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Crop Protection Chemicals Market is Estimated to Grow at Fastest Pace with Highest CAGR of 5.40 % during 2018-2022

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Crop Protection Chemicals Market is Estimated to Grow at Fastest Pace with Highest CAGR of 5.40 % during 2018-2022

October 10
21:00 2018

Radiant Insights
The report covers the present scenario and the growth prospects of the global crop protection chemicals market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of crop protection chemicals.

According to a report available on Radiant Insights, Inc.; the global crop protection chemicals market is projected to expand at a CAGR of 5.40% by 2022. Increasing demand for food security for growing population is projected to propel market over the forecast period (2018 to 2022). Crop loss owing to pest attacks and growing investment in R&D are expected to further fuel product demand in the forthcoming years.

Increasing awareness and usage of crop protection chemicals, especially in emerging economics is the major driving factors for the market. Farmers are extensively using herbicides to destroy unwanted vegetation. These chemicals find applications in a variety of crops like cereals, grains, pulses, vegetables, and oilseeds. Increasing consumer awareness about health and fitness is anticipated to propel market over the forecast period.

Development of biopesticides is one of the major trends in the market for crop protection chemicals. Biopesticides do not cause harmful effects on environment as they are produced from natural sources such as plants, bacteria, fungi, and minerals. Also, they have less toxicity level as compared to traditional pesticides. Increasing preference for organic farming is expected to boost demand for eco-friendly products in the forthcoming years.

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However, strict regulatory framework regarding hazardous synthetic pesticides due to their severe environmental impact may hinder market expansion over the forecast period. In addition, innovation in agriculture in terms of manufacturing of commercial seeds that can reduce the need of such chemicals is likely to have a negative impact on overall demand in the forthcoming years.

The worldwide crop protection chemicals market can be segmented on the basis of product type and region. Based on product type, the market can be categorized into herbicides, pesticides, insecticides, and others. Geographically, the market can be divided into Americas, Asia Pacific, Europe, and Rest of the World (ROW).

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Americas is expected to showcase significant growth over the forecast period. Variations in climate condition are suitable for the production of a variety of crops. This factor is expected to create more lucrative opportunities. U.S. is one of the key producers and exporters of rice, cotton, and soybean. Rise in production of these crops can positively influence regional market. Asia Pacific is likely to display fastest growth on account of demand from emerging countries such as India and China. The region is a major producer of cotton, wheat, maize, and rice. Rising adoption of products to enhance quality and yield is anticipated to bode well for regional growth in near future.

Some of the leading companies operating in the crop protection chemicals market include DowDuPont, Inc.; Sumitomo Chemical; FMC Corporation, BASF SE; and Syngenta AG. The market looks extremely competitive due to existence of various manufacturers with high production volume and varied product portfolio. Most companies are likely to compete with each other on the basis of geographical reach and pricing.

For instance, Helena Chemical Company recently introduced four new products for providing agronomic solutions with the help of their customized program called The Helena Acre. These products are intended to target yield-limiting agronomic problems and to offer better returns on investments. The new products— Ele-Max Sulfur LC, Sultrus, N-Fixx XLR and Antares Prime. Ele-Max Sulfur LC— can be used to manage in-season sulfur deficiencies with an exclusive crop-safe foliar blend based on ENC Formulation Technology. This technology can enable balanced nutrition and faster plant uptake.

About Radiant Insights, Inc

Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.

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