Pune, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Crop Protection Chemicals Market Size, as per the SNS Insider report, achieved a valuation of USD 48.23 billion in 2022, with projections anticipating a growth to USD 75.72 billion by 2030. This expansion is forecasted to occur at a Compound Annual Growth Rate (CAGR) of 5.8% during the period spanning from 2023 to 2030.
Market Overview
Crop protection chemicals, also known as pesticides, are substances designed to mitigate the impact of pests, diseases, and unwanted vegetation on crops. These chemicals encompass a diverse range of products, including insecticides, herbicides, fungicides, and more. The primary goal is to enhance agricultural productivity and secure food supplies by minimizing yield losses caused by biological threats.
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Market Analysis
With the world's population steadily increasing, there is a growing demand for food. Crop protection chemicals enable farmers to maximize yield, ensuring a sustainable and secure food supply to meet the needs of a burgeoning population. Pests, diseases, and weeds pose significant threats to crop yields. Farmers turn to crop protection chemicals to mitigate these risks and safeguard their investments, fostering a need for effective pest management solutions. Technological innovations in agriculture, including precision farming and genetically modified crops, have increased the efficiency of crop protection chemical application. This has led to enhanced efficacy, reduced environmental impact, and improved overall crop health. Governments worldwide are recognizing the importance of sustainable agriculture. This has resulted in the implementation of regulations and initiatives supporting the responsible use of crop protection chemicals, fostering innovation and development in the industry. All these factors fostering the crop protection chemicals market growth.
Crop Protection Chemicals Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 48.23 billion |
| Market Size by 2030 | USD 75.72 billion |
| CAGR | CAGR of 5.8% by 2023-2030 |
| Market Opportunity | Growing demand for organic farming |
| Market Segments |
|
| Major Market Players | BASF SE, American Vanguard Corp, DuPont, Dow Chemical Company, Bayer AG, Syngenta Group, FMC Corporation, Arysta LifeSciences Corporation, Bioworks, Chr. Hansen Holding A/S, Cortevaand other key players. |
Key Takeaway from Crop Protection Chemicals Market Study
- The Cereals & Grains segment holds a prominent position in the market, reflecting the vital role these crops play in global food security. As staple foods for billions of people, cereals and grains are subjected to various environmental stressors and pest threats, necessitating advanced crop protection measures.
- The Liquid segment is asserting its dominance in the crop protection chemicals market. Liquid formulations offer distinct advantages, including ease of application, uniform coverage, and enhanced efficacy. Farmers are increasingly adopting liquid formulations for their convenience and versatility in addressing diverse crop protection needs.
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Recent Developments
- Sumitomo Chemical recently announced the acquisition of a prominent U.S. biostimulant business company. The Japanese conglomerate's foray into the U.S. biostimulant business is a testament to the increasing significance of biorationals in modern agriculture. Biostimulants play a pivotal role in enhancing crop yield and quality by stimulating natural processes within plants.
- CST (Cell Signaling Technology) and Leica Biosystems have joined forces to pave the way for companion diagnostics in personalized medicine. This partnership marks a significant milestone in the healthcare industry, where precision and individualized treatment approaches are gaining prominence.
Market Dynamics Analysis
The dynamics of the crop protection chemicals market are shaped by a myriad of factors that influence its growth, presenting a complex interplay of drivers, restraints, challenges, and threats. Among the key drivers propelling the market forward is the increasing global population, which exerts significant pressure on the agricultural sector to enhance productivity. The demand for high-quality crops to meet food requirements has led to the widespread adoption of crop protection chemicals to mitigate the impact of pests, diseases, and weeds. Additionally, the changing climatic patterns and the rise in unpredictable weather events underscore the need for effective crop protection solutions to ensure stable yields. However, this burgeoning market faces formidable restraints, including regulatory scrutiny and environmental concerns. Stringent regulations on the use of certain chemical compounds and growing awareness about the environmental impact of these chemicals pose challenges to market players. Moreover, the emergence of sustainable and organic farming practices presents a potential threat to conventional crop protection chemicals. Farmers are increasingly seeking environmentally friendly alternatives, pressuring the industry to innovate.
Key Regional Developments
In North America, the crop protection chemicals market is characterized by a strong emphasis on sustainable and eco-friendly solutions. Stringent environmental regulations and an increasing awareness of the impact of chemical usage on ecosystems have led to a growing demand for bio-based alternatives. Europe stands at the forefront of stringent regulatory frameworks governing the use of crop protection chemicals. The region is witnessing a notable shift towards integrated pest management (IPM) strategies, emphasizing reduced chemical dependency. The Asia-Pacific region dominates the global market, owing to its vast agricultural landscape. Emerging economies, such as India and China, are witnessing increased adoption of modern farming practices, driving the demand for crop protection chemicals.
Impact of Recession
The ongoing recession reverberates through the intricate tapestry of the crop protection chemicals market, bringing forth challenges and opportunities. Adapting to shifts in farmer priorities, navigating global supply chain disruptions, and embracing sustainable agricultural practices will be key considerations for industry stakeholders. The ability to innovate and align with evolving governmental policies will shape the resilience and future trajectory of the market in the face of economic uncertainty.
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TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Crop Protection Chemicals Market Segmentation, By Crop Type
8.1 Cereals & Grains
8.2 Fruits & Vegetables
8.3 Oilseeds & Pulses
8.4 Others
9. Crop Protection Chemicals Market Segmentation, By Product Type
9.1 Insecticide
9.2 Fungicide
9.3 Herbicide
9.4 Others
10. Crop Protection Chemicals Market Segmentation, By Form
10.1 Liquid
10.2 Dry
11. Crop Protection Chemicals Market Segmentation, By Source
11.1 Biopesticide
11.2 Natural
12. Crop Protection Chemicals Market Segmentation, By Mode of Application
12.1 Seed Treatment
12.2 Soil Treatment
12.3 Foliar Spray
12.4 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.5 USA
13.2.6 Canada
13.2.7 Mexico
13.3 Europe
13.3.1 Eastern Europe
13.3.1.5 Poland
13.3.1.6 Romania
13.3.1.7 Turkey
13.3.1.8 Rest of Eastern Europe
13.3.2 Western Europe
13.3.2.4 Germany
13.3.2.5 France
13.3.2.6 UK
13.3.2.7 Italy
13.3.2.8 Spain
13.3.2.9 Netherlands
13.3.2.10 Switzerland
13.3.2.11 Austria
13.3.2.12 Rest of Western Europe
13.4 Asia-Pacific
13.4.5 China
13.4.6 India
13.4.7 Japan
13.4.8 South Korea
13.4.9 Vietnam
13.4.10 Singapore
13.4.11 Australia
13.4.12 Rest of Asia-Pacific
13.5 Middle East & Africa
13.5.1 Middle East
13.5.1.5 UAE
13.5.1.6 Egypt
13.5.1.7 Saudi Arabia
13.5.1.8 Qatar
13.5.1.9 Rest of Middle East
13.5.2 Africa
13.5.2.5 Nigeria
13.5.2.6 South Africa
13.5.2.7 Rest of Africa
13.6 Latin America
13.6.5 Brazil
13.6.6 Argentina
13.6.7 Colombia
13.6.8 Rest of Latin America
14 Company Profile
14.1 BASF SE
14.1.1 Company Overview
14.1.2 Financials
14.1.3 Product/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Dow Chemical Company
14.3 American Vanguard Corp
14.4 DuPont
14.5 Bayer AG
14.6 Syngenta Group
14.7 FMC Corporation
14.8 Arysta LifeSciences Corporation
14.9 Chr. Hansen Holding A/S
14.10 Corteva
14.11 Bioworks
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions
16. USE Cases and Best Practices
17. Conclusion
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