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Crop Protection Chemicals Market is anticipated to witness substantial growth along with a steady CAGR to 2030

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Crop Protection Chemicals Market is anticipated to witness substantial growth along with a steady CAGR to 2030

July 15
23:30 2021
Crop Protection Chemicals Market is anticipated to witness substantial growth along with a steady CAGR to 2030
Crop protection chemicals refers to those chemicals that enables the farmers to improve crop yield and protect the crops from weeds and other harmful crop diseases .The three main classes of crop protection includes herbicides, insecticides and fungicides that provides efficiency to the crops.

Growing need to utilize crop protection chemicals to enhance crop yield for meeting the needs of global populations is accelerating the demand for such chemicals. As the population is rising, the need for food availability continues to rise with it leading to high demands for such chemicals.

Food security concerns among the people is facilitating the adoption of  new and improved techniques for effective cultivation of crops. Due to rising awareness regarding food safety and security, farmers are making investments in developing sustainable chemicals to prevent soil pollution ensuring production of  effective and safe  crops to the users which is likely to add progress to this crop protection chemicals market.

Rising soil pollution, presence of  pests, weeds, insects and other harmful diseases in the crops are contributing to the adoption of  crop protection chemicals creating a favourable opportunity for the manufacturers operating in this market to expand its production.

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Key Restraints:

Residual problems associated with the use of pesticides is a major issue  hindering the progresss of this market. The excessive usage of pesticides on the crops are considered to be harmful for the human beings which enter the human body through the consumption of such fruits, vegetables and other crops causing health issues including cancers, birth effects, neurological disorders, reproductive problems, endocrine disruptors etc.    
Extensive usage of crop protection chemicals can cause degradation and damage to the microorganisms living in the soil  making the soil barren and unfertilized for future use.
The development of genetically modified crops are posing a challenge to the progress of this market as new genetically modified crops can be developed through gene modification providing natural ability of being pest resistant eliminating the need for such chemicals.

COVID-19 Impact:

The spread of Covid-19 pandemic created a negative  impact on the growth of crop protection chemicals. The manufacturers suffered from disruptions in their supply chains and distribution networks to supply pesticides across different countries. Closure of factories in lockdown resulted in massive shortages of raw materials and other ingredients essential for developing crop protection products hindering the growth of this market. However as the lockdown has been lifted up and situation has almost recovered with a record of decreasing covid cases in 2021, the demand for such chemicals is rising at a faster pace throughout the world. Leading corporations are expanding their production capacities to meet the rising demand from different regions. It is expected that the market will witness remarkable progress through 2030 owing to increased food requirements and technological advancements.

Region-Wise Forecast:

The market for crop protection chemicals is predicted to rise tremendously across the globe with rising demands from Asia Pacific and North America. Asia Pacific is projected to rule the global market through 2030 and register a notable CAGR rate on account of rising awareness regarding food security, enhanced crop yields as well as technological advancements. Rising population in China and India are creating high demands for food requirements including fruits, vegetables, plants and other crops to feed the population putting a force on the agricultural sector to increase the usage of such chemicals to enhance crop yield.

In addition to Asia Pacific, Canada and United States are predicted to experience substantial growth rates through the forecasted period due to high usage of these chemicals in their agricultural operations to meet the increased food needs. Presence of leading crop protection chemical manufacturers in the U.S. continue to add significant progress to this market. It is predicted that North America will occupy the second leading position with one third of market share.

Furthermore, Europe is currently facing a favourable period in this market with growing demands from Russia, Germany and France. Rising population and food requirements from Germany are creating potential opportunities for the key manufacturers operating in this market to focus on delivering more new and better crop protection insecticides, fungicides and herbicides to ensure food security. Further rising health consciousness and pollution of land continues to contribute towards immense progress.

Middle East and Africa is anticipated to grow at a stable CAGR over the predicted time frame. Fastest adoption of technological advancements by the farming communities in Bahrain, Iran and Saudi Arabia supported by government efforts is estimated to boost the progress.

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Market Segmentation:

ByType:

  • Fungicides
  • Insecticides
  • Herbicides
  • Others

By Source:

  • Natural  
  • Biopesticide

By Form:

  • Dry
  • Liquid

By Crop Type:

  • Cereals and grains
  • Oilseeds and pulses
  • Fruits and vegetables
  • Others

By Mode of Application:

  • Soil treatment
  • Seed treatment
  • Foliar Spray
  • Refineries
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

Competitive Landscape:

The market for crop protection chemicals is highly fragmented with the presence of leading as well as new industrial players focusing on several effective strategies to develop new and improved crop protection products . The key players are investing in research and development programmes to maintain and strengthen their position.

Some of the eminent players in this market include BASF SE, Dow Chemical Corporation, Bioworks Incorporation, Arysta Lifesciences Corporation, Hansen, Sumitomo Chemical Corporation, Syngenta AG, Bayer CropScience Corporation, Corteva, FMC Corporation, Nufarm Limited, Rotam CropSciences Limited, Cheminova, PI Industries, UPL Limited etc. Product portfolio expansion, geographical expansion, joint ventures, collaborations, product upgradations, diversifications, market initiatives,and partnership agreements are some of the strategies incorporated by these manufacturers to combat the rising competition.

For instance, Crystal Crop Protection Limited announced its acquisition of three insecticide brands on 8th January, 2020 from US-based Corteva Agriscience which will help the company to generate an additional revenue of about Rs 50 crores annually. The three premium insecticide brands includes Dursban, Nurelle-D and Predator brand. The acquisition has resulted in providing a value addition to the company and is improving the global presence of the company.

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In addition to that, BASF Corporation collaborated with Technalia on 5th November, 2020 in digitalization to accelerate the global research and development of new crop protection product contributing to a faster development of innovations that responds to farmers’ needs worldwide to control weeds, fungal diseases, insect pests in crops, yield protection, biodiversity etc. The two corporations jointly developed a technology for automated image recognition to determine the species and quantity of plants, pests and diseases in greenhouse and field trials. This new and efficient technology provides more reliable information from global trials as image recognition assessments can be done more frequently delivering more objective data as compared to traditional methods.

Furthermore, Sumitomo Corporation introduced a new fungicide called‘Kename’ containing indiflintm which is a novel active ingredient discovered by the company in 2020. This new addition is developed to control broad spectrum of diseases in cereals, vegetables and fruits. The ingredient is improving fungicidal actions, leaf penetration, systemic actions etc in comparison to other products available in the market.

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