The global crop protection chemicals pesticides market size was valued at USD 61,298 million in 2020 and is projected to expand at a substantial CAGR during the forecast period. Growth of the market is attributed to rising demand from crop industry.
Vigorous expansion and changing crop mix trends as well as environmental laws, the crop protection chemical sector has evolved throughout the years. Growing population, shrinking arable land, food security, and the need for increased agricultural productivity are driving demand for crop protection chemicals pesticides. The key variables acting as restrictions are rising R&D costs, low per capita income, reduced use of crop protection chemicals in certain developing nations, and pesticide bans in certain locations. Crop protection chemicals are a type of agrochemical that is used to keep crops safe from insects and pest infestations. Pesticides, both synthetic and bio-based, accounted for more than 90% of the crop protection chemicals industry. Because bio pesticides are highly target-specific and offer no risk to non-target species, they are safe for humans, animals, and environment.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiatives and support from government is projected to drive the market.
- Growing agricultural demand has encouraged the adoption of crop protection chemicals.
- Ban on pesticides is estimated to hinder the market growth.
- Development of bio- based crop protection pesticide is anticipated to create immense opportunities for the market players.
- Syngenta International AG
- Bayer Crop Science AG
- Corteva Agriscience
- BASF SE
- UPL Ltd
The major players in the crop protection chemicals pesticides market include Syngenta International AG, Bayer Crop Science AG, Corteva Agriscience, BASF SE, and UPL Ltd
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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