Crop Protection Chemicals Market Share Soars to USD 95.82 Billion at a 5.0% CAGR (2023-2030)"

Crop Protection Chemicals Market Overview

The Crop Protection Chemicals Market Size reached a valuation of USD 68.1 billion in 2022, establishing its significance in the agricultural sector. Projections indicate a promising trajectory for the crop protection chemicals market industry, with an expected rise from USD 71.51 billion in 2023 to USD 95.82 billion by 2030. This positive outlook reflects a steady Compound Annual Growth Rate (CAGR) of 5.0% during the forecast period spanning from 2023 to 2030.

Several factors contribute to the robust growth of the crop protection chemicals market, with the foremost being the escalating global population and a heightened awareness of the importance of crop protection for ensuring healthy yields. As the population continues to grow, there is an increasing demand for food to sustain these burgeoning numbers, thereby underscoring the critical need for food security measures.

The agricultural industry is poised for expansion over the forecast period, primarily driven by the dual forces of a growing population and an escalating demand for food. These factors stand out as key drivers propelling the growth of the crop protection chemicals market. The agricultural sector's sustained growth is integral to meeting the escalating global demand for food resources.

As the need for enhanced crop yields becomes more pronounced, the role of crop protection chemicals becomes increasingly crucial. These chemicals play a vital role in safeguarding crops from pests, diseases, and other environmental stressors that can hamper productivity. The market growth is further fueled by the continual advancements in crop protection technologies, which contribute to more effective and sustainable solutions

Market Forecast

Crop protection chemicals market help in improving agricultural productivity by killing unwanted herbs and weeds in the plantation. Increasing population and growing demand for food have led to high agricultural productivity which is driving the growth of the crop protection chemicals market. Moreover, limited availability of cultivable land and the pressure to increase farm productivity is boosting the demand for crop protection chemicals.

Growing acceptance of modern farming is adding fuel to the growth of crop protection chemicals market. Owing to the demand for improving the efficiency of crop protection chemicals, major players are investing in research and development which is further boosting the growth of global crop protection chemicals market. However, hazards associated with synthetic crop protection chemicals have led to several stringent regulations on the use of crop protection chemicals which may hamper the growth of crop protection chemicals market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.9% of crop protection chemicals market during the forecast period 2023–2030.

Downstream analysis

Crop protection chemicals market is segmented on the basis of a type such as herbicides, fungicides, insecticides, and others. Among them, the herbicides segment is dominating the market. The high utility of herbicides for destroying various herbs and unwanted weeds to minimize the crop loss is driving the growth of this segment. However, the fungicides segment is projected to grow substantially over the forecast period followed by insecticides segment.

Based on the formulation, the crop protection chemicals market outlook is segmented into emulsifiable concentrates, wettable powder, soluble powder, suspension concentrate, capsule suspensions, and others. Among all, the suspension concentrate is projected to grow substantially over the forecast period owing to reduced or no use of hazardous solvents and improved stability.

On the basis of the method of application, the crop protection chemicals market is segmented into foliar, soil treatment, seed treatment, and others. The foliar applied crop protection chemicals are dominating the market and are expected to grow substantially over the forecast period.

Based on the application of crop protection chemicals, the market is segmented into oilseeds & pulses, cereals & grains, fruits & vegetables, and others. Among all, the fruits and vegetables segment is dominating the market. However, the cereals and grains segment is expected to witness substantial growth over the forecast period.

Competitive analysis

The major players in the Crop protection chemicals market

• BASF SE (Germany)
• The Dow Chemical Company (U.S.)
• Monsanto Company (U.S.)
• FMC Corporation (U.S.)
• Bayer AG (Germany)
• Agrium Inc (Canada)
• Syngenta AG (Switzerland)

Regional Analysis

The global Crop protection chemicals market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to witness substantial growth over the estimated period. India and China which are two of the largest countries in terms of population are majorly contributing to the growth of crop protection chemicals in this region.

In North America, the U.S. is the major contributor to crop protection chemicals. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain the market growth in these regions. Bio based crop protection chemicals are expected to offer huge growth opportunity in North America and Europe. For rest of the world, South America is projected to witness high growth owing to increasing demand for crops in this region.

Market Segmentation

Crop protection chemicals market is segmented on the basis of type, formulation, method of application, application, and region.

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