Crop Protection Chemicals Market Poised for 5.3% CAGR over 2021-2025, Bio-based Variants Emerge Lucrative

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While arable land continues to decline at an alarming rate, concerns regarding food security and crop yield remain amongst the prime global challenges. Increasing need for augmented agricultural yield thus remains the strongest supporting factor for robust growth of the crop protection chemicals market. On the flipside, pesticide bans and relatively low per capita consumption of crop protection chemicals are expected to continue playing out as the key impediments for market growth, especially in developing economies. 

Inclination towards Usage of Biopesticides Acts as a Strong Push Factor for Market Growth

The agricultural industry has witnessed a massive transformation over the years. One of the most noticeable developments is soaring adoption of modern agricultural techniques for enhanced crop output and more efficient cultivation of mixed crops. Moreover, rise in awareness among farmers about potential hazards of chemical-based pesticides and insecticides is pushing demand for sustainable crop protection solutions that cause minimal contamination to final agricultural produce and leave negligible scope for soil pollution. The report published by Fairfield Market Research indicates that this will play a crucial role in shaping up crop protection chemicals market over forecast period.

A sizeable farming population in developed western economies is well aware of the fact that nothing can match the benefits of organic crop protection products. They are thus readily investing in organic and bio-based chemicals to protect their crops and eventually attain high-quality, harmful chemical-free produce. With more companies investing a fortune amount in commercialization of biopesticides to make them widely preferred crop protection chemicals, the global market is receiving strong tailwinds to thrive in the near future. With consistently expanding markets for organic agricultural produce, sales of bio-based crop protection chemicals are more likely to witness a climbing trajectory through the period of assessment.  

Herbicides and Fungicides Sought-after, Grains Record Highest Consumption

Herbicides and fungicides have traditionally been the dominant and highly sought-after crop protection chemical products than insecticides. While herbicides recorded over 50% value share in crop protection chemicals market (2018), that of fungicides also was measurable the same year. 

As newly entering herbicide products in the market hold the promise to act selectively on crops without hampering their growth volume, herbicides remain preferred among farmers and recommended by agriculturists. The study also highlights grains and cereals as top consumer segments accounting for higher revenue generation in the crop protection chemicals market. Consumption for rice, wheat and corn remains high, which solidify the position of grains as a leading consumer of crop protection chemicals. 

Developing Economies Maintain Lead in Global Crop Protection Chemicals Market

Latin America and Asia Pacific, as indicated by the study, will continue to represent prominent regional markets for key companies in the crop protection chemicals landscape. The former is expected to witness strong growth prospects at a CAGR of more than 6% during 2021-2025. China’s constant efforts in market restructuring, however, are responsible for a setback of market in Asia Pacific.

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R&D Investments Act as Double-edged Sword for Companies

While new research findings uplift the opportunistic quotient, investments in R&D are also the key barriers to rapid progress of key players in the market. Tightening regulatory norms and massive costs involved in lengthy product development cycles pose major challenges in front of leading market players. Moreover, multiple mega-mergers, collaborations and acquisitions have eventually led to the consolidation of the competition landscape in the crop protection chemicals market. 

Some of the key companies studied in this research report are Bayer Crop Science, Syngenta, BASF SE, FMC, Corteva (DowDuPont), and ADAMA. 

For More Information: https://www.prnewswire.com/news-releases/global-crop-protection-chemicals-market-surges-as-economies-focus-on-improving-crop-yield-study-301258543.html

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