Crop Protection Chemicals Market Is Expected to Reach USD 77.53 Billion By 2022
The global crop protection chemicals market is expected to grow at a CAGR of 5.5% from 2017 to 2022 to reach USD 77.53 billion by 2022, according to the latest publication from Meticulous Research®. The report provides in-depth analysis of crop protection chemicals market in four major geographies with country level analysis and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2022. The study offers a comprehensive analysis of crop protection chemicals market by type, use, crop types, application, form, and geography.
Growth of crop protection chemicals market is primarily attributed to the rising need to ensure food safety of growing population across the globe. World population is expected to grow by 2.3 billion people, between 2009 and 2050. While there is significant drop in the amount of land being used for the agricultural practices in developed countries, according to FAO, arable land in developed countries is expected to decline by 8% by 2050. This would create additional burden on the agricultural sector to increase the production significantly.
Technological advancements in terms of advanced application methods also aids in the growth of crop protection chemicals market. However, there is a rising concern about the chemical residues in the food and harmful environmental effects of some of the crop protection chemicals which results in banning or prohibiting the use of certain chemicals in agriculture. For instance, the most commonly used crop protection chemical DDT was banned when it was discovered that it has impacted the reproduction ability of several fish-eating birds.
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Also, many crop protection chemicals are known to cause terminal illness to human being, which made government bodies to come up with the stringent rules and regulations to monitor the production and distribution of such chemicals. In developed countries, the rise in health consciousness has created the need for organic food which certainly has negative impact on the growth of crop protection chemicals market in long run.
The global crop protection chemicals market is mainly segmented by type (synthetic, natural), use (herbicides, insecticides, fungicides, and others), crop types (cereal & grains, oilseed & pulses, fruits & vegetables), application (spraying, dusting, seed treatment, soil treatment, volatilization, and others), and form (solid and liquid).
Geographically this market is segmented in to North America (U.S., Canada, and Mexico), Europe (France, Germany Spain, Italy, U.K. and RoE), Asia Pacific (China, Japan, India, Australia, and RoAPAC), Latin America (Brazil, Argentina, RoLATAM), and Middle East & Africa. Latin America is the leading market in the global crop protection chemicals market, followed by Asia-Pacific region. Both Asia-Pacific and Latin American regions are expected to witness significant growth during the forecast period mainly due to the rising need to ensure the food safety for its continuously soaring population.
The market is dominated by few global players despite of facing stiff competition from some of the local players operating at the regional levels. The key players operating in the global crop protection chemicals market includes the BASF SE, Syngenta AG, E.I. DUPONT De Nemours And Company, FMC Corporation, Sumitomo Chemical Co., Ltd, BAYER Crop science AG, Nufarm Limited, The Dow Chemical Company, Monsanto Company, ADAMA Agricultural Solutions Ltd., and Platform Specialty Products Corporation.
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