The increasing use of agricultural biologicals in crop protection is encouraging numerous companies to adopt chemicals derived from biologicals. The demand for efficient and eco-friendly ways of using chemicals in agriculture has intensified the prevailing competition in the global crop protection chemicals market. According to a report published by Fortune Business Insights, titled, “Crop Protection Chemicals Market : Global Analysis, Insights and Forecasts, 2018-2025”, the market was valued at US$ 50.62 Bn in 2017, and it is likely to reach US$ 68.82 Bn at the end of the forecast period.
Recent trends in the agriculture industry favoring proper crop management and care have fuelled the demand for improved ways of crop protection. Various crop protection chemicals manufacturers are likely to capitalize on this factor to further product innovation. Chemically derived pesticides were found to be most efficient among all methods of crop protection and this has boosted the global crop protection chemicals market. Seed treatments also play a significant part in proper crop management and protection. With exceptional products and a remarkable brand, Bayer CropScience successfully established a strong foothold in the field of seed treatments. The global crop protection chemicals market was consolidated in nature as key companies accounted for a significant share in the global market. Besides Bayer, Syngenta, BASF, and DowDupont are some of the leading companies in the global crop protection market.
Insecticides Likely to Emerge as the Leading Product Type due to High Demand in Asia Pacific
The insecticides segment is likely to emerge as the most attractive product type in crop protection chemicals during the forecast period. Insecticide products had a huge demand in Asia Pacific. Furthermore, there is growing awareness about the use of crop protection chemicals among the small and marginal crop producers in Asia Pacific. The aforementioned factors are likely to encourage strong growth of the insecticides segment in Asia Pacific. Increasing volume of area under cultivation of export-oriented crops is projected to support the growth of the insecticide segment in the Asia Pacific countries.
Bio-based or biological origin crop protection chemicals market accounted for a share of 6.6% in 2017. This origin type is expected to witness strong growth due to factors such as stringent regulatory policies and increasing number of start-ups in developing bio-based products. Multinational companies are putting increasing efforts to develop bio-based segment by adopting strategies such as the acquisition of start-up companies and forming joint ventures to establish a strong position in the market.
Despite Drop Of Revenues In Recent Times, Market Growth is Rekindled In Numerous Regions
Global crop protection chemicals market is gaining pace since 2017 after its stagnancy in 2015 and 2016. Agrochemical companies witnessed a steady rise in their product sales in 2017. Despite negative market sentiments such as adverse weather conditions in Europe and reduced occurrence of pest and diseases in key countries of Asia Pacific, the global crop protection chemicals market growth has still managed to increase. Increasing inventions in crop protection chemicals products in the South American countries continued to support growth of this market in 2017.