Press release
PEST analysis and Various Key Players Crop Protection Chemicals Market
Crop Protection Chemicals Market
Major factors driving growth of the global crop protection chemicals market are increasing need for food protection and need to enhance crop yield.
Stringent regulations towards use of synthetic pesticides is a major factor hampering growth of the global crop protection chemicals market. Some crop protection chemicals cause illness in human beings, and also have adverse effects on the environment.
On the basis of product type segmentation, the herbicide segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. The fungicide segment witnesses a highest CAGR of over 5.0%.
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The Europe market accounted for highest share in terms of revenue in the global crop protection chemicals market in 2016. The market in Europe is expected to witness considerable growth in terms of revenue during the forecast period.
The Asia Pacific market accounts for significant share in terms of revenue in the global market. The Asia Pacific crop protection chemicals market is expected to witness highest growth in terms of revenue and is expected to register a CAGR of over 6% during the forecast period.
The countries in the region are primarily involved in production of various types of principal crops such as rice, pulses, and wheat, which require crop protection chemicals for better quality and yield. This are other factors further driving growth of the Asia Pacific crop protection chemicals market.
The market in Latin America accounts for over 20% of revenue share in the global market in 2017. Market penetration by major manufacturers and increasing awareness about benefits of crop protection chemicals are major factors driving growth of the Latin America crop protection chemicals market.
The crop protection chemicals market in Europe is estimated to account for major revenue share of US$ 16.4 Bn in 2017, and is expected to register significant CAGR over the next ten years. The market in Asia Pacific is expected to account for second-highest revenue share in the global market.
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