Crop Protection Chemicals Market - Segmented by Product, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global market for pesticides was worth USD 48.97 billion in 2017 and is expected to reach USD 55.96 billion by 2023, registering a CAGR of 2.70%. Intellectual Property Rights (IPRs), in the form of patents and data protection, are important to the crop protection chemicals industry as they help facilitate a balance between the R&D sector (innovator companies) and the generic sector.
Adoption of Bio-pesticides
Bio-pesticides are less harmful as compared to regular synthetic pesticides. As a result, they typically affect only the target pest and other organisms that are closely related to it, as against broad-spectrum conventional pesticides, which can be harmful to other organisms. Although the bio-pesticide segment generated a small fraction of the revenue generated by the chemical industry, the segment is likely to witness a CAGR of 3.4% during the forecast period.
Growing Food Demand and Shrinking Land
The global population is increasing exponentially and every day, nearly 200,000 people are contributing to the global food demand. According to the US Population Division, the global population has increased nearly fourfold in the past 100 years and is projected to reach 9.2 billion by 2050. Supplying food to this growing population has become a global challenge. Per capita farmland in 2030 is expected to decrease to 1800 m² from 2,200 m² in 2005. Various crop pests contribute to the decrease, causing 10-16% global crop losses annually. Thus, crop protection is the key strategy adopted by farmers to meet global food demand. Pesticides are a proven technology used to increase global food production.
Asia Pacific Expected to Dominate the Market
Asia-Pacific is expected to grow at a fast rate, exhibiting a CAGR of 3.6%. The market in China was valued at USD 4.69 billion in 2016. In 2016, insecticides accounted for 37% of the pesticide market in China, and are expected to witness a CAGR of 3.38% during the forecast period. Fungicides accounted for 33% of the pesticide market in 2016.
Key Developments in the Market
November 2017: ADAMA entered into an R&D agreement with Ceradis BV to develop new, innovative, and sustainable crop protection products based on ADAMA’s active ingredients and Ceradis technology.
October 2017: BASF signed an agreement to acquire significant parts of Bayer’s seed and non-selective herbicide businesses.
September 2017: Expansion in Latin America by acquiring Grupo Agricenter. American Vanguard has recently announced that its wholly-owned subsidiary, AMVAC Netherlands BV, will acquire Grupo Agricenter to reinforce its commercial, technical, and development structure in the Latin American region
June 2017: Bayer and Sumitomo Chemical signed a partnership agreement to develop a new type of fungicide. This unique formulation is expected to capture the market segment for crops where fungicides options are limited.
Major Players: Bayer, BASF, Syngenta, DowDuPont, Monsanto, FMC, and Nufarm, among others.
Reasons to Purchase the Report
To understand the growth trends of the crop protection market in key producing countries. Growth forecast is provided for 2018-2023. This information is crucial in identifying prospective markets with growth potential.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
To understand the regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 month analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report
This report can be customized to meet your requirements. We can provide region-wise detailed distribution channel analysis. Please connect with our analyst, who will ensure you get a report that suits your needs.
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