CHICAGO , June 25,
2024 /PRNewswire/ -- The Crop Protection
Chemicals Market is estimated at USD 79.3
billion in 2024 and is projected to reach USD 101.0 billion by 2029, at a CAGR of 5.0% from
2024 to 2029 according to a report published by
MarketsandMarkets™. According to the Centre for Agriculture and
Bioscience International (CABI), approximately 40% of global crop
yields are lost annually due to pests, pathogens, and weeds,
including the destructive Fall armyworm (FAW). This threat,
intensified by climate change, poses significant risks to essential
crops like maize, wheat, banana, and coffee, impacting household
incomes, national economies, and global food security. Such
challenges underscore the critical role of effective crop
protection solutions in mitigating these risks. The demand for crop
protection chemicals is therefore bolstered as farmers seek
reliable methods to combat pests and diseases, ensuring stable
yields and safeguarding agricultural production. This market growth
is driven by the necessity for advanced formulations and
technologies that can efficiently manage evolving pest pressures
while supporting sustainable agricultural practices. As such, the
ongoing need to protect crops from a wide array of threats
continues to drive innovation and investment in the crop protection
chemicals sector globally.
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By origin, the biopesticides segment is expected to grow at
the highest CAGR during the forecast period in terms of
value.
The overuse of chemical pesticides has led to increased pest
resistance, reducing the effectiveness of these products.
Biopesticides, with their unique modes of action, provide an
alternative that can manage pest resistance issues. They often work
in conjunction with chemical pesticides in integrated pest
management (IPM) strategies, helping to mitigate resistance and
extend the useful life of both biopesticides and chemical
pesticides. Consumers are becoming more aware of the environmental
and health impacts of chemical pesticides. This awareness is
driving demand for organic and sustainably produced food, which in
turn increases the demand for biopesticides. Farmers are responding
to market demand by adopting biopesticides to meet consumer
preferences for organic products. Governments and regulatory bodies
are increasingly supporting the use of biopesticides through
favorable policies and regulations. For example, the European
Union's strict regulations on chemical pesticides encourage the
adoption of biopesticides. Similarly, countries like the United States and India are implementing policies that promote
sustainable farming practices and the use of biopesticides.
By crop type, cereals & grains are estimated to grow at
the highest CAGR during the forecast period.
Cereals and grains are highly susceptible to a variety of pests
and diseases. For instance, wheat rust, rice blast, and corn borers
can cause significant yield losses. Effective crop protection
chemicals, including fungicides, insecticides, and herbicides, are
crucial in mitigating these threats and ensuring healthy crop
yields. Many governments are investing in agricultural development
to ensure food security. Subsidies and support for farmers to
purchase and use crop protection chemicals are driving the growth
of this market segment. For example, initiatives in countries like
India and China aim to boost cereal and grain production
through better pest management practices. Cereals and grains are
cultivated on a vast scale globally. Regions like North America, Europe, and Asia-Pacific have extensive areas dedicated to
these crops. The large-scale cultivation necessitates substantial
use of crop protection chemicals to manage pests and diseases over
large areas efficiently. For instance, the United States, one of the largest
producers of corn, has seen consistent growth in the use of
herbicides and insecticides to manage weeds and pests that threaten
corn production. Similarly, in Asia, rice cultivation heavily relies on
fungicides and insecticides to combat diseases like rice blast and
pests like planthoppers.
By type, the herbicides segment is estimated to dominate the
crop protection chemicals market.
Herbicides are crucial for managing weeds, which compete with
crops for nutrients, water, and sunlight, significantly impacting
crop yields. For example, glyphosate, one of the most widely used
herbicides globally, has seen extensive application due to its
effectiveness in controlling a broad spectrum of weeds.
Glyphosate's market presence is significant, with sales reaching
billions of dollars annually. Its use is particularly prominent in
countries like the United States,
Brazil, and Argentina, where large-scale, industrial
farming is prevalent. Another example is atrazine, commonly used in
corn production. Atrazine has been integral in managing weed
populations and enhancing crop yields, especially in the United States, which leads global corn
production. The effectiveness of atrazine in various climatic
conditions and soil types has contributed to its widespread
adoption, further solidifying the dominance of herbicides in the
market. Furthermore, the development of herbicide-resistant crops,
such as Roundup Ready soybeans, has bolstered herbicide usage.
These genetically modified crops can withstand applications of
specific herbicides, allowing farmers to manage weeds more
effectively without harming the crops.
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The crop protection chemicals market in the South America region is expected to grow
constantly during the forecast period.
South America boasts a vast and
diverse agricultural landscape, with countries like Brazil and Argentina being major global producers of key
crops such as soybeans, corn, sugarcane, and coffee. The region's
extensive agricultural activities drive substantial demand for crop
protection chemicals to ensure high yields and crop quality. The
tropical and subtropical climates prevalent in much of South America create favorable conditions for
a wide range of pests and diseases. Crops in the region are
frequently threatened by insects, fungi, weeds, and pathogens,
necessitating the use of effective crop protection chemicals to
mitigate losses and maintain productivity. For example, soybean
rust and the fall armyworm are significant threats that require
robust chemical management. The region's integration into global
agricultural markets through favorable trade policies and
agreements enhances its competitiveness and export potential. High
crop production for export markets necessitates rigorous pest and
disease management to meet international quality standards, further
fueling the demand for crop protection chemicals.
Key players in the crop protection chemicals market BASF SE
(Germany), Bayer AG (Germany), FMC Corporation (US), Syngenta Group
(Switzerland), Corteva (US), UPL
(India), Nufarm (Australia), Sumitomo Chemical Co., Ltd
(Japan), Albaugh LLC (US), Koppert
(Netherlands), Gowan Company (US),
American Vanguard Corporation (US), Kumiai Chemical Industry Co.,
Ltd (Japan), PI Industries
(India), and Chr. Hansen A/S
(Denmark).
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