protection chemicals market, and it accounts for nearly 24% of the global market share. Joint ventures and new product launches are the major strategies followed by the Latin American companies. The pesticides market in Latin America is consolidated, with top 10 companies holding the major share, whereas, the biopesticide market is fragmented.
The pesticides market in Latin America is driven by the increasing demand for crop yield and efficiency, growing adoption of GM technology, and adoption of new farming practices in the region. The strict regulation posed by the US EPA and the EU on pesticidal residue limit on food crops, will limit the use of synthetic pesticides and increase the demand for biopesticides in the region. Some of the major restraints for the growth of the pesticides market are the increasing R&D costs and shrinking farm land in some of the Latin American countries. Growing awareness about the biopesticide market and promotion of biopesticide by the regional governments and non-governmental organizations are expected to promote the market growth.
The Latin America crop protection market is segmented by chemical type, application and geography. By chemical type, the market is segmented into herbicides, insecticides, fungicides and others, which is further segmented into synthetic and biopesticide. The synthetic pesticide market has the largest market share and accounts for more than 98.8% of the market. The biopesticide market is the fastest-growing, with a CAGR of 10.24% over the forecast period and is estimated to reach a market value of USD 270.65 million, by 2022.
The Latin American market is further segmented by geography into Brazil, Argentina and others. Brazil is the largest pesticides market in the region, followed by Argentina and Chile. The Andean region is also witnessing noticeable growth in this industry. The Brazil crop protection market accounts for half of the Latin America crop protection market and is estimated to have a market value of USD 10,961.57, by 2022.
Major Companies in the Sector Include:
Recent Industry Insights
“Albaugh LLC completed the acquisition of Consagro Agroquimica Ltda, the crop protection subsidiary of FMC.”
Key Deliverables in the Study
The report holds importance for the following stakeholders -