Crop Protection Chemicals Market 2023-2030

Crop Protection Chemicals Industry | Forecast 2030

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Crop Protection Chemicals Industry | Forecast 2030

The economic value generated by the crop protection chemicals industry was estimated at approximately USD 43.24 billion in 2022. This economic output is an amalgamation of basic crop protection chemicals categories namely, herbicides, fungicides, insecticides, biopesticides, and others.

The crop protection market is growing at a staggering pace owing to the rising importance of crop protection for healthy yields. Agricultural fields tend to attract insects and pests, which stay over crops for a long time and deteriorate the crop quality. This can result in massive crop failure. Therefore, farmers resort to crop protection chemicals and related technologies. However, it is also essential for farmers to learn what quantity of crop protection chemicals is enough to avoid spoiling the crops.

 

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The escalating demand for food, driven by a growing global population is set to stimulate the expansion of the crop protection chemicals market during the projected period. As indicated by the Economic Survey, the agricultural and allied industry demonstrated considerable resilience to the challenges of COVID-19, posting growth rates of 3.6% in 2020-21 and 3.9% in 2021-22 in India. In the U.S., the agricultural sector played a pivotal role, contributing 5.0% to the nation’s total GDP, primarily due to the heightened food demand within the country, as reported by the U.S. Department of Agriculture. This dynamic is poised to further drive the worldwide demand in the crop protection chemicals market during the forecast period.

 

Fungicides Market Insights

The global fungicides market size was valued at USD 16.35 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Demand for crop yield is increasing with growing population worldwide. This has led to high demand for multiple crop care chemicals as well as fungicides to reduce crop losses.

Multiple regions are agrarian economies including the majority of Asia Pacific, such as India, Indonesia, South Korea, and Thailand, American countries, such as Mexico, and Central and South America. These countries are widely dependent on their agricultural output as agriculture presents a significant portion of their GDP. For such countries, agricultural produce directly impacts the nation’s economy and therefore the farming committee is constantly made aware of the benefits of using various chemicals and other products to boost crop yield with least possible crop loss.

 

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Insecticides Market Insights

The global insecticides market size was valued at USD 9.12 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from the 2023 to 2030 forecast period. The growth is attributable to its increasing application for preventing attacks from pests and insects in agricultural fields. These products are widely used in agricultural applications to keep crops away from the attack of insects across the globe. Rising demand for food worldwide is the main driving factor behind the growth in agricultural production on a global level. Countries like China, India, and the U.S. are the key producers of crops and extensively utilize insecticide products to fuel their crop production volume. These products offer effective application in the agricultural field as well as in residential uses for killing insects, such as roaches.

 

Crop Protection Chemicals Market Insights

The global crop protection chemicals market size was valued at USD 43.24 billion in 2022 and is expected to expand at a compounded annual growth rate (CAGR) of 5.6% from 2023 to 2030. This is attributed to the growing need for food security due to the increasing global population along with rising awareness of crop protection for healthy yields. The agricultural industry is driven by the rising demand for food due to the increasing population, this is likely to propel the growth of the product market during the forecast period. According to Economic Survey, the agricultural and allied industry exhibited the most resiliency to COVID-19 as it reported a growth of 3.6% in 2020-21, and 3.9% in 2021-22 in India. The agricultural sector of the U.S. contributed over 5.0% of the total country’s GDP due to the rising demand for food in the country, according to the U.S. Department of Agriculture. This factor is likely to fuel the demand for the crop protection chemicals market globally over the forecast period.

 

Competitive Insights

Crop protection chemical production involves the ultrasonic production method, which is an extensive step-by-step method that includes dispersion, emulsification, dissolving, and homogenization of active ingredients. The manufacturing process of pesticides, herbicides, fungicides, and other crop protection chemicals as well as other active substances requires reliable dispersing, milling, dissolving, and emulsification of active ingredients of the final product. Power ultrasound offers properties like reliable mixing, ingredients homogenizing, and blending by cavitation-generated shear forces. The ultrasonic manufacturing method presents a wide range of advantages such as a reliable production process, high-quality product, batch and inline processing, easy and safe operations, eco-friendly operations, and more.

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