Crop protection chemicals such as fungicides, herbicides, insecticides, and nematicides are vital agricultural inputs used by farmers to ensure high-quality yield and prevent crops from pests and diseases. The rising global demand for food grains due to increasing population has augmented the use of crop protection chemicals to boost per-hectare agricultural productivity and crop yield. The global Crop Protection Chemicals Market is estimated to be valued at US$ 66.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increased crop yield with reduced risk of pest attacks has been a key trend driving the growth of the global crop protection chemicals market. Farmers across the world have increased application of fungicides, herbicides and insecticides to protect crops from fungal and bacterial diseases, unwanted weeds and crop-damaging insects. This has significantly improved per hectare crop yield while lowering the risk of crop losses due to pest attacks. For instance, application of insecticides prevents infestation by sap-sucking insects in cotton, reducing yield losses by up to 30%. Similarly, fungicides curb fungal diseases such as late blight in potato that can result in 100% crop damage. Reliance on chemical pest management has thus become imperative among farmers to guarantee consistent agricultural productivity. Segment Analysis The Global Crop Protection Chemicals Market Size is dominated by herbicides sub segment. Herbicides accounted for over 35% share of the overall market in 2023. High demand for herbicides is attributed to high infestation of weeds across major crop producing regions which leads to significant crop yield losses. Herbicides help curb weed infestation and protect crop yield. Key Takeaways The global crop protection chemicals market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to rise at a CAGR of 6.9% during the forecast period to reach a value of US$ 111.32 Bn by 2030. Regional analysis Asia Pacific region held the largest share of over 40% of the global market in 2023. The region is expected to continue its dominance during the forecast period. High agricultural activity, large area under cultivation and increasing usage of agrochemicals are driving the demand for crop protection chemicals in Asia Pacific countries like India and China. North America market is also expected to exhibit strong growth due to increasing cultivation of high value crops and adoption of innovative products. Key players Key players operating in the crop protection chemicals market are Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. - C.F., Capo, and Pedla. Capo and Pedla together accounted for over 15% share of the global market in 2023 owing to their extensive product portfolio and strong distribution network across major markets. Get More Insights On This Topic: https://www.newsstatix.com/crop-protection-chemicals-market-size-share-analysis-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |