Agricultural Chemicals/Pesticides Market - 2019 Global Size, Growth and Trend Analysis Report

Pesticides are chemicals used to eliminate or control a variety of pests related to agriculture that can damage crops and livestock and reduce farm productivity. Agricultural chemicals (also known as agrochemicals) are chemical agents such as pesticides, fungicides, herbicides and insecticides that are used to control crop-harming organisms (e.g., fungi, nematodes, mites, insects and rodents) or viruses.

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The Pesticides market is is expected to grow at a CAGR of around 8% to nearly $52 billion by 2022.

Growth in the pesticides market in the historic period resulted from economic growth and development of low interest rate environment in emerging markets. Factors that negatively affected growth in the historic period were high R&D costs, alternative techniques and erratic rainfall. Going forward, economic growth in various major and emerging economies, massive growth in world population and an increased demand in food production will drive growth of the pesticides market. Factors that could hinder the growth of this market in the future are reduction in free trade, expiry of patents and the cost of acquiring new patents rising costs and opposition from environment activists who are concerned with the effect of use of these chemicals on the environment.

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The global economy is expected to go through a continuous period of steady growth during the historic period. The US economy was already showing strong growth in 2016, and this is likely to continue during the forecast period. The European market is expected to see growth return later in the forecast period

Population – World population is growing and is expected to reach 10 billion by 2050. Increase in population creates more demand for food. Crop production, farming activities and trade volumes will have to increase in order to meet increased population.

With the economic growth and development of low interest rate environment in emerging markets, the potential and scope for the global pesticides market is expected to increase.

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