Crop Protection Chemicals Market Overview
The Global Crop Protection Chemicals Market is projected to reach USD 67.1 billion by 2024, registering a CAGR 2.76% during the forecast period of 2019 to 2024. Crop Protection Chemicals are used to safeguard the crops from conditions that pose potential damage to the growth of the crops. Crop Protection Chemicals have become an integral part of the agricultural practices. Without them, many crops would suffer dramatic losses. The most commonly used Crop Protection Chemicals include herbicides, fungicides, insecticides, and others.
Global Crop Protection Chemicals Industry 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.
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.
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.
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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.
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