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(MoneyNewsWire.Net, July 19, 2018 ) Pesticides are chemicals used to eliminate or control a variety of pests related to agriculture that can damage crops and livestock and reduce farm productivity. Agricultural chemicals are chemical agents such as pesticides, fungicides, herbicides and insecticides that are used to control crop-harming organisms (e.g., fungi, nematodes, mites, insects and rodents) or viruses.
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The reasons for substantial growth of the market from $161 billion in 2017 to $225 billion by 2021 are the economic growth and demand for food products.
The pesticides and other agricultural chemicals market in The Business Research Company’s report is segmented into four segments namely, fungicides, herbicides, insecticides and others. Herbicides segment accounts for nearly half of the market share, the remaining share is attributed to the other three segments.
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China was the largest country in the pesticides and other agricultural chemicals market in 2017, accounting for more than one-fifth of the market share. China was followed by the USA and Brazil as the next largest countries in the market.
Bayer AG was the largest competitor in the pesticides and other agricultural chemicals market, followed by Syngenta AG and BASF SE. Bayer AG is engaged in the development, manufacture and distribution of products in the areas of health care, nutrition and high-tech materials. It operates through the Health Care, Crop Science and Material Science subgroups, which are supported by three service companies.
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