Crop Protection Chemicals Market to Grow at a CAGR of 4.5% by 30

According to ChemAnalyst report, “Global Crop protection chemicals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global crop protection chemicals market has shown normal growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period. Surging population coupled with the advancement in farming techniques such as precision farming, smart plantation etc. and increasing demand of biobased crop protection chemicals is projected to drive the demand of crop protection chemicals for the forecast period. In addition, growing food security requirements in emerging economies like China and India is expected to push the demand further during the forecast period.  Furthermore, declining arable land and the need for augmented agricultural productivity worldwide are other factors responsible for demand growth.

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Crop protection chemicals are the chemicals which are used to protect crops from various agents such as weeds, insects, birds etc. They are also used to increase crop yield and protecting crops from various diseases. Crop protection chemicals are of several types including insecticides, herbicides, fungicides, nematicides, and others. Due to their crop protection properties, crop protection chemicals find application in various kinds of crops including grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and others.

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Crop protection chemicals necessary for protecting crops against many diseases and agents. This paves the way for crop protection chemicals to find application in various crops requiring high protection including grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and others. Out of the following application areas, herbicides hold the major share of the global crop protection chemicals market due to the prevalence of many weed related problems associated with different crops. Increasing need for food security coupled with rising population is expected to push the demand for various crop protection chemicals due to application in the above areas.   

Crop protection chemicals consists of various chemicals including herbicides, insecticides, fungicides, nematicides etc. Their prices are quite volatile in nature due to the presence of large number of chemicals in the market. In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on various industries and supply chains. There was major disruption in supply chains of food crops and related industries during the first half of 2020. Although this did not hamper the production of crop protection chemicals, but the supply became limited during the pandemic thereby raising the prices for crop protection chemicals.

Regionally, Asia Pacific dominates the Global crop protection chemicals market and holds the largest market share in FY20. Asia’s crop protection chemicals market is anticipated to grow in the economies like India, China, and Japan due to continuously rising population and food security requirements. In South Asia, particularly India, seems to be the key market for crop protection chemicals as the country is seen as a generally a major agriculture economy where almost 60% of the population depends on agriculture. Moreover, increasing focus of the Indian government towards modern agriculture is also an influencing factor increasing the demand of crop protection chemicals in Asia Pacific and particularly in South Asia.

According to ChemAnalyst report, Global Crop Protection Chemicals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global crop protection chemicals market are Bayer CropScience AG, Nippon Soda, ChemiChina Corporation, Marrone Bio Innovations Inc., BASF SE, Ishihara Sangyo Kaisha Ltd, Corteva Agriscience, Bioworks Inc., UPL Limited, ISAGRO Spa, FMC Corporation, American Vanguard Corporation.

“Being linked to the agriculture industry, the global crop protection chemicals industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities. India also shows an optimistic trend in demand rise during the forecast period as the government is supporting the modern agriculture. The increasing demand for green and organic crop protection chemicals globally might pose a challenge for demand during the forecast period.  With new competitors emerging across the Asian crop protection chemicals market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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Source: ChemAnalyst

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