Pesticides Market to Reflect Tremendous Growth Potential with A CAGR of 12.1% BY 2030

Pesticides Market Overview:

The global market for pesticides is anticipated to attain a value of USD 291.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.1% throughout the forecast period. Factors propelling the expansion of the global pesticides market include swift advancements in agricultural technologies and practices, like intensive farming, augmented demand for enhanced land productivity from the agricultural sector, and burgeoning research and development (R&D) activities.
Pesticides are commonly utilized in intensive farming, which is a contemporary agricultural technique that enables heightened productivity and yield. In this method, copious amounts of fertilizers are employed to mitigate soil degradation on small areas of farmland, and livestock are kept indoors. The primary objective of intensive farming is to fulfill food demands and prevent food shortages. It also facilitates easier land supervision. Vegetables and fruits grown through intensive farming methods are comparatively affordable and cost-effective than traditional farming, owing to their lesser requirement of labor and time, thereby fueling the market growth during the forecast period.

Pesticides Market Segments:

The global market size of pesticides was valued at USD 104.7 billion in 2021. It is anticipated to achieve a compound annual growth rate (CAGR) of 12.1% between 2021 and 2030, leading to a projected revenue of USD 291.4 billion by 2030.
The estimation is based on the historical data from 2019 to 2020 and the forecast period of 2022 to 2030. The quantitative units used in this report are revenue in USD billion. The report covers revenue forecast, company ranking, competitive landscape, growth factors, and trends.
The market segmentation includes the type outlook, product outlook, application outlook, and regional outlook. The report aims to provide a comprehensive understanding of the market and its growth potential in different regions.
Overall, the global pesticide market is expected to grow significantly over the forecast period. Factors such as rapid advancements in farming practices and technologies, rising demand from the agriculture sector for higher land productivity, and growing research and development (R&D) activities are key drivers of market growth. The increasing adoption of intensive farming techniques is also expected to contribute to the market expansion.

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Pesticides Market: Strategic Developments

The global pesticides market has been witnessing strategic developments by key players aimed at expanding their market presence and improving their product offerings.
One of the key strategic moves in the market has been mergers and acquisitions. For instance, in 2020, FMC Corporation announced its acquisition of the crop protection business from DuPont. The acquisition is aimed at expanding FMC Corporation's crop protection portfolio and strengthening its market position. Similarly, in 2018, BASF acquired the agrochemicals business of Bayer, which included the acquisition of its Liberty herbicide and the Bayer Nunhems vegetable seeds businesses.
Companies are also focusing on product innovation and development to cater to the evolving needs of consumers and to comply with regulations. For instance, Syngenta launched its EPIVIO brand in 2021, which offers a new range of bio-based solutions to help growers protect their crops from pests and diseases. Similarly, in 2020, UPL Ltd. launched a new insecticide called "Pedigree" that is designed to help growers control resistant pests and improve crop yield.

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Pesticides Market: Competitive landscape

Competitive landscape of the global pesticides market is fragmented with many key companies operating at global and regional levels. Key companies are engaged in product development and strategic alliances to expand their respective product portfolio and gain a robust footing in the global market. Major companies in the market include Bayer CropScience, Corteva Agriscience, Syngenta AG, BASF SE, China National Chemical Corporation (ChemChina), BioWorks Inc., Marrone Bio Innovations, Inc., Adama Agricultural Solutions Ltd., Certis USA L.L.C., and Dow Inc.

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