Coherent Market Insights

Specialty Pesticides Market to Surpass US$ 370.56 Bn by 2030

Specialty Pesticides Market to Surpass US$ 370.56 Bn by 2030 - Coherent Market Insights

Publish In: Jul 27, 2022

Global Specialty Pesticides Market was valued at US$ 232.37 Bn in 2021, according to the Global  Specialty Pesticides Market Report, By Type (Fungicide, Herbicides, Insecticides, and  Others), By Application (Grains and Cereals, Oilseeds and Pulses, Fruits and Vegetables, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.

The specialty pesticides market is expected to surpass US$ 370.56 Billion by 2030 and exhibit a CAGR of 4.0% during the forecast period (2022-2030). Pesticides can be chemical or biological agents and they have a wide range of applications. To control weeds (herbicides), insects (insecticides), and plant diseases, pesticides are frequently used (fungicides).

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/specialty-pesticides-market-5117

Browse 30 market data tables* and 24 figures* on "Specialty Pesticides Market” – Forecast to 2030

Global Specialty Pesticides Market - Impact of Coronavirus (COVID-19) Pandemic

Since March 2020, almost every industry in the world has suffered from the COVID-19 pandemic. This can be attributed to significant disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other restrictions imposed by governments all over the world. Supply chain operations and logistics-related services such as raw materials, packaging, shipment, and transportation of goods were disrupted in almost every industry around the world. The same applies to global specialty pesticides market. Due to lack of raw materials, many fertilizer and pesticide manufacturers Syngenta (ChemChina) and Dow etc had to reduce production of various agrochemical products such as pesticides. Limited consumer, lockdown measures, and supply chain disruptions such shutdown of import and exports of goods have also impacted the growth of global specialty pesticides market. The pandemic has also made it more difficult to find farm labor and to get crops to functioning market. These factors are expected to have a negative impact on the global specialty pesticides market's revenue trajectory over the forecast period.

Key Trends and Analysis of the Specialty Pesticides Market:

  • Among regions, Asia Pacific accounted for 39.34% market share in 2021 in the global specialty pesticides market. Increasing need for food crops in the region has fueled the use of pesticides to enhance crop yield. Use of pesticides is becoming a common practice in India, China, and other underdeveloped countries in the region.
  • Pesticides are widely utilized in the emerging economies, and demand for pesticides is rising as a result of the existing food production system, which prioritizes high agricultural yields. Pesticides, which are made up of chemicals that control pests or regulate plant growth, have provided one way for emerging economies to boost yields. Many farmers in emerging economies believe that using pesticides is the most effective way to protect their crops from pests such as desert locusts, which has been a major threat in parts of Africa. As a result, pesticides might be the only way to protect crops.

Key Takeaways of the Market:

  • Among application, the grains and cereals segment held a dominant position in the global specialty pesticides market in 2021. Cereals are leading crops in cultivation of arable land. According to BASF SE, in 2013, farmers grew wheat on over 218 million hectares (ha) and barley on almost 50 million ha worldwide. The largest regional producers of wheat are Asia (44 %) and Europe (32 %), while Europe (62 %) is also the single largest producer of barley.
  • Agrochemicals like fertilizers and pesticides promote plant growth while also protecting crops from diseases. As a result of the shrinking size of cultivable land, demand for higher yield per unit area of cultivation land is driving the global specialty pesticides market growth.
  • 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.

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