Latin America Crop Protection Chemicals Market Set to Exceed $26 Billion by 2030-Exclusive Insights Revealed by Meticulous Research®

[Redding, California, 14-03-2024]- Meticulous Research®, a leading provider of in-depth market analysis, has unveiled its latest 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.' According to this report, the Latin America crop protection chemicals market is projected to reach a valuation of $26.04 billion by 2030, demonstrating a robust CAGR of 2.6% from 2023 to 2030 in terms of value. In volume, the market is forecasted to reach 3,681,637.4 tons by 2030, with a CAGR of 2.2% during the same period.

Crop protection chemicals play a pivotal role in shielding crops from pests, diseases, and weeds, thereby enhancing crop yield and quality. These chemicals, widely used in modern agriculture, provide farmers with a cost-effective means of improving crop yield and quality, ensuring consistent yields year after year.

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The growth of the Latin America crop protection chemicals market is primarily driven by:

Increasing need to enhance crop yield and quality ,Rising demand for affordable crop protection solutions ,Growing awareness about environmental safety , Rapid decline in agricultural land availability , Focus on integrated pest management, Emergence of economies in Latin America

However, challenges such as low adoption rates of biological crop protection chemicals and stringent regulations pose hurdles to market growth. Notably, the adoption of genetically modified (GM) crops emerges as a significant trend in this market.

Key players operating in the Latin America crop protection chemicals market include BASF SE, Bayer AG, Corteva, Inc., FMC Corporation, Novozymes A/S, Nufarm Limited, Syngenta AG, UPL Limited, Sumitomo Chemical Co., Ltd., American Vanguard Corporation, and Gowan Company LLC.

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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).

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.

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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.

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