Meticulous Research®—a leading global market research company, published a research report titled, 'Crop Protection Chemicals Market by Type (Synthetic [Insecticides, Herbicides, Fungicides], Biological), Formulation (Solid, Liquid), Mode of Application (Seed Treatment, Soil Treatment), Crop Type, and Geography—Global Forecast to 2030.’
The Crop Protection Chemicals Market is expected to reach $84.8 billion by 2030, at a CAGR of 3.3% during the forecast period of 2023 to 2030. The growth of this market is driven by the growing need for low-cost crop protection solutions, increased crop yield and quality, maintaining the minimum residue limit in food products, the increased adoption of advanced agricultural practices and technologies, and rapidly decreasing agricultural land.
Furthermore, the increasing focus on integrated pest management, the growing adoption of biological seed treatment, and emerging economies such as Asia-Pacific and Latin America are expected to offer significant growth opportunities for players operating in the crop protection chemical market. However, growing concerns over the chemical residue in the food and stringent and non-standardized regulations are expected to restrain the growth of this market.
The market is segmented based on type, formulation, mode of application, crop type, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the crop protection chemicals market is segmented into synthetic and biological. In 2023, the synthetic segment is expected to account for the larger share of the crop protection chemicals market. The large market share of this segment is attributed to its increasing use in developing countries, ease of availability, high efficiency, and lower cost compared to biological products.
Based on formulation, the crop protection chemicals market is segmented into liquid formulation and solid formulation. The liquid formulation segment is expected to register the fastest growth rate during the forecast period. The growth of this segment is attributed to the high usage of liquid crop protection chemicals by farmers due to ease of handling, better performance, and easy availability. Furthermore, liquid formulations offer better safety to workers due to the dust associated with dry formulations.
Based on mode of application, the crop protection chemicals market is segmented into foliar spray, seed treatment, soil treatment, and other modes of application. The seed treatment segment is expected to register the fastest growth rate during the forecast period. The growth of this segment is attributed to the advancements in seed treatment equipment and the benefits of seed treatment, such as enhanced safety and pest resistance. In this method, microbial pesticides are often applied with chemical pesticides, as chemical pesticides provide early-season control, and microbial pesticides provide extended control.
Based on crop type, the crop protection chemicals market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types. In 2023, the cereals & grains segment is expected to account for the largest share of the crop protection chemicals market. The large market share of this segment is attributed to the growing need to increase cereal & grain production, minimize cereal & grain loss due to pests and diseases, and the increasing use of these crops in animal feed, biofuel, and starch & ethanol production.
Based on geography, in 2023, Latin America is expected to account for the largest share of the crop protection chemicals market. However, Asia-Pacific is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by factors such as the huge area under agriculture production, rising demand for high-yield crop products, increasing organic crop production in the region, especially in China & Japan, and the growing support from various organizations & governments to enhance crop cultivation.
The key players profiled in this crop protection chemicals market study are Bayer AG (Germany), Syngenta AG (Switzerland) (a part of China National Chemical Corporation/ChemChina), BASF SE (Germany), Corteva Inc. (U.S.), UPL Limited (India), Nufarm Limited (Australia), FMC Corporation (U.S.), Sumitomo Chemical Co., Ltd. (Japan), Novozymes A/S (Denmark), Valent BioSciences LLC (U.S.), and Croda International Plc (U.K.).
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