Global Crop protection chemicals market is anticipated to be driven by factors such as growing demand for food grains, food security issues, paradigm shift in agriculture practices, and improvement in standard of living, increased purchasing power and decrease in arable land.
Global crop protection chemicals market is segmented on the basis of chemical type such as herbicides, insecticides, fungicides and others. Among these, herbicides command the largest market share, accounting for over 40% of market share in 2015 in overall chemical type segment. Global Crop protection chemicals market accounted for USD 61 Billion in 2016 and further the market is predicted to register at a CAGR of 5% over the forecast period i.e. 2016-2024.
Geographically, Latin American region is the highest revenue generating market for crop protection, owing to a thriving agricultural industry and concentration of unexploited potential arable lands in the region. On the other hand, Asia-Pacific region is expected to showcase a lucrative growth over the next five to six years on the back of rising demand for quality crops.
Rising demand for food grains: Major Boost
Global agricultural production would have to increase by 50-70% by 2050 to meet the food grain demand of the increased population, as well as animal feed and bio-fuel demand. This would propel growth of crop protection chemicals market across the globe. Undernourishment, food security issues, changing climatic conditions and water stress are other factors contributing to growth of crop protection chemicals market. However, stringent government regulations for the usage of chemical based fertilizers and genetically modified crop cultivation act as hindrances to market growth.
Nanomaterials in Crop Protection
Due to manufacturing advancements, different sizes of nanomaterials are fabricated to create unique properties targeted towards plant protection and production. Potential of nano-materials in agriculture such as to improve seed germination and growth, pathogen detection and pesticide/herbicide residue detection are being utilized.
“Global Crop protection chemicals market Outlook 2024” contains detailed overview of the global crop protection chemicals market in terms of market segmentation by Chemical Type, Crop Type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global crop protection chemicals market which includes profiling of companies like BASF, Syngenta, Monsanto etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global Crop protection chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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