Pesticides Market to See Robust Expansion to US$181.2 Bn by 2031 - Persistence Market Research

The global pesticides market is experiencing notable growth and is expected to expand significantly over the forecast period. With an estimated market size of US$108.1 billion in 2024, the market is projected to reach US$181.2 billion by 2031, growing at a CAGR of 5.6%. This expansion is primarily driven by factors such as the growing need for enhanced agricultural productivity, the increasing adoption of technological innovations in pesticide formulations, and the rising demand for food security. As the world's population grows, the demand for agricultural products escalates, which in turn fuels the need for effective pest control solutions.

The pesticides industry plays a pivotal role in ensuring high-quality crop production and mitigating losses caused by pests and diseases. Various types of pesticides-ranging from chemical formulations to biopesticides-are used in different segments, including crop protection, pest management in post-harvest crops, and non-crop applications. The development of environmentally friendly alternatives, such as biopesticides, is emerging as a key factor driving the market forward. Additionally, innovations in pesticide technology and the rising trend of Integrated Pest Management (IPM) are expected to continue influencing market growth.

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Key Highlights from the Pesticides Market Report:

➤ The pesticides market is projected to grow at a CAGR of 5.6% from 2024 to 2031.
➤ Biopesticides are expected to capture 55% of market share in 2024, reflecting the increasing demand for sustainable solutions.
➤ Asia-Pacific is anticipated to hold a dominant share of 33% of the global market in 2024.
➤ The rise in food security concerns and agricultural production is boosting the demand for pesticides.
➤ Post-harvest pesticide applications are becoming increasingly prominent in the market.
➤ Integrated Pest Management (IPM) practices are gaining traction, supporting market growth.

Market Segmentation

The pesticides market can be segmented based on product type, application, and geographical regions, allowing for a clearer understanding of its dynamics.

Product Type Segmentation

The market is predominantly segmented into chemical pesticides and biopesticides. Chemical pesticides are the traditional form of pest control agents and remain dominant due to their widespread use and cost-effectiveness. However, the increasing awareness about environmental sustainability is pushing the growth of biopesticides, which are derived from natural materials such as plants, animals, and microbes. As a result, biopesticides are projected to capture a significant share of the market, accounting for 55% of total market share in 2024. This growth can be attributed to the increasing preference for eco-friendly and sustainable pest management solutions in agriculture.

End-User Segmentation

End-users of pesticides are typically categorized into agricultural and non-agricultural sectors. The agricultural sector remains the largest consumer of pesticides, as pest control is crucial to ensure high-quality crop yields. Additionally, post-harvest applications in the agricultural sector are becoming more prominent, with pest control being applied after crops have been harvested to reduce losses during storage and transportation. The non-agricultural segment, which includes urban pest control and the use of pesticides in forestry and landscaping, also holds a significant share of the market.

Regional Insights

The pesticides market's regional distribution reveals interesting trends that are expected to shape the future of the industry.

North America & Europe

North America and Europe are major markets for pesticides, driven by highly mechanized agriculture and stringent regulations on pesticide use. However, these regions are seeing a shift towards more sustainable pesticide use, with an increasing focus on biopesticides and integrated pest management (IPM) solutions. Europe, in particular, is expected to witness a rise in demand for biopesticides due to regulatory measures and growing awareness about environmental safety.

Asia-Pacific

The Asia-Pacific region is expected to dominate the pesticides market, accounting for 33% of the global share in 2024. This is largely due to the region's increasing agricultural activities, especially in countries like India, China, and Japan. As Asia continues to be one of the world's largest producers of food grains, the demand for pesticides to protect crops from pests and diseases is high. Additionally, the adoption of biopesticides in this region is gaining momentum, reflecting a shift towards more sustainable farming practices.

Market Drivers

The growth of the global pesticides market is primarily driven by several factors. Agricultural expansion and the growing demand for food security are among the most important drivers. As the global population rises, the need for higher agricultural productivity becomes more urgent. This has led to an increased reliance on pesticides to protect crops from pests, diseases, and weeds.

Another significant driver is technological advancements in pesticide formulation. Companies are focusing on creating more effective and less toxic pesticides, which is encouraging adoption across various sectors. Biopesticides are also on the rise due to their eco-friendly nature, as more farmers and agricultural companies are opting for sustainable solutions to reduce the environmental impact of traditional chemical pesticides.

Market Restraints

Despite its promising growth, the pesticides market faces certain challenges. One major restraint is regulatory constraints. Governments across the world are implementing stringent regulations regarding the use of pesticides due to concerns over their potential harmful effects on the environment and human health. These regulations limit the range of chemicals available for use and increase costs for manufacturers and users.

Additionally, the rising trend of pesticide resistance in pests is another major challenge. Over-reliance on chemical pesticides has led to the development of resistant pest populations, rendering some pesticides ineffective. This has prompted the need for the development of new formulations and alternative pest management strategies, which may take time and resources.

Market Opportunities

The pesticides market also offers several opportunities, particularly in the development of biopesticides. The rising demand for organic farming and sustainable agriculture is driving the growth of the biopesticides segment. Biopesticides are viewed as a safer and more environmentally friendly alternative to chemical pesticides, creating a significant market opportunity.

Furthermore, there are growing opportunities in integrated pest management (IPM). IPM combines different pest control methods, including biological, mechanical, and chemical strategies, to minimize the use of chemical pesticides. The adoption of IPM practices is expanding rapidly, especially in regions like Europe and North America, where environmental regulations are stricter.

Frequently Asked Questions (FAQs)

➤ How Big is the Pesticides Market?
➤ Who are the Key Players in the Global Pesticides Market?
➤ What is the Projected Growth Rate of the Pesticides Market?
➤ What is the Pesticides Market Forecast for 2032?
➤ Which Region is Estimated to Dominate the Pesticides Industry through the Forecast Period?

Company Insights

Several major companies are shaping the global pesticides market, driving innovations and adopting sustainable practices. These companies play a crucial role in addressing the challenges and seizing the opportunities within the market.

✦ BASF SE
✦ Bayer AG
✦ Syngenta International AG
✦ DowDupont
✦ Monsanto
✦ FMC Corporation
✦ Sumitomo Chemical Co. Ltd.

Recent Developments in the Market

■ Syngenta International AG has launched a new biopesticide formulation aimed at reducing the use of synthetic chemicals in agriculture.

■ BASF has expanded its pesticide portfolio by introducing several next-generation crop protection solutions based on natural ingredients.

Conclusion

The pesticides market is expected to see substantial growth between 2024 and 2031, driven by a combination of factors such as the need for food security, technological innovations, and growing awareness about sustainable farming practices. The increasing adoption of biopesticides and integrated pest management solutions is set to revolutionize the industry, making it more eco-friendly. However, challenges such as regulatory constraints and pesticide resistance will need to be addressed to sustain long-term growth. The Asia-Pacific region, with its rapidly growing agricultural sector, is poised to lead the market, while North America and Europe continue to focus on regulatory compliance and innovation in sustainable pest control.

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This release was published on openPR.