Latin America Crop Protection Chemicals Market to be Worth $26.04 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Latin America Crop Protection Chemicals Market by Type (Synthetic [Herbicides, Insecticides, Fungicides], Biological), Formulation (Liquid, Solid), Mode of Application (Foliar Spray, Seed Treatment, Soil Treatment), and Crop Type - Forecast to 2030.'

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In terms of value, the Latin America crop protection chemicals market is expected to reach $26.04 billion by 2030, at a CAGR of 2.6% from 2023 to 2030, while in terms of volume, the market is expected to reach 3,681,637.4 tons by 2030, at a CAGR of 2.2% from 2023 to 2030. The growth of this market is driven by the growing need to increase crop yield and quality, rising demand for low-cost crop protection solutions, growing awareness about environmental safety, and rapidly decreasing agricultural land. Furthermore, an increasing focus on integrated pest management and emerging economies in Latin America are expected to provide significant growth opportunities for players in this market. However, lack of awareness and low adoption rate of biological crop protection chemicals and stringent and non-standardized regulations hinder the growth of this market. On the other hand, lengthy product registration and long approval process is the key challenge of this market. Adoption of Genetically Modified (GM) crops is the major trend in this market.

Key Players:

The key players operating in the Latin America crop protection chemicals market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), American Vanguard Corporation (U.S.), and Gowan Company LLC (U.S.).

The Latin America crop protection chemicals market study presents historical market data in terms of value & volume (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type, formulation, mode of application, crop type, and country.

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Based on type, the Latin America crop protection chemicals market is segmented into synthetic chemicals and biological chemicals. In 2023, the synthetic chemicals segment is expected to account for the larger share of the Latin America crop protection chemicals market. The large market share of this segment is attributed to its increasing use in developing countries, ease of availability, high efficiency, and lower cost than biological products.

However, the biological chemicals segment is projected to witness significant growth during the forecast period of 2023-2030. The rapid growth of this segment is mainly driven by the increasing adoption of organic farming, growing environmental and public health concerns regarding the use of chemical crop protection products, high demand for chemical residue-free agricultural products, and the initiatives by governments worldwide to promote the use of biological crop protection products.

Based on formulation, the Latin America crop protection chemicals market is segmented into liquid formulation and dry formulation. In 2023, the liquid formulation segment is expected to account for the larger share of the Latin America crop protection chemicals market. The large market share of this segment is attributed to the uniform & easy application of liquid form, better performance, and higher effective duration (up to 6 months) than dry form (up to 3 months).

Moreover, it is also expected to witness significant growth during the forecast period. The growth of this segment is driven by the increased importance of the latest irrigation technologies, such as drip irrigation and sprinkler irrigation, with a reduction in blockage.

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Based on mode of application, the Latin America crop protection chemicals market is segmented into foliar spray, seed treatment, soil treatment, and other modes of application. In 2023, the foliar spray segment is expected to account for the largest share of the Latin America crop protection chemicals market. The large market share of this segment is attributed to the high efficiency in the application, uniform distribution of chemicals, and minimum to no wastage of crop protection chemicals in the foliar spray mode of application.

However, the seed treatment segment is projected to witness significant growth during the forecast period of 2023-2030. The rapid growth of this segment is mainly driven by the increased germination and uniform seedling emergence, safety, and pest resistance advantages with the use of the seed treatment technique. In this method, microbial pesticides are often applied with chemical pesticides, as chemical pesticides provide early-season control, and microbial pesticides provide extended control.

Based on crop type, the Latin America crop protection chemicals market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops. In 2023, the fruits & vegetables segment is expected to account for the largest share of the Latin America crop protection chemicals market. The large market share of this segment is attributed to the increasing fruit & vegetable production across the globe, the growing demand for chemical-free organic fruits & vegetables, and the growing number of diseases affecting fruit & vegetable crops.

Based on Country, in 2023, Brazil is expected to account for the largest share of the Latin America crop protection chemicals market. Brazil's major market share is attributed to the growing economy, a rising population, a large agricultural area, modernization of farming, limited availability of arable land, large agrochemical consumption, and growing land coverage under organic cultivation.

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, formulation, mode of application, crop type, and geography?
What is the historical market size for crop protection chemicals across Latin America?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the Latin America crop protection chemicals market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the Latin America crop protection chemicals market?
What strategies are adopted by the major players in the Latin America crop protection chemicals market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the Latin America crop protection chemicals market, and how do they compete with other players?

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.