New York, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The Global Crop Protection Chemicals Market is forecast to reach USD 96.96 Billion by 2027, according to a new report by Reports and Data. The growing occurrence of plant and crop diseases are driving the growth of the market. Diseases are a significant source of crop and plant damage, which may be caused by several plant pathogenic organisms.
The market is currently observing a tremendous pace owing to massive growth in the global population and enormous demand for the sufficient crop supply coupled with proliferating emphasize on the protection of the crop loss, increasing concern over pesticide residues, crop quality, harvesting flexibility, increasing crop yields, high consumer demand for sustainability produced food, and harnessing climate change & global pandemic situations.
Agrochemical manufacturers around the world are focusing on incorporating integrated pest management, patented solutions that leverage the productivity at lesser cost deployment, precision farming, and instant support arrangement for the farmers in order to reduce crop wastage, appropriate chemical utilization, and carry out a more precise target marketing.
Companies around the world also take many strategic initiatives, such as acquisitions & partnerships with other companies, to expand their product portfolio and extend geographic presence, adopting digital technologies that can ease the process of firm & farmer engagement, and investing in R&D to come up with newer cutting-edge technology solutions to broaden customer base, and sustain longer profitability and growth of the company.
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COVID-19 Impact Analysis:
The COVID-19 pandemic is having a significant impact on the chemicals & materials industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The declining demand has fast-tracked the global chemical sector into an oversupply situation. Lack of free movement of the labor force required for the application of pesticides in the agricultural fields is lacking, thereby hindering the growth of the market during the COVID-19 pandemic. Movement restrictions appear to have had a direct and immediate effect, and once the compulsory social distancing ends, the market scenario is expected to get back to normal.
Further key findings from the report suggest
- Insecticides are a type of pesticides, which are used to eliminate or inhibit the growth of insects and are widely used in the agriculture sector. Some insecticides are harmful to both human and animal life. It can also get concentrated as they pass along the food chain. These factors may hinder the growth of the market.
- Synthetic chemicals contributed to a larger market share in 2019 and are likely to grow at a rate of 4.9% in the forecast period. The availability of a variety of synthetic fungicides and ease of use have resulted in high market demand. Other benefits offered by this product type are higher crop quality, higher crop yields, and lower labor costs.
- The foliar spray is used for the application of chemicals to protect chemicals. Due to a rise in demand for seed treated with the protection of crop chemicals, seed treatment is forecast to grow with a CAGR of 5.0% during the forecast period.
- Europe held a significant share of the market in 2019 and is likely to grow at a rate of 5.3% in the forecast period. The market dominance of Europe is owing to the presence of leading market players in the region. Additionally, there is an increased usage of crop protection chemicals in Europe for the protection of crops.
- Key participants include BASF SE, The Dow Chemical Company, E.I. Dupont De Nemours and Company, Syngenta AG, FMC Corporation, Nufarm Limited, Monsanto Company, Sumitomo Chemical Co., Ltd, Adama Agricultural Solutions Ltd., and Bayer Cropscience AG, among others.
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For the purpose of this report, Reports and Data has segmented the Global Crop Protection Chemicals Market on the basis of type, origin, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Insecticides
- Herbicides
- Fungicides
- Others
Origin Outlook (Revenue, USD Billion; 2017-2027)
- Synthetic
- Biopesticides
Application Outlook (Revenue, USD Billion; 2017-2027)
- Seed Treatment
- Foliar Spray
- Soil Treatments
- Refineries
- Food & Beverage
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/crop-protection-chemicals-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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