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(MoneyNewsWire.Net, July 02, 2019 ) The latest report by IMARC Group, titled “Global Crop Protection Chemicals Market Research Report and Forecast 2019-2024”, finds that the global crop protection chemicals market reached US$ 60 Billion in 2018. The rapidly growing population, particularly in the developing regions, has been challenging the food production capacity. To ensure adequate and reliable food supply, farmers rely on crop protection chemicals. Also known as pesticides or agrochemical products, crop protection chemicals play a crucial role in monitoring and controlling the pests and diseases that infect, consume or damage crops. The development of crop protection chemicals has helped farmers to manage crop pests including weeds, insects and fungi; improve and maintain the yield; and cost-effectively contribute to food security.
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Market Trends:
Governments in various countries are creating awareness among farmers about the benefits of crop protection chemicals. They are also encouraging R&D for manufacturing new products that will help in efficiently dealing with pest attacks on crops. For instance, BASF United States has developed new strobilurins which control fungal pathogens in a higher number of cultivated crops, including grains and specialty crops. Apart from this, researchers are focusing on producing products that are highly selective in their action to minimize the impact on non-target organisms. Recently, several programs have also been introduced across the world, particularly in Europe, to ensure that the agrochemicals available in the market cater to modern safety and environmental standards. This, in turn, has encouraged the manufacturers to produce bio-based chemicals derived from natural sources, such as plants, bacteria, animals and fungi. Due to their beneficial properties and lower environmental impact as compared to conventional products, the demand for bio-based crop protection chemicals is anticipated to increase in the coming years. Looking forward, the market value is projected to reach US$ 80 Billion by 2024, expanding at a CAGR of 4.8% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/crop-protection-chemicals-market
Insights on Market Segmentation:
Market Breakup by Product Type
1. Herbicides
2. Fungicides
3. Insecticides
4. Others
Based on the product type, the market has been segmented as herbicides, fungicides, insecticides and others. Amongst these, herbicides are the most popular type of crop protection chemicals.
Market Breakup by Origin
1. Synthetic
2. Natural
On the basis of the origin, synthetic chemicals currently dominate the market, accounting for the majority of the market share. They are followed by natural chemicals.
Market Breakup by Crop Type
1. Cereal and Grains
2. Fruits and Vegetables
3. Oilseed and Pulses
4. Others
The market has also been segmented based on the crop type into cereals and grains; oilseeds and pulses; fruits and vegetables; and others. At present, cereals and grains represent the leading segment, holding the majority of the market share.
Market Breakup by Form
1. Liquid
2. Solid
Based on the form, the market has been segmented into solid and liquid crop protection chemicals. Liquid crop protection chemicals currently exhibit a clear dominance in the global market.
Market Breakup by Mode of Application
1. Foliar Spray
2. Seed Treatment
3. Soil Treatment
4. Others
On the basis of the application, the market has been segregated into foliar spray, seed treatment, soil treatment and others. Amongst these, foliar spray represents the largest application segment, accounting for the majority of the market share.
Market Breakup by Region
1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific enjoys the leading position in the global crop protection chemicals market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being BASF SE, DowDuPont, Sumitomo Chemical Co., Ltd, Syngenta AG, Bayer CropScience AG, FMC Corporation, Monsanto Company, Nufarm Limited and ADAMA Agricultural Solutions Ltd.
Browse similar reports by IMARC Group:
Global Acetic Acid Market Research Report and Forecast: https://www.imarcgroup.com/acetic-acid-technical-material-market-report
Global Acetonitrile Market Research Report and Forecast: https://www.imarcgroup.com/acetonitrile-technical-material-market-report
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