Crop Protection Chemicals Market Size Is Expected to Reach USD 67.1 Billion by 2024 | Top Key Players Like BASF SE, The Dow Chemical Company, Monsanto Company, FMC Corporation, Bayer AG

Crop Protection Chemicals Market Overview

Crop Protection Chemicals Market is projected to reach USD 67.1 billion by 2024, registering a CAGR 2.76% during the forecast period of 2019 to 2024. Crop protection is the practice of managing weather, weeds, pests, and diseases that damage or inhibit the growth of fruit, vegetable and other horticultural crops. Crop protection chemicals assist in these functions and promote plant growth. The most common types of crop protection chemicals include herbicides, fungicides, insecticides, and others. There are different formulations for application of crop protection chemicals such as emulsifiable concentrates, wet table powder, soluble powder, suspension concentrate, capsule suspensions, and others.

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Crop protection chemicals are used to promote plant health and increase agriculture productivity. They are applicable to oilseeds & pulses, cereals & grains, fruits & vegetables, and others. The continuous rising population is increasing the demand for high agricultural productivity and driving the growth of global crop protection chemicals market.

Change in farming practices and technology leading to increasing acceptance of modern farming and protected agriculture is boosting the growth of the crop protection chemicals market. Moreover, limited availability of cultivable land due to increasing soil erosion and land pollution is further boosting the need for crop protection chemicals to increase farm productivity. However, several environmental and health hazards caused due to crop protection chemicals is restraining the growth of the market. Nevertheless, the market for natural crop protection chemicals can act as an opportunity for crop protection chemicals market.

Crop Protection Chemicals Market Key Players

BASF SE (Germany), The Dow Chemical Company (US), Monsanto Company (US), FMC Corporation (US), Bayer AG (Germany), Agrium Inc. (Canada), Syngenta AG (Switzerland), The Mosaic Company (US) , EuroChem Group AG (Switzerland), Yara International ASA (Norway) are some of the key players in the global crop protection chemicals market

Crop Protection Chemicals Market Segments

Crop protection chemicals market is segmented based on a type such as herbicides, fungicides, insecticides, and others. Among them, the herbicides segment is dominating the market followed by the fungicides market. The high utility of herbicides for destroying various herbs and unwanted weeds to minimize the crop loss is driving the growth of this segment.

Based on the formulation, the crop protection chemicals market is segmented into emulsifiable concentrates, wet table powder, soluble powder, suspension concentrate, capsule suspensions, and others. Among all, the suspension concentrate is anticipated to grow substantially over the forecast period owing to reduced or no use of hazardous solvents and improved stability.

On the basis of the method of application, the crop protection chemicals market is segmented into foliar, soil treatment, seed treatment, and others. The foliar applied crop protection chemicals are dominating the market and are expected to grow substantially over the forecast period.

Based on the application of the crop protection chemicals, the market is segmented into oilseeds & pulses, cereals & grains, fruits & vegetables, and others. Among all, the fruits and vegetable segment is dominating the market. However, the segment cereals and grains are expected to witness substantial growth over the forecast period.

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Crop Protection Chemicals Market Regional Analysis

The global crop protection chemicals market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to continue growing over the estimated period. India and China, two of the largest countries in terms of population are majorly contributing to the growth of crop protection chemicals in this region.

North America is the second largest consumer of crop protection chemicals. However, stringent environmental regulations in the developed economies of North America and Europe have expected to restraint the market growth in these regions. In rest of the world, South America is dominating the market.

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This release was published on openPR.