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Utworzono: 2021-05-31

Crop Protection Chemicals Market

The global crop protection chemicals market size is projected to reach USD 73.94 billion by 2027, exhibiting a CAGR of 4.50% during the forecast period. Increasing pesticide resistance among new crop pests is expected to be one of the main factors driving adoption of these chemicals, according to Fortune Business Insights ™ in its recent report, titled “Crop Protection Chemicals Market Size, Share & COVID-19 Impact Analysis, By Type (Herbicides, Insecticides, Fungicides, and Others), Source (Synthetic Chemicals and Biologicals), Mode of Application (Foliar Spray, Soil Treatment, Seed Treatment, and Others), Crop Type, and Regional Forecast, 2020-2027 ”. Pesticide resistance develops when the same class of crop pesticides is repeatedly used for prolonged periods to control pests.Evolutionary biological mutations help these crop-destroying organisms to become resistant to certain types of pesticides, which can prove detrimental for crop production. For example, in the US, the herbicide glyphosate has been traditionally used to kill weeds in corn, soybean, and cotton crops. However, genetic mutations in weeds have made them resistant to this chemical, rendering it ineffective and forcing farmers to find alternatives. The demand for advanced crop protection chemicals is likely to surge in this scenario as growing global food demand is exerting enormous pressure on conventional agricultural inputs. However, genetic mutations in weeds have made them resistant to this chemical, rendering it ineffective and forcing farmers to find alternatives.The demand for advanced crop protection chemicals is likely to surge in this scenario as growing global food demand is exerting enormous pressure on conventional agricultural inputs. However, genetic mutations in weeds have made them resistant to this chemical, rendering it ineffective and forcing farmers to find alternatives. The demand for advanced crop protection chemicals is likely to surge in this scenario as growing global food demand is exerting enormous pressure on conventional agricultural inputs.

Market Restraint

Access Blockages Created by COVID-19 to Impede Market Growth

The crop protection chemicals market growth is expected to be hindered during the current year as the coronavirus pandemic tightens its grip on the global economy. For farmers, the biggest roadblock is the lack of access to farming inputs as nationwide lockdowns and supply chain disruptions have created unprecedented logistical challenges for all stakeholders. For example, in Uganda, border closures have blocked access to seeds and seeds advisory services to farmers in the country. Large-scale and protracted disturbances in the agribusiness domain are echoed in the Food and Agriculture Organization's Global Food Crises Report 2020 that states that roughly 73 million people in Africa are facing acute food insecurity due to agricultural upheavals caused by the COVID-19 pandemic. These adverse developments are likely to stimie the growth of this market throughout 2020.

Regional Insights

Asia Pacific to Offer Lucrative Growth Opportunities for Market Players

With a market size of USD 16.11 billion in 2019, Asia Pacific is poised to dominate the crop protection chemicals market share during the forecast period. The primary growth-driver for the regional market is the high dependency of the developing countries of the region such as India on agriculture as the sector forms the backbone of these economies. Compounding this is the prolific population growth in these countries and widespread poverty which are reinforcing the need for enhanced agricultural productivity to ensure food security to populations. As a result, the adoption of crop protection chemicals and products is expected to escalate in Asia Pacific in the forthcoming years. In Europe and North America, farmers are swiftly switching to sustainable agricultural practices and increasingly prefer eco-friendly and naturally-derived pesticides and insecticides. Competitive Landscape

Strategic Collaborations and Acquisitions by Key Players to Animate Competition

Key players in this market are singularly focused on diversifying their offerings of crop protection chemicals to entrench their foothold in the field of agribusiness. To accomplish this end, many companies are entering into collaborations with other players and acquiring smaller companies to expand their business horizons.

Browse Detailed Research Insights:

https://www.fortunebusinessinsights.com/industry-reports/crop-protection-chemicals-market-100080

 

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