2020 Pesticides Market Competition Landscape by Key Players, Growth Strategy, Business Opportunities, Trends and Forecast To 2023

Pesticides Market - By Type (Herbicides, Fungicides And Insecticides), By Region, Opportunities And Strategies – Global Forecast To 2023 By The Business Research Company

The global pesticides market size reached a value of nearly $84.5 billion in 2019, having grown at a compound annual growth rate (CAGR) of 4.2% since 2015, and is expected to grow at a CAGR of 11.5% to nearly $130.7 billion by 2023. Growth in the historic period resulted from strong economic growth in emerging markets and intensive farming techniques in the pesticides market. Factors that negatively affected growth in the historic period were high research and development (R&D) costs, and alternative techniques.

The key drivers of the pesticides market include:
Intensive Farming Techniques
Farmers globally are adopting intensive farming techniques to increase productivity per hectare, driving the demand for pesticides. Intensive farming is an agricultural intensification and mechanization system that aims to maximize yields from available land through means such as heavy use of pesticides and chemical fertilizers. These techniques help to meet the rising demand for food from the growing population and prevent food shortages. Intensive farming techniques such as monoculture drive the demand for pesticides. Monoculture is a practice of growing one type of crop intensively over a large area, depleting the nutrients in the soil and making it heavily dependent on pesticides.

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Pesticides Market Segmentation:
The pesticides market is segmented by type, and by geography:
By Type- The pesticides market can be segmented by type into
a) Herbicides
b) Fungicides
c) Insecticides
The herbicides market was the largest segment of the pesticides market, accounting for 51.9% of the total in 2019. It was followed by fungicides, and insecticides. Going forward, the herbicides segment is expected to be the fastest growing segment in the pesticides market.

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By Geography - The pesticides market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in pesticides market are
• Syngenta
• Bayer AG
• BASF SE
• Dow DuPont Inc.
• FMC Corporation

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