Pesticides are chemical or biological agents that are used to kill pests. The most commonly used pesticides include herbicides to kill weeds, fungicides to control mildew and fungi, and rodenticides for killing rodents. Specialty pesticides are a wide range of chemicals used to prevent, manage, or eliminate pests that are capable of causing plant diseases and disrupting the normal growth and development of plants, lowering their aesthetic and economic value. Plant diseases are caused by living agents such as parasitic plants, microorganisms, and insects, as well as non-living factors like chemical substances or poor nutrition. Insecticides only affect insects, while herbicides only affect herbs, making these two pesticide subgroups.
The global specialty pesticides market was valued at US$ 232.37 Bn in 2021 and is expected to reach US$ 370.56 Bn by 2030, exhibiting a CAGR of 4.0% during the forecast period (2022-2030).
Drivers:
Agricultural intensification has occurred in recent decades as a result of rising demand for food as a result of the rapid growth in human population. Agrochemicals (fertilizers and pesticides) are widely used in agriculture to meet rising food demands, bridging the gap between food production and consumption. For instance, introduced by Dow Chemical in 1965, Chlorpyrifos is the most commonly used pesticide on crops such as corn, soybeans, broccoli, and apples, as well as non-agricultural settings such as golf courses.
Vegetation management professionals use specialty pesticide products to keep weeds from choking lakes, rivers and streams. Also, pesticide and fertilizer products are used to protect homes and grow gardens. Specialty pesticides are used by foresters to control undesirable vegetation and promote tree growth, reducing the risk of wildfire and also improving the quality of the forests.
Figure 1. Global Specialty Pesticides Market Revenue Share (%), By Region, 2021
Among regions, Asia Pacific held a dominant position in the global specialty pesticides market in 2021, accounting for 39.34% market revenue share, followed by North America and Europe. Due to extensive agricultural base, farmers in the region are gradually shifting towards the use of eco-friendly, natural insecticides and bio insecticides as they become more aware of the impact of chemical pesticides on human health.
Market Restraints
With rising awareness regarding health, environmental protection, food safety, and animal welfare reforms, the organic food industry has seen rapid growth in emerging economies. Demand for organic food products is growing, with nearly 81% of U.S. based families purchasing organic food at least once, according to the Organic Trade Association's estimates. Specialty pesticides are synthetic chemicals, hence, improper use of specialty pesticides is extremely toxic and harmful to the environment. Therefore, there are several alternative pesticides available in the market such as bio pesticides.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 232.37 Bn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 4.0% | 2030 Value Projection: | US$ 370.56 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Syngenta (ChemChina), Bayer CropScience LLC, BASF, Dow AgroScinces, ADAMA, Nufarm, Sumitomo Chemical Co., Ltd., UPL, FMC Corporation and Huapont Life Sciences Co., Ltd. |
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Market Trends
Widespread adoption of modern farming methods and government policy supports ground spreading. For instance, the EPA approved dicamba (herbicide) for aerial spraying in 2017 in conjunction with soybean seeds genetically engineered to be resistant to the chemical, which had previously only been approved for ground spreading. As a result, the demand for agrochemicals such as specialty pesticides is expected to increase.
Figure 2. Global Specialty Pesticides Market Revenue Share (%), By Type, 2021
Among types, the fungicide segment held a dominant position in the global specialty pesticides market in 2021, accounting for 36% of market share. Fungicides increase the yield and number of crops and new foliage growth of crops. Fungicides prevents the growth of fungal diseases within turf for a set number of days or seasons. Fungicides are also beneficial to protect fruits like grapes, vegetables, and tubers from fungi etc.
Global Specialty Pesticides Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 outbreak was first reported in December 2019 in Wuhan, China. Due to lockdowns, travel bans, and business closures, the outbreak has affected economies and industries in a number of countries. The global specialty pesticides market has been hit hard by supply chain failures, technology event cancellations, and office closures during the COVID-19 pandemic. The COVID-19 pandemic forced the closure or partial closure of factories, warehouses, businesses, and educational institutions around the world. Other lockdown measures such as strict social distancing norms, restricted travel, and limited access to public spaces, restaurants, theme parks, movie theaters, and shopping malls were implemented. There has been a supply chain disruption as a result of the COVID-19 pandemic, causing problems in the agricultural sector such as labor shortages, transportation barriers, market access restrictions, and inventory shortages in some regions such as Asia specific.
Competitive Landscape
Major players operating in the global specialty pesticides market include Syngenta (ChemChina), Bayer CropScience LLC, BASF, Dow AgroScinces, ADAMA, Nufarm, Sumitomo Chemical Co., Ltd., UPL, FMC Corporation and Huapont Life Sciences Co., Ltd.
Pesticides are chemicals used in industrial agriculture. The pesticides are improves soil fertility, making crops more productive, also protects crops by controlling weeds (herbicides), insect and animal infestation (insecticides and rodenticides), and fungal/mold diseases (fungicides and rodenticides) (fungicides).
Market Dynamics
Specialty pesticides have high specificity, which means that certain specialty pesticides may only be effective on certain pests such as herbicides to kill weeds, fungicides to control mildew and fungi, and rodenticides for killing rodents. This, in turn, may require use of multiple products, which may not be commercially viable.
Agricultural product such as herbicides and pesticides are rapidly increasing in demand around the world. Therefore, demand for food is also rapidly rising, particularly in East Asia and the South Asia Pacific. Thus, population growth is the primary factor driving demand for agricultural products.
With growing environmental awareness, there has been a significant shift in the consumer base towards organic foods in the recent past. Organic foods are grown without the use of synthetic chemicals, such as pesticides, which is expected to reduce pesticide sales in the future. As specialty pesticides are synthetic chemicals, their residues are harmful to the environment and living organisms. Concerns about this factor are expected to be a major restraint to the market's overall growth. Pesticides are also dangerous to people's health and safety. People in every part of our food system — producers, workers, and consumers — can be exposed to potentially harmful levels of pesticides as a result of their widespread use.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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