The global crop protection chemicals market size is projected to reach USD 75.54 billion by 2027, expanding at a CAGR of 3.3% during the forecast period, according to a new report published by Grand View Research, Inc. Rising demand for higher crop yield to counter the food scarcity is a key factors driving for the market growth.
Increasing agricultural production due to rising focus on novel farming practices and techniques, as well as awareness regarding soil preservation utilizing mixed farming methods, has enabled the market growth. Constant product innovation aimed at crop care is a key factor driving consumption of crop protection chemicals across application areas.
Adoption of novel farming methods across emerging economies, such as Malaysia, Indonesia, Thailand, and India coupled with evolving supply channels is projected to boost the product demand. By early 2030, the global population is anticipated to reach nearly 8.5 billion with a high beam focus on industrialization which shall lead to loss of agricultural lands across all countries. This is projected to be a major factor driving demand for sustainable farming practices, thus positively affecting the demand for chemicals to enhance the yield output.
However, government regulations regarding environment protection and human safety are likely to hamper the growth of the market in the long run. Regulatory interventions have tremendous implications for the overall industry ecosystem. Manufacturers have to cope with the newly introduced regulations on manufacturing, by adjusting their operational capabilities. In case of regulatory introductions on product specifications or raw materials, the market participants have to introduce a new line of products in line with the laid protocols, which results in increased expenditure.
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Further key findings from the report suggest:
- Biopesticides are expected to expand at a CAGR of 5.3% from 2020 to 2027 owing to the rising preference for bio-based chemicals
- Glyphosate active ingredient market size was USD 7.10 billion in 2019 and is expected to face a downward trend after 2019 owing to the implementation of strict regulations
- Oilseeds and pulses is anticipated to register the fastest CAGR of 3.8% from 2020 to 2027, owing to new product introduction and rising cultivation of cash crops
- Asia Pacific was the largest consumer of crop protection chemicals in 2019 with market size of USD 18.53 billion in 2019 owing to rising demand from China, India, Indonesia, and Thailand
- BASF SE, Syngenta, UPL, Corteva Agriscience, Sumitomo, and Chemtura are among the major companies operating in crop protection chemicals market. These players have integrated operations across the value chain