Crop protection is the practice of managing weather, weeds, pests, and diseases that damage or inhibit the growth of fruit, vegetable and other horticultural crops. Crop protection chemicals assist in these functions and promote plant growth. The most common types of crop protection chemicals include herbicides, fungicides, insecticides, and others. There are different formulations for application of crop protection chemicals such as emulsifiable concentrates, wettable powder, soluble powder, suspension concentrate, capsule suspensions, and others.
Growing acceptance of modern farming is adding fuel to the growth of crop protection chemicals market. Owing to the demand for improving the efficiency of crop protection chemicals, major players are investing in research and development which is further boosting the growth of global crop protection chemicals market. However, hazards associated with synthetic crop protection chemicals have led to several stringent regulations on the use of crop protection chemicals which may hamper the growth of crop protection chemicals market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.9% of crop protection chemicals market during the forecast period 2017-2023.
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Some of the key players profiled in the global Crop protection chemicals market are BASF SE (Germany), The Dow Chemical Company (U.S.), Monsanto Company (U.S.), FMC Corporation (U.S.), Bayer AG (Germany), Agrium Inc. (Canada), Syngenta AG (Switzerland)
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The global Crop protection chemicals market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to witness substantial growth over the estimated period. India and China which are two of the largest countries in terms of population are majorly contributing to the growth of crop protection chemicals in this region.
In North America, the U.S. is the major contributor to crop protection chemicals. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain the market growth in these regions. Bio based crop protection chemicals are expected to offer huge growth opportunity in North America and Europe. For rest of the world, South America is projected to witness high growth owing to increasing demand for crops in this region.