Crop Protection Chemicals Market Competitive Dynamics & Global Outlook 2020-2025

The Global Crop protection chemicals market size is estimated to be valued USD 63.7 billion in 2020 and is projected to reach a value of USD 74.1 billion by 2025, growing at a CAGR of 3.1% during the forecast period. The growth of this market is attributed to the increasing need for food security of the growing population.

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Driver: Increase in need for food security owing to the rise in population

According to the International Food Policy Research Institute, almost 690 million people went hungry around the world in 2019, an increase of 10 million over 2018, and the COVID-19 pandemic could push an additional 83 milllion-132 million into chronic hunger in 2020, according to the 2020 State of Food Security and Nutrition in the World (SOFI) report, released July 13. The report provides the latest authoritative estimates on global hunger, malnutrition, and food insecurity.

State of Food Security and Nutrition in the World (SOFI) 2020 projects that 841.4 million people will be hungry globally by 2030 if these trends continue, and the world will not achieve its 2025 and 2030 targets of defeating malnutrition. According to the FAO Chief Economist, attributed these alarming findings to the unaffordability of healthy diets, noting that globally, 3 billion people lack the means and access to good nutrition. In order to transform food systems to reduce these costs, policy makers must look at both supply and demand. Policies should enhance the efficiencies of the food supply chain and subsidize production of nutritious foods; at the same time, expanding social safety nets and policies that encourage behavioral change can promote healthier diets.

People are considered to have food security when they have access to safe, nutritious, and sufficient food at all times to maintain a healthy life. Due to the continuous rise in population and limited cultivable land to suffice the growing need for food, there is less food security for the people. To fulfill the future demand for food, there is a need to increase food production across the world. In such a scenario, the use of crop protection products is inevitable. This situation has driven the growth of the crop protection chemicals market.

Restraint: Pesticide residue problems

Pesticides due to their persistent nature, toxic properties, bioaccumulation, lipophilicity, and adverse impacts on human health are of greater concern due to such residue problems. These pesticides enter the human body through consumption of contaminated fruits and vegetables. The major health impacts associated with pesticides residue include cancers, birth defects, neurological disorders, endocrine disruptors, and reproductive effects. The effect of a pesticide is determined by the duration of exposure and toxicity of a pesticide. The effects which can be caused are either acute or chronic.

Due to the potential health risks associated with pesticide consumption, continuous monitoring of fruits and vegetables is required during farming.

Pesticides such as Glyphosates, Difenoconazole, Imidacloprids, Bifenthrin are some common pesticides found in fruits and vegetables that reach the consumers in the market.

Opportunity: Rapid growth in the biopesticides market and organic agriculture

Biopesticides are pesticides produced naturally, with minimum usage of chemicals. Since growing environmental considerations and the pollution potential and health hazards from many conventional pesticides are on an increase, the demand for biopesticides has been rising steadily in all parts of the world. Biopesticides are growing in popularity, due to their less or non-toxic nature as compared to synthetic pesticides. Moreover, biopesticides provide more targeted activity to desired pests, unlike conventional pesticides that often affect a broad spectrum of insects, birds, and mammalian species. Further, biopesticides can be very effective in small quantities, offering lower exposure and are quickly decomposable; they leave virtually no harmful residue after application.

Challenges: Environmental impact resulting in changes in regulatory policies

One of the major challenges faced by the crop protection chemicals market is development of Genetically Modified (GM) crops, with the evolution of biotechnology and microbiology. New GM seeds can be developed through gene modification to provide them with the natural ability of being pest repellent. This, development of genetically modified crops in recent years, especially for pest resistance has been observed to have resulted in relatively lesser need for traditional crop protection chemicals.

In the two decades since the adoption of genetically modified (GM) crops, they have achieved significant environmental benefits by reducing pesticide use and greenhouse gas emissions and increasing yields.

Moreover, farmers reduced pesticide spraying by 776 million kilograms, or 8.6 percent, between 1996-2018 by adopting GM crops with insect-resistant (IR) and herbicide-tolerant (HT) traits. This amount is equal to more than 1.6 times China's total crop protection product use each year. As a result, farmers who grow GM crops have reduced the environmental impact associated with their crop protection practices by around 19 percent, according to an indicator known as the Environmental Impact Quotient (EIQ). GM crops also have brought about major reductions in tillage and fuel use, resulting in a decrease in greenhouse gas emissions equivalent in 2018 to removing 15.27 million cars from the roads, the paper finds.

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Key players are BASF SE (Germany), The Dow Chemical Company (US), Dupont (US), Sumitomo Chemical Co., Ltd (Japan), Syngenta AG (Switzerland), Bayer Cropscience AG (Germany), FMC Coropration (US), NufarmLimited (Australia), Adama Agriclutural Solutions Ltd. (Israel), Verdesian LIfescineces (US), Bioworks Inc. (US), Valent US (US), Arysta Lifescince Corporation (US), America Vanguard Corporation (US), Chr. Hansen (Denmark), Corteva Agriscience (US), UPL Limited (India), Jiangsu Yangnong Chemical Group Co Ltd (China), Agrolac (Spain), Lianyungang Liben Crop Science Co. Ltd. (HongKong), Nanjing red sun co. ltd (China), Kumiai Chemicals. (Japan), Wynca Chemical (China), Lier Chemicals (China), Simpcam Oxon (Italy).

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