The market for crop protection chemicals is experiencing significant growth, with a size of USD 90 billion in 2023 and an expected increase to USD 139.62 billion in 2032. The market is anticipated to achieve a revenue CAGR of 5% during the forecast period. This growth is primarily attributed to the increasing demand for food products worldwide, which is driving the desire to enhance crop yields and improve the quality of output. The rising population and demand for food products are also key drivers of this market's revenue growth.
The use of crop protection chemicals is necessary to protect crops from various pests, weeds, and diseases, and farmers are using these chemicals more frequently to safeguard their crops and increase harvests. Additionally, the emergence of precision farming methods is driving demand for these substances, as it enables farmers to make optimal use of crop protection chemicals and ensure maximum effectiveness.
The market is also being driven by the increasing use of genetically engineered crops, which do not require as many crop protection chemicals since they are resistant to pests and illnesses. However, non-genetically modified crops still require crop protection agents to keep pests and diseases at bay.
Growing awareness of the environmental and health risks posed by crop protection chemicals is another factor driving the market's revenue growth. Manufacturers are developing crop protection chemicals that are less hazardous to the environment and human health, and there is a growing demand for bio-based pesticides that are considered safer and more environmentally friendly than conventional chemicals.
The market is also being driven by the rising demand for organic food items. Organic farmers use crop protection agents that have been approved for use in organic farming. However, increasing regulations and restrictions on the use of these chemicals could hinder revenue growth in the market. Additionally, there is a growing emphasis on sustainable agriculture and the need to reduce the environmental impact of crop protection chemicals, which could impact revenue growth to some extent.
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Crop Protection Chemicals Market Segments:
The global crop protection chemicals market is segmented by type outlook and application outlook, with a regional scope covering North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. The type outlook includes insecticides, herbicides, fungicides, and others, while the application outlook comprises cereals grains, fruits vegetables, oilseeds pulses, and others.
Insecticides are chemicals used to kill insects, herbicides are chemicals used to kill unwanted plants, and fungicides are chemicals used to prevent the growth and spread of fungi. Other types of crop protection chemicals include rodenticides, nematicides, and molluscicides.
The application outlook refers to the various crops on which these chemicals are used. Cereals grains, such as wheat, rice, and corn, are the largest application segment, followed by fruits vegetables, which include crops such as tomatoes, potatoes, and apples. The oilseeds pulses segment covers crops like soybeans, peanuts, and lentils, while the others segment includes crops such as sugarcane, coffee, and tea.
The regional scope covers North America, Europe, Asia Pacific, Latin America, and the Middle East Africa, with country-specific markets in the United States, Canada, the United Kingdom, Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, the United Arab Emirates, and Turkey. These regions are the largest markets for crop protection chemicals, with Asia Pacific accounting for the largest share of the market.
In summary, the global crop protection chemicals market is segmented by type and application outlook, with a regional scope covering North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. Insecticides, herbicides, and fungicides are the most commonly used types of crop protection chemicals, and cereals grains are the largest application segment. The market is largest in Asia Pacific, with key country-specific markets in the United States, China, India, and Brazil.
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Crop Protection Chemicals Market: Strategic Developments
In 2021, Syngenta AG and Valagro formed a strategic partnership to develop and commercialize innovative biological crop solutions. Valagro is a leading producer of sustainable biostimulants and specialty nutrients. The partnership is focused on accelerating innovation in sustainable agriculture, enhancing crop productivity, and improving crop resilience on a global scale.
Also in 2021, Corteva Agriscience acquired the PGG Wrightson Seeds business, which is a prominent provider of agricultural seeds in Australia and New Zealand. The acquisition is aimed at strengthening Corteva's seed portfolio and expanding its presence in the Asia-Pacific region. This move is part of Corteva's ongoing efforts to drive growth and increase its share of the global seed market.
In 2020, BASF SE acquired the melon breeding program of Tot Blau, a Spanish company. The acquisition was intended to expand BASF's vegetable seeds business and bolster its position in the melon market. BASF is a leading provider of crop protection solutions, and this acquisition is expected to enhance its portfolio of vegetable seeds and improve its market position.
Finally, in 2020, FMC Corporation acquired the herbicide and fungicide businesses of DuPont in Europe. The acquisition is aimed at expanding FMC's crop protection portfolio and strengthening its presence in the European market. FMC Corporation is a global leader in the agricultural sciences industry, and this acquisition is part of its ongoing efforts to strengthen its position in key markets and increase its share of the crop protection market.
Crop Protection Chemicals Market: Competitive Landscape
The global crop protection chemicals market is highly competitive, with a significant share of market revenue being accounted for by several large and medium-sized players. These major companies are employing various strategies to maintain their positions in the market. Some of the strategies include mergers and acquisitions, partnerships and collaborations, launching new products, and expanding their presence in new regions.
Syngenta AG, Bayer AG, BASF SE, Corteva Agriscience, FMC Corporation, ADAMA Agricultural Solutions Ltd., UPL Limited, Sumitomo Chemical Co., Ltd., Nufarm Limited, and Valent Biosciences LLC are among the major companies included in the global crop protection chemicals market report.
Syngenta AG and Valagro recently announced a strategic partnership to jointly develop and commercialize new biological crop solutions, while Corteva Agriscience acquired the PGG Wrightson Seeds business to strengthen its seed portfolio and expand its presence in the Asia-Pacific region. BASF SE acquired the melon breeding program of Tot Blau to expand its vegetable seeds business and strengthen its position in the melon market. Additionally, FMC Corporation acquired the European herbicide and fungicide businesses of DuPont to expand its crop protection portfolio and strengthen its presence in the European market.
These major companies are expected to continue to employ such strategies to maintain their positions in the highly competitive global crop protection chemicals market.
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