Crop protection practice is applied to protect the crop from weeds, plant diseases, and other pests. The Crop protection chemicals market growth is primarily driven by the rising need for food for the growing population, advancement in farming practices and heavy crop loss due to pest infestations. In addition, the increasing demand for bio pesticides along with increasing acceptance for Integrated Pest Management (IPM) by the farmers and high opportunities in developing countries are the major factors driving the Crop protection chemicals market.
The increasing population demand for food grains and the declining cultivable land fuelled the demand for crop protection chemical. Urbanization will continue at an accelerated pace, and about 70% of the world’s population will be urban as compared to 49 percent today. Furthermore, the decline in agricultural land is expected to boost the demand for crop protection chemicals over the next few years.
“Global Crop Protection Chemicals Market was Valued at US$ 55.2 Bn in 2018 and it is Expected to Reach More than US$ 87.11 Bn by 2027, Likely to Grow with the CAGR of 5.20 % During the Forecast Period.”
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The Insecticide segment constituted a major share of the Crop Protection Chemicals market in 2018 and it is projected to grow at a significant CAGR of above 6.0% % during the forecast period. Insecticides are largely used across the cultivation of staple crops, due to them being prone to the risk of insect infestation. The evolution of integrated pest management practices across industrialized economies has drastically reduced the dependence of farmers on insecticides.
The BioPesticides segment is projected to grow at the highest rate in the Crop Protection Chemicals market during the forecast period owing to the rising awareness among the farmers, stringent regulations in the US and Europe along with the Increasing government initiatives to promote the use of biopesticides across the globe are driving the adoption of biopesticides across the globe. The Market in North America Expected To Hold a Largest Share in Crop Protection Chemicals Market over the Forecast Period.
North America Held Largest Share in Global Crop Protection Chemicals Market In 2018.North America is anticipated to hold above xx % over the forecast period and is expected to grow at CAGR 5.0%. Growth should be driven by product development and the advent of sustainable farming practices.
North America region is home to the largest agricultural industry in the form of the U.S. and is characterized by high technological advancements in farming methods, The U.S. Food and Drug Administration (FDA) and Environmental Protection Agency (EPA) regulate the market in the U.S., which are empowered by the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA) and Food Quality Protection Act (FQPA). Over the forecast period.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
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