Crop Protection Chemicals Market Size to Reach $117,436.6 Million by 2030, says P&S Intelligence
NEW YORK, June 1, 2022 /PRNewswire/ -- From 78,407.3 million in 2021, the crop protection chemicals market revenue is likely to surge to $117,436.6 million by 2030, at a 4.6% CAGR, according to the market research report published by P&S Intelligence. Key drivers for the market are the surge in the populace, need for food safety, inadequate land for agriculture, and an increase in the requirement for improved production of crops.
The quickly increasing populace is exerting an enormous burden on farmers to improve the output of agricultural fields. The progressions in the agricultural knowhow, in addition to the employment of agrochemicals and adjuvants, act as the main antidotes to this challenge. This likely to drive the crop protection chemicals market by propelling the usage of these materials to improve the harvest.
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Herbicide sales generated the major revenue, of about $40 billion, in 2021, as they are employed to remove unwanted foliage and encourage the propagation of the needed species. Furthermore, these substances are popularly used before and throughout planting in row-crop farming, to improve crop output, while reducing the acreage of other kinds of vegetation.
Cereals are the highest revenue contributors in the crop protection chemicals market, and this category will proceed at a compound annual growth rate of more than 5% in the near future. The increasing requirement for food for the enormous population is an important reason for the large-scale farming of cereals. The production of cereals has augmented significantly in recent times, as individuals are more aware of the significance of a hale and hearty regimen.
The APAC market accounted for the largest share of the revenue, in excess of 40%, in 2021, a trend that will continue in the near future. This is credited to the considerable agrarian base, widespread farmlands, and increase in the consciousness of the use of pesticides. Additionally, the regional market development is powered by the technical progressions in agriculture and the rise in crop demand.
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For developing these chemicals, companies are investing heavily in R&D and teaming up with universities, research organizations, and business experts. For example, Syngenta Crop Protection AG invested a sum of $1.3 billion in 2021 in R&D for the development of hybrid seeds and crop protection solutions.
Strategic Developments in Crop Protection Chemicals Market
The stalwarts have accepted numerous strategies to achieve a stronghold on the crop protection chemicals market, including product introductions, partnerships, and acquisitions. For example,
- Syngenta Crop Protection AG, in January 2022, purchased two advanced bioinsecticides, UniSpore and NemaTrident, from Bionema Limited.
- Bayer AG presented Vynyty Citrus, an advanced bio-based crop protection chemical containing pheromones, to regulate pests on citrus crops, in March 2021.
Crop Protection Chemicals Market Segmentation Analysis
By Type
- Herbicides
- Insecticides
- Fungicides
By Application
- Cereals
- Maize
- Sugar Crops
- Wheat
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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