The global crop protection chemicals market size was valued at US$ 66.44 Billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 6.7% from 2023 to 2030. Globally, there are over 800 different registered crop protection chemicals. Companies are highly involved in the research and development of new products. The chemicals undergo rigorous safety tests and other processes to ensure their safety. The global crop protection chemicals market is expected to grow at a healthy rate during the next five years. The growing population worldwide is a major driver of the market.
Impact of COVID-19 on Global Crop Protection Market
The COVID-19 pandemic has had a significant impact on the global crop protection market. The pandemic has disrupted supply chains, caused labor shortages, and led to changes in consumer behavior, all of which have affected the demand for crop protection products. One of the major impacts of the pandemic has been on the availability of raw materials and production inputs. Many countries have implemented lockdowns and travel restrictions, which have disrupted the supply of key inputs such as pesticides and fertilizers. This has led to shortages and price increases, which have impacted the profitability of crop protection manufacturers.
Global Crop Protection Chemicals Market Drivers:
Global Crop Protection Chemicals Market Opportunities:
Global Crop Protection Chemicals Market Trends:
Companies are adopting partnerships and agreements
Companies are adopting partnerships and agreements as a business growth strategy for geographical expansion. For instance, in June 2021, Aragen Life Sciences (formerly GVK BIO), a Contract Research and Development Organization (CRDO), headquartered out of Hyderabad, India, announced a strategic partnership with FMC Corporation, a global marketer in innovative agricultural science, that provides solutions towards crop protection, plant health, and professional pest and turf management.
Crop Protection Chemicals Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 66.44 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||6.7%||2030 Value Projection:||US$ 104.53 Bn|
Bayer CropScience, ChemChina Corporation, BASF SE, Corteva Agriscience, UPL Limited, FMC Corporation, Nufarm Ltd, Sumitomo Chemicals, American Vanguard Corporation, ISAGRO SpA, Bioworks Inc., Ishihara Sangyo Kaisha Ltd, Marrone Bio Innovations Inc., and Syngenta International AG
|Restraints & Challenges:||
Global Crop Protection Chemicals Market Restraints:
Global Protection Chemicals Market Segmentation:
Figure 1: Global Protection Chemicals Market by Origin in 2023
The global crop protection chemicals market report is segmented into origin, type, application, and Region.
Based on origin, the market is segmented into synthetic and bio-based. Out of which, synthetic is expected to dominate the global market over the forecast period. The synthetic sub-segment of the market was valued at US$ 56.06 billion in 2020, and it is projected to reach approximately US$ 65.29 billion by 2026, witnessing a CAGR of 2.6% during the forecast period.
Bio-based segment is also expected to witness significant growth in the near future, owing to growing concerns regarding the food products they are consuming and their impact on their health and the environment. These factors are encouraging market players to shift from synthetic to bio-based chemicals.
Figure 2: Global Crop Protection Chemicals Market by Region in 2023
Regionally, North America is expected to dominate the global crop protection chemicals market over the forecast period. The U.S. has the largest market share of 69.2% in the North American region. According to a study conducted by the United States Department of Agriculture (USDA) in accordance with Environmental Protection Agency (EPA), chlorpyrifos and acephate are the most commonly used pesticide active ingredients in the country's agricultural sector. Currently, corn, soybeans, wheat, and cotton account for the largest use of insecticides in the US market. In 2022, corn dominated pesticide use with a share of approximately 39%, followed by soybeans with a 22% share.
Europe is projected to be the second-leading market in the global crop protection chemicals market due to the presence of developed countries such as the UK, Spain, and France. According to the Coherent Market Insights analysis, France is the largest market for crop protection chemicals in Europe. France's crop protection chemical market was valued at US$ 2.55 billion in 2020, and it is projected to reach US$ 3.14 billion by 2026, witnessing a CAGR of 3.2% during the forecast period.
Global Crop Protection Chemicals Market: Key Developments
Global Crop Protection Chemicals Market: Key Companies Insights
The global crop protection chemicals market is highly competitive. This is attributed to the continuous launch of new technologies due to ongoing R&D(Research and Development)and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional and global basis. Some of the key players in the global crop protection chemicals market are Bayer CropScience, ChemChina Corporation, BASF SE, Corteva Agriscience, UPL Limited, FMC Corporation, Nufarm Ltd, Sumitomo Chemicals, American Vanguard Corporation, ISAGRO SpA, Bioworks Inc., Ishihara Sangyo Kaisha Ltd, Marrone Bio Innovations Inc., and Syngenta International AG.
Definition: As the world population grows, crop protection chemicals become increasingly important. They keep pests and weeds away from crops and help boost crop yields. These chemicals also help ensure food security for the world’s population. In addition, they reduce the costs of farming, allowing farmers to save more money. This means more food for the world.
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