Global Crop Protection Chemicals Market 2018-2022
About Crop Protection Chemicals
Crop protection chemicals are used to protect agricultural crops from damage caused by insects, diseases, pathogenic fungi, unwanted weeds, improper growth of the crop, and others.
Technavio’s analysts forecast the global crop protection chemicals market to grow at a CAGR of 5.40 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global crop protection chemicals market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of crop protection chemicals.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Crop Protection Chemicals Market 2018-2022
Technavio recognizes the following companies as the key players in the global crop protection chemicals market: BASF, DowDuPont, Sumitomo Chemical, Bayer, Syngenta, and FMC
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing use of herbicides, and weed control. The rising use of herbicide is expected to drive the global crop protection chemicals market during the forecast period owing to the huge investments made for the development of new varieties of herbicides that are more effective and eco-friendly. These modern herbicides decompose quickly after the application. Herbicides are extensively used in a variety of crops such as grains, cereals, fruits, vegetables, pulses, and oilseeds. The increased use of herbicides is due to the shift in the preference of consumers toward fruits and green vegetables owing to the increasing awareness of consumers regarding health and fitness.”
According to the report, one of the major drivers for this market is Increasing demand for crop protection chemicals from developing economies. Emerging economies like India and China are focusing largely on the rural segment owing to the high growth potential in this region. Farmers in this region are focusing on crop protection to enhance their business. With the increasing awareness among farmers, further penetration of crop protection chemicals will lead to an increase in the consumption. The above-mentioned economies are the largest economies in terms of population and are also the focus market for the market players of crop protection chemicals.
Further, the report states that one of the major factors hindering the growth of this market is Shift in the preference for organic farming. Organic farming is referred to as the cultivation of crop and livestock without the use of crop protection chemicals such as pesticides and insecticides. This method was developed in order to protect the environment and achieve sustainability. Some of the factors that are driving the preference for organic farming are the need for crop rotations, cover crops, and ecological balance.
BASF, DowDuPont, Sumitomo Chemical, Bayer, Syngenta, and FMC