San Francisco,16 October 2018: According to a report by Grand View Research, Inc., global crop protection chemicals market is anticipated to value USD 90.09 billion by 2022. Growing requirement for high crop yield to fulfill rising demand from emerging economies attributed to rising population can propel demand for crop protection chemicals.
High investments from leading manufacturers to produce crop specific green protection chemicals can influence growth of market. Continual initiatives from manufacturers to produce bio-based chemicals from innovative sources such as animals, bacteria, and plants can fuel market growth during the forecast period (2012 to 2022).
Research and development activities in agricultural field to produce commercial seeds demanding less use of crop protection chemicals can restrict growth of market over the forecast period.
The crop protection chemicals market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into fungicides, insecticides, herbicides, and others. High demand for herbicides in Asia Pacific was USD 2.51 billion in 2016. It is expected to grow at CAGR of 6.6% during the forecast period. Rising production of cereals and grains attributed to adoption of superior farming techniques can fuel growth.
Similarly, insecticides accounted for 20.7% of market share in Europe in 2016. It is likely to grow at CAGR of 6.1% during the forecast period. In addition, stringent government regulations imposed by European Union (EU) regarding use of harmful chemicals for agricultural applications can hamper growth of market.
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Based on application, the market can be classified into cereals, maize, fruits & vegetables, cotton, rice, and others. Fruits and vegetables segment is expected to contribute to market growth at CAGR of 7% over the forecast period. High demand for crop protection chemicals from food processing sector can influence market growth. In addition, changing consumer dietary habits are likely to surge demand for healthy and good quality fruits and vegetables. This in turn can influence growth of market in next few years.
On the contrary, rice contributed for market share of USD 5.37 billion in 2016 attributed to high demand for rice as primary food in countries such as India, Japan, China, and South Korea. China was the largest rice producer followed by India in 2016, making it largest consumer for rice protection elements in that year.
Regional segmentation includes North America, Europe, Asia Pacific, and rest of the world. In 2016, Europe dominated the market and accounted for market share equivalent to USD 8.08 billion. High demand for herbicides in the region to combat weed and get quality yield of vegetables and fruits can fuel market growth. In addition, growing adoption of product to wipe out unwanted plant species in undesirable places can augment growth of market in the region.
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In Asia Pacific, the market accounted for significant growth over the forecast period. High production of agricultural products such as maize, cotton, and rice in the region can influence demand for crop protection chemicals. In addition, rising production of various types of tropical and subtropical fruits can fuel growth of market in this region.
In North America, the market is estimated to grow well over the forecast period. Frequently changing climatic conditions in the region are likely to support production of wide range of crops. This, in turn, can fuel growth of market in this region. In addition, United States being key producer of cotton, soybean, and rice is likely to surge demand for high quantities of crop protection chemicals over next few years.
Some of the leading companies offering crop protection chemicals are Natural Industries, Dow AgroSciences, Marrone Bio Innovations, BASF SE, and Nufarm Ltd. The market expected to be highly competitive in nature attributed to presence of numerous manufacturers globally. Most of them are likely to undergo acquisitions and mergers to expand their product portfolio and consumer base. Strong foothold of existing market players is likely to obstruct growth of new players. In addition, most players are predicted to compete on basis of pricing and geographical reach. Business strategies such as widespread dealership and expansion in local markets can support market players in gaining traction among consumers.
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