Global Crop Protection Chemicals Market to Grow at 5.06% of CAGR by 2027
KEY FINDINGS
Crop protection is the
practice of managing issues related to plant diseases, weeds and other pests
(both vertebrate and invertebrate) that are harmful to agricultural crops and forestry. The practice increases the productivity
requiring less land, water, and labour for
food crops. The global crop protection chemicals market is estimated to grow from $XX million in 2018 to
$94,366 million by 2027 at a CAGR of 5.06% between 2019 to 2027. Also, the
global crop protection chemicals market is estimated to grow from XX kilotons
in 2018 to 5,762 Kilotons by 2027 at a CAGR of 7.55% between 2019 to 2027.
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MARKET INSIGHTS
The necessity
to deliver food security, the development of the biopesticides market and the decreasing arable land for farming are
driving the growth of the market. Bio-pesticides are eco-friendly and effective
alternatives to chemical pesticides. Crop protection
chemicals market is also facing some challenges with the use of pesticides increases additional
problems, negative effects of pesticides on human health, ban on usage of
pesticides by regulatory authorities, development of biotechnology, pest
resistance to pesticides & stringent rules and laws.
REGIONAL INSIGHTS
The global crop
protection chemicals market has been geographically
segmented on the basis of four
major regions, namely, North America, Asia Pacific, Europe and the remaining
countries collectively forming the Rest of the World regional segment. The Asia Pacific region
is expected to surge with the fastest growth rate during the forecasted period
since the region shelters the largest concentration of world population, where agriculture
plays a vital role in maintaining food security and regional socio-economic
growth. Also, the economic development has enabled for the transfer of advanced
agrarian technologies to the region from the advanced western part of the world.
COMPETITIVE INSIGHTS
Merger &
acquisition, partnership, contracts, agreements, and new product launch are
some of the organic strategies taken into consideration by the established
companies. BASF SE, Monsanto, Syngenta AG, NuFarm
Limited, Godrej Agrovet Limited, Adama Agricultural Solutions, Kumiai Chemical
Industry Co. Ltd., Sumitomo Corporation, Nissan Chemical Corporation,
DowDuPont, Novozymes A/S and Bayer AG are the eminent companies functioning in
the global market.
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