Specialty pesticides market

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.

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.

Detailed Segmentation:

• Global Specialty Pesticides Market, By Type:
  • Fungicides
  • Herbicides
  • Insecticides
  • Others
• Global Specialty Pesticides Market, By Application:
  • Grains and Cereals
  • Oilseeds and Pulses
  • Fruits and Vegetables
  • Others
• Global Specialty Pesticides Market, By Region:
  • North America
    • By Type:
      • Fungicides
      • Herbicides
      • Insecticides
      • Others
    • By Application:
      • Grains and Cereals
      • Oilseeds and Pulses
      • Fruits and Vegetables
      • Others
    • By Country:
      • U.S.
      • Canada
  • Europe
    • By Type:
      • Fungicides
      • Herbicides
      • Insecticides
      • Others
    • By Application:
      • Grains and Cereals
      • Oilseeds and Pulses
      • Fruits and Vegetables
      • Others
    • By Country:
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Type:
      • Fungicides
      • Herbicides
      • Insecticides
      • Others
    • By Application:
      • Grains and Cereals
      • Oilseeds and Pulses
      • Fruits and Vegetables
      • Others
    • By Country:
      • China
      • India
      • Japan
      • South Korea
      • ASEAN
      • Australia
      • Rest of Asia Pacific
  • Latin America
    • By Type:
      • Fungicides
      • Herbicides
      • Insecticides
      • Others
    • By Application:
      • Grains and Cereals
      • Oilseeds and Pulses
      • Fruits and Vegetables
      • Others
    • By Country:
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
  • Middle East & Africa
    • By Type:
      • Fungicides
      • Herbicides
      • Insecticides
      • Others
    • By Application:
      • Grains and Cereals
      • Oilseeds and Pulses
      • Fruits and Vegetables
      • Others
    • By Sub-region:
      • Middle East
      • Africa