by Crop protection chemicals play a vital role in maximizing crop yields by protecting crops from weeds, pests, and diseases. Agrochemical products such as pesticides, insecticides, fungicides, biopesticides, and nematicides help farmers protect crops and attain higher yields from farmlands. These agrochemicals are extensively used in commercial farming as well as small farming practices across the world.
The global Crop Protection Chemicals Market is estimated to be valued at US$80 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing Need for Agrochemicals
One of the key trends propelling the growth of the global crop protection chemicals market is the growing need for agrochemicals to boost agricultural productivity. With the steadily rising global population, there is immense pressure on farmers worldwide to increase crop yields from limited arable land. Agrochemicals play a vital role in maximizing yields by protecting crops from potential threats. Additionally, changing climate patterns are resulting in increased instance of pests, weeds, and diseases, further raising the need for agrochemicals among farmers. As a result, the demand for various crop protection chemicals including insecticides, herbicides, fungicides, and others is surging significantly over the recent years. This rising need for agrochemicals to boost agricultural productivity is augmenting the demand for crop protection chemicals, contributing significantly to market growth.
SWOT Analysis
Strength: Crop protection chemicals help increase agricultural productivity and boost crop yields to meet rising global food demand. They protect crops from weeds, insects, fungus, and other pests.
Weakness: Stringent regulations on the use of certain agrochemicals like pesticides due to their harmful effects on human health and the environment. Development of pest resistance also weakens the effectiveness of certain crop protection chemicals over time.
Opportunity: Growingrequirement for sustainable and eco-friendly crop protection solutions presents an opportunity for manufacturers to invest in developingbiopesticides and other natural and organic products.
Threats: Price volatility of raw materials can threaten profitability. Changing weather patterns resulting from climate change pose a risk to consistent agricultural production and in turn demand for crop protection chemicals.
Key Takeaways
Global Crop Protection Chemicals Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Crop Protection Chemicals Market is estimated to be valued at US$80 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031.
Regional analysis shows Asia Pacific dominating the market currently due to the large area under cultivation across countries like India and China. The region is also the fastest growing market for crop protection chemicals globally driven by increasing agricultural output to meet the demands of a rising population.
Key players operating in the crop protection chemicals market are BASF SE, Bayer AG, Dow Inc., FMC Corporation, Sumitomo Chemical Co., Ltd., and Syngenta AG. These companies have a major presence across key markets and are focusing on developing novel and sustainable solutions through investments in R&D. Product launches that are labeled for specific crops and conditions also help boost market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
