The global Crop Protection Chemicals Market is expected to reach USD 90.09 billion by 2022, according to a new report by Grand View Research, Inc. Rapid population growth, which demands high food production coupled with rising awareness regarding food safety is expected to drive demand for crop protection chemicals.
The industry is highly competitive owing to the presence of numerous manufacturers spread across the globe. The manufacturers are expected to undergo mergers and acquisitions in order to strengthen their business and widen consumer base. Strong foothold of existing manufacturers such as Bayer AG, Dow AgroSciences, Syngenta and BASF in the market is expected to obstruct the growth of new players.
The industry players are expected to shift their focus to produce bio-based chemicals, in order to meet the rising consumer demand for environmentally friendly products. Increasing stringent regulations on the existing hazardous synthetic crop protection chemicals by government bodies such as EPA and OSHA is expected to hamper industry growth over the projected period.
High investments by major players to manufacture crop specific green protection chemicals with low cost is expected to impact the industry positively. The industry has numerous distributors and suppliers which reach the consumers from remote locations, which is likely to boost industry growth.
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Further key findings from the report suggest:
- Insecticides accounted for 37.6% of the global crop protection chemicals market in 2016 owing to their low cost and superior effectiveness against targeted insects on crops
- The demand for fungicides is expected to grow at a CAGR of 6.8% over the projected period owing to its ease of application and ability to improve storage quality of harvested crops and fruits
- Cotton was the largest application segment for the industry in 2016 and is expected to grow at a CAGR of 8.4%, which is driven by high demand from textile and medical industry
- North America was the leading market for crop protection chemicals in 2016, with the revenue of USD 18.52 billion, which was attributed to early product adoption and high spending capacity of the farmers in the region
- The Asia Pacific is likely to witness the highest growth, owing to increasing investments by the farmers in India and China to increase crop yield and improve quality of agricultural products in order to meet the rising demand
- The major players in the industry are expected to venture into local markets of the developing economies by acquiring the small-scale companies in order to strengthen company roots in the high potential markets
Grand View Research has segmented the global crop protection chemicals market on the basis of product, application, and region:
Crop Protection Chemicals Product Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
Crop Protection Chemicals Application Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
- Fruits & vegetables
Crop Protection Chemicals Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
- Rest of the world
Browse Full Press Release of This Report: www.grandviewresearch.com/press-release/global-crop-protection-chemicals-Market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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