Chemicals which are used to protect crops from unwanted herbs, insects, fungi, high ultra violet rays and others are called as crop protection chemicals. Traditionally, there are three types of crop protection chemicals- herbicides, fungicides and insecticides but with the help of improving technology researchers have identified some other factors from which crops are need to be protected. Ultra violet ray is one such factor and big players are working on solutions to keep crops safe from it.
Global crop protection chemicals market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The primary factor for the growth of the market can be attributed to the increase in demand for food security for the growing population coupled with reducing size of agricultural land in the world which raise the need for increasing agricultural productivity, thus augmenting the growth for crop protection chemicals globally.
The crop protection chemical market is further segmented by type, origin, crop type, form, mode of application and by region. On the basis of type, market is further divided into herbicides, fungicides and insecticides. The segment is led by herbicides as unwanted weeds cause maximum amount of damage to the crops. Herbicide segment is expected to record maximum CAGR in this segment on the back of its high effectiveness to reduce the crop loss.
Pesticides are used in all types of crops but for study purpose the segment is divided into cereal and grains, oilseed and pulses, and fruit & vegetable segments. The market is dominated by cereal and grains segment owing to the high demand for cereals and grains by the growing population of the world.
On the basis of origin, market is segmented into synthetic and bio-pesticide segments. Synthetic segment is currently leading the market but bio-pesticides is anticipated to record highest CAGR over the forecast period in this segment owing to their environmentally friendly nature. CLICK TO DOWNLOAD SAMPLE REPORT
In the form segment, market is led by liquid segment over solid segment owing to the ease of application of liquid pesticides as compared to solid form segment. On the basis of mode of application, segment is divided into foliar spray, seed treatment, soil treatment and other segments. The foliar spray segment is expected to be the market leader but seed treatment segment is expected to show highest growth.
Population of the world is rising significantly but for the rapid urbanization and industrialization, the agricultural land size is reducing. Thereby, the need for food protection, advancement in farming techniques and technologies is becoming prominent. This need will drive the growth of crop protection chemical market in future.
Bio-pesticides are gaining popularity over their synthetic counterparts owing to the increasing demand for food safety and quality. Bio-pesticides have also relatively low research and development cost which will further drive the demand for bio-pesticides over the forecast period.
Crop protection chemicals leave harmful residue on or in food after they are applied on the crops. This residue may have long term effects on human body if consumed above the threshold limit. Government bodies often stipulate the maximum allowable levels of these residues in foods. Crop protection chemical market have this major challenge of producing such chemicals which leave zero to very less residue in food.
Industry faces the challenge of absurdly low spending in the research and development of crop protection chemicals as compared to other industries such as food services industry, healthcare industry and others. Only by doing extensive research and development advancement in farming techniques and technology is possible.
Our in-depth analysis of the global crop protection chemical market includes the following segments:
On the basis of regional analysis, the global crop protection chemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Currently, South America holds the largest market share in market owing to the presence of Brazil and Argentina who are two of the largest pesticide consuming countries in the world. Growing awareness about benefits of crop protection in this region contributes to the growth of the crop protection chemical market. South America is followed by Asia-Pacific and Europe. The presence of emerging economies, such as India, Indonesia, China, Malaysia, Philippines, and Thailand have propelled the regional demand in Asian region while Europe has been frontrunner in terms of engineering crop protection solutions. North America also holds a significant market share.
The crop protection chemicals market is further classified on the basis of region as follows:
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