Press release
Crop Protection Chemical Market Analysis, Emerging Trends, Growth Drivers, Key Opportunities, Leading Players, and Forecast
Crop Protection Chemicals Market by Type (Herbicides, Insecticides, Fungicides & Bactericides), Origin (Synthetic & Biopesticides), Form, Mode of Application (Foliar, Seed Treatment, Soil Treatment), Crop Type, and Region - Global Forecast to 2029The [https://www.prnewswire.com/news-releases/crop-protection-chemicals-market-worth-101-0-billion-by-2029--exclusive-report-by-marketsandmarkets-302181635.html] is projected to reach USD 101.0 billion by 2029 from USD 79.3 billion by 2024, at a CAGR of 5.0% during the forecast period in terms of value. Climate change is altering weather patterns, resulting in new and more persistent threats from pests and diseases. For example, warmer temperatures and changing precipitation patterns can expand the range of pests like the Fall Armyworm, which has caused significant crop damage across Africa and Asia. The increased prevalence and severity of such threats drive the demand for crop protection chemicals to safeguard yields. The Food and Agriculture Organization (FAO) estimates that 20-40% of global crop production is lost annually due to pests, highlighting the critical need for effective crop protection. Governments worldwide are implementing policies and providing subsidies to support the agricultural sector. For instance, the Indian government's Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme offers insurance to farmers against crop loss due to pests and diseases, indirectly promoting the use of crop protection chemicals. Additionally, regulatory frameworks guide the safe and effective use of these chemicals, boosting their adoption.
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[https://www.marketsandmarketsblog.com/crop-protection-chemicals-market-overview-trends-growth-drivers-opportunities-and-forecast.html]: Increasing need of food security for the rising population
As the world's population continues to grow, the demand for food escalates, necessitating higher agricultural productivity and efficiency. Crop protection chemicals play a crucial role in maximizing yields by safeguarding crops from pests, diseases, and weeds, which can cause significant losses. Ensuring stable and abundant food supplies is critical to addressing food security challenges, and the effective use of crop protection chemicals helps farmers achieve this by enhancing crop resilience and productivity. This demand for higher agricultural output to feed a growing population thus propels the growth and innovation in the crop protection chemicals market.
[https://br.advfn.com/noticias/PRNUS/2024/artigo/94101040] : Integrated pest management (IPM)
Integrated Pest Management (IPM) presents a substantial opportunity for the crop protection chemicals market by promoting a balanced and sustainable approach to pest control that incorporates chemical, biological, cultural, and physical methods. IPM strategies advocate for the judicious use of crop protection chemicals, applying them only when necessary and in combination with other control techniques to minimize environmental impact and prevent resistance build-up in pests. This approach encourages the development and use of more targeted, environmentally friendly chemical products that fit within IPM frameworks. Consequently, it opens avenues for innovation and growth in the market as companies develop new formulations and technologies that align with IPM principles, thereby catering to the increasing demand for sustainable and effective pest management solutions.
By type, the herbicides segment will continue to hold the largest market share during the forecast period.
As the largest segment, the demand for herbicides is mainly driven by the limited availability of arable land, high-profit margins, acceptance of modern farming, protected agriculture, and changing farming practices and technology. They are crucial in keeping crops at high yields without the invasion of unwanted weeds that may introduce selected diseases to plants. Herbicides are essential, especially because of their versatility in applications over other methods of weed control. They can be applied well in advance of weed emergence, permitting crops to grow and develop without any competition in a purely weed-free environment. Herbicides are more flexible than mechanical methods of weed control because they work with broadcast-sown and narrow-spaced crops and even intra-row weeds.
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The Asia Pacific region is expected to dominate the crop protection chemicals market during the forecast period.
This dominance & rapid growth is fueled by the region's substantial agricultural base and the increasing need to enhance crop yields to feed a burgeoning population. Asia-Pacific accounts for over 60% of the world's population, with countries like China and India leading in agricultural production. In these countries, agriculture contributes significantly to the GDP, necessitating efficient crop protection solutions to ensure food security and economic stability. The region faces severe pest and disease pressures due to diverse climatic conditions, further driving the demand for effective crop protection chemicals. For instance, the prevalence of pests like the fall armyworm has led to substantial crop losses, prompting governments and farmers to invest in robust pest management solutions. The increasing adoption of modern farming practices and technologies in countries like Japan, Australia, and South Korea is boosting the market for advanced crop protection products. These advancements include precision agriculture, which optimizes the application of chemicals, reduces waste, and enhances effectiveness.
[https://www.marketsandmarkets.com/ResearchInsight/crop-protection-chemicals-market.asp]
Key players in the crop protection chemicals market BASF SE (Germany), Bayer AG (Germany), FMC Corporation (US), Syngenta Group (Switzerland), Corteva (US), UPL (India), Nufarm (Australia), Sumitomo Chemical Co., Ltd (Japan), Albaugh LLC (US), Koppert (Netherlands), Gowan Company (US), American Vanguard Corporation (US), Kumiai Chemical Industry Co., Ltd (Japan), PI Industries (India), and Chr. Hansen A/S (Denmark).
BASF SE (Germany)
BASF SE Group operates globally with 234 production sites, including six Verbund sites, and relies on approximately 112,000 employees worldwide. Its operations encompass diverse segments such as Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. Offering a wide array of system solutions and services, BASF SE caters to industries ranging from chemicals, automotive, and building to agriculture, oil, plastics, electrical, electronics, furniture, and paper. Within its Agricultural Solutions division, BASF SE specializes in providing crop protection products. BASF SE, a leader in the crop protection industry, had a broad portfolio of fungicides, insecticides, herbicides, seed treatments, and pest control products. Additionally, the company provided biological crop protection products and solutions for improving plant health and nutrient management in the soil. Through its digital services, BASF SE helped farmers manage and interpret a wide range of farm and field-related information more efficiently, facilitating better crop management decisions.
In May 2024, BASF introduced Cimegra, a new insecticide designed to offer Australian farmers robust, adaptable, and enduring crop protection. This insecticide delivers rapid and potent control over challenging insect pests, including the notorious Diamondback moth. By launching Cimegra, BASF strengthens its position in the crop protection chemicals market, demonstrating its commitment to innovation and providing farmers with effective solutions to safeguard their crops, thereby enhancing productivity and ensuring sustainable agricultural practices.
Syngenta Group (Switzerland)
Syngenta Group, a leading player in the crop protection industry, operates globally with 150 subsidiaries and a rich legacy spanning over 250 years. With around 60,000 employees across 100 countries, the company is committed to advancing agriculture through science-driven innovations, aiming for increased productivity, food quality, and environmental sustainability. Embracing Regenerative Agriculture, Syngenta collaborates closely with farmers to enhance soil health, preserve natural resources, and promote biodiversity while enhancing farm profitability. Headquartered in Shanghai, China, with administrative offices in Switzerland, Syngenta Group comprises four main divisions: Syngenta Crop Protection, Syngenta Seeds, ADAMA, and Syngenta Group China. These divisions collectively offer state-of-the-art solutions to meet diverse customer needs worldwide. These divisions also provide a range of crop protection products to farmers globally.
In February 2024, Syngenta Crop Protection, a pioneer in agricultural innovation, and Lavie Bio Ltd., a subsidiary of Evogene Ltd. and a prominent ag-biologicals company, announced a partnership to discover and develop new biological insecticidal solutions. This collaboration will utilize Lavie Bio's advanced technology platform to quickly identify and refine bio-insecticide candidates, combined with Syngenta's vast global research, development, and commercialization expertise. This strategic alliance enhances Syngenta's position in the crop protection chemicals market by expanding its portfolio with cutting-edge biological solutions, addressing growing demand for sustainable and effective pest control methods.
Key Questions Addressed by the Crop Protection Chemicals Market Report [https://www.marketsandmarkets.com/Market-Reports/crop-protection-380.html]:
What are crop protection chemicals?
Why is the crop protection chemicals market important?
What factors are driving the growth of the crop protection chemicals market?
What are the main segments of the crop protection chemicals market?
What are the key trends in the crop protection chemicals market?
What are the challenges faced by the crop protection chemicals market?
How does the market research industry analyze the crop protection chemicals market?
Which companies dominate the crop protection chemicals market?
How does market research help stakeholders in the crop protection chemicals market?
What is the future outlook for the crop protection chemicals market?
How do emerging markets impact the crop protection chemicals market?
What role does sustainability play in the crop protection chemicals market?
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