published Date SEP 2018

Crop Protection Chemicals Market Size is expected to reach USD 55.96 billion by 2023 | CAGR of 3.1%

According to the report published by Mordor Intelligence, the global crop protection chemicals market was valued at USD 48.97 billion in 2017 and is expected to reach USD 55.96 billion by 2023, registering a CAGR of 3.1% during the forecast period, 2018-2023. Growing population, reduction in arable land, and food security being the primary focus area for all countries, are driving the demand for a higher need of agro output and hence, intensifying the growth of the pesticide industry globally.

The report contains a detailed analysis on various parameters of the global crop protection chemicals market. The market has been segmented, based on the mode of action, origin, application, and geography. For understanding the competitiveness of the business environment, Porter’s five forces analysis is also conducted.

Crop Protection Chemicals Market

By mode of action, the market is segmented into herbicides, insecticides, fungicides, nematicides, molluscicides, and others with application in both crop based and non-crop based categories. Based on the origin, the market is divided into synthetic pesticides and bio-based pesticides. On geographical basis, global crop protection chemical market is segmented into: North America, Europe, Asia-Pacific, South America, and Africa.

To know more about the coverage of the Crop Protection Chemicals Market report, click the below link:

https://www.mordorintelligence.com/industry-reports/global-crop-protection-chemicals-pesticides-market-industry

Presently, herbicide constitutes the largest market share of 36%, and is expected to retain its position until 2023, due to the large adoption of herbicide resistant crops in North and South America. However, global nematicides market is expected to witness the highest growth of 5.2%, over the forecast period. By geography, Asia-Pacific is expected to register the highest growth rate, witnessing a CAGR of 3.6%, during the forecast period. Especially China, Indonesia, and Thailand are expected to grow rapidly in the agricultural output. This, in turn, is expected to boost the growth of crop protection chemicals in Asia-Pacific. This is mainly due to rapidly rising agricultural output in certain Asia-Pacific countries. The crop protection chemical market is dominated by insecticides in the region, accounting for over 40% of the total pesticide volume demand in 2016.

Crop Protection Chemicals Market Dynamics

Rising focus toward the eradication of crop production losses is likely to aid the market growth in the upcoming years. Increasing adoption of biopesticides and Genetically-Modified (GM) crops, growing food demand, and shrinking arable land are some of the factors driving the market. However, ban on pesticides in certain regions, mounting costs of R&D, low per capita use of pesticides in various developing regions, and shrinking farmlands are the likely factors constraining the market.

According to Mordor Intelligence research and analysis, in the recent years, Syngenta, Bayer Cropscience AG, Adama Agricultural Solutions Ltd, Nufarm Ltd, Dow Agrosciences LLC, DuPont, Monsanto, and BASF SE are some of the major players operating in the global crop protection chemicals market. Companies are investing heavily to develop new products, and are undergoing mergers and acquisitions with other companies. All of this is expected to increase their market shares and help them strengthen and expand their R&D activities.

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