Crop Protection Chemicals Market : Expected to be Worth USD 81.74 billion in 2028 | Corteva, Inc., FMC Corporation , ChemChina (Beijing, China), Sumitomo Chemicals , etc.

The global crop protection chemicals market size is projected to reach USD 81.74 billion by 2028, exhibiting a CAGR of 4.66% during the forecast period. The increasing pesticide resistance among new crop pests is expected to be one of the main factors driving the adoption of these chemicals, according to Fortune Business Insights™ in its recent report titled, "Crop Protection Chemicals Market, 2021-2028". The market size stood at USD 57.13 billion in 2020.

COVID-19 Impact:

Access Blockages Created by COVID-19 to Impede Market Growth

The crop protection chemicals market growth is expected to be hindered as the coronavirus pandemic tightens its grip on the global economy. For farmers, the biggest roadblock is lack of access to farming inputs as nationwide lockdowns and supply chain disruptions have created unprecedented logistical challenges for all stakeholders. For example, in Uganda, border closures have blocked access to seeds and seeds advisory services to farmers in the country. Large-scale and protracted disturbances in the agribusiness domain are echoed in the Food and Agriculture Organization's Global Food Crises Report 2020 that states that roughly 73 million people in Africa are facing acute food insecurity due to agricultural upheavals caused by the COVID-19 pandemic. These adverse developments led to standstill growth of the market throughout 2020.

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List of Key Players Covered in the Crop Protection Chemicals Market Report:

Bayer CropScience (Leverkusen, Germany)
Syngenta AG (Basel, Switzerland)
BASF (Ludwigshafen, Germany)
Corteva, Inc. (Delaware, U.S.)
FMC Corporation (Pennsylvania, U.S.)
ChemChina (Beijing, China)
Sumitomo Chemicals (Tokyo, Japan)
UPL Ltd. (Mumbai, India)
Nufarm (Melbourne, Australia)
Rotam CropScience Ltd (Hong Kong, China)
Report Coverage:

The report provides detailed evaluation of the factors driving and restricting the market growth. It offers comprehensive research into each and every market segment. The report has thorough profiling and study of key market players and their strategies. Further, it presents careful examination of the regional dynamics and their influence on the market.

Drivers and Restraints:

Rising Emphasis on Improved Agricultural Crop Output to Bolster Growth

Biological control, the adoption of resistant varieties, and adjustment of cultural practises are all part of an integrated pest management strategy that focuses on long-term pest prevention. The use of a variety of pest control methods as well as detailed knowledge of the pest life cycle and interactions leads in proper pest management with the least amount of risk to human and animal health. As a result, farmers are gravitating toward such methods since they lessen the environmental dangers connected with insect control. This factor will enable the expansion of this market. Integrated pest control strategies, for example, have enhanced agricultural crop output by 40.14% and 26.63% in rice and cotton harvests, respectively, according to the Directorate of Plant Protection Quarantine & Storage (India).

According to the study's findings, global insect pest losses have decreased from 13.6% in the post-green revolution era to 10.8% at the turn of the century. Pest infestations have decreased as a result of significant changes in agricultural production systems, use of crop protection agents, and better awareness of field and post-harvest losses as well as essential management measures.

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Segments:

Synthetic Chemicals Segment to Account for the Largest Market Share

Attributed to the widespread use of crop protection agents in grain production, the cereals segment is expected to grow massively in the forthcoming years. According to the FAO, global cereal production increased by 2.6% in 2020 compared to the previous year. Furthermore, the growing worldwide population resulted in a greater focus on food security and a high demand for crops, which aided the cereals segment's rise. The synthetic chemicals segment is expected to account for a high market share due to their widespread use in emerging Asian, South American, African, and Middle Eastern countries. Synthetic pesticides are being used more frequently due to their reduced cost and pest-targeted efficiency.

Regional Insights

Asia Pacific to Offer Lucrative Growth Opportunities for Market Players

With a market size of USD 16.54 billion in 2020, Asia Pacific is poised to dominate the crop protection chemicals market share during the forecast period. The primary growth driver of the regional market is high dependency of the developing countries of the region on agriculture as the sector forms the backbone of these economies. Population growth in these countries and widespread poverty, is reinforcing the need for enhanced agricultural productivity to ensure food security to populations. As a result, the adoption of crop protection chemicals and products is expected to escalate in Asia Pacific in the forthcoming years. In Europe and North America, farmers are swiftly switching to sustainable agricultural practices and increasingly prefer eco-friendly and naturally-derived pesticides and insecticides.

Competitive Landscape

Strategic Collaborations and Acquisitions by Key Players to Animate Competition

Key players in this market are singularly focused on diversifying their offerings of crop protection chemicals to entrench their foothold in the field of agribusiness. To accomplish this end, many companies are entering into collaborations with other players and acquiring smaller companies to expand their business horizons.

Industry Developments:

May 2020: FMC Corporation inked a deal with Isagro S.p.A. under which FMC will purchase Isagro's intellectual assets of its Fluindapyr active ingredients for an estimated value of USD 60 million. The acquisition will also transfer to FMC all technological know-how associated with Isagro's flagship fungicide molecule.
March 2020: Corteva Agriscience entered into a multi-year partnership with AgPlenus to engineer innovative herbicides. The collaboration will be based on synergy of expertise of both companies as well as strengthen Corteva's crop protection products portfolio.

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This release was published on openPR.