by Crop protection chemicals are widely used in agricultural farms and fields to protect crops from weeds, insects, pests, fungi and other pathogens. Some key crop protection chemicals include herbicides, insecticides, fungicides and other pesticides. These chemicals play a vital role in boosting crop yield and agricultural productivity by preventing crop damage and diseases. With the growing global population and rising demand for food, agricultural production is increasing significantly around the world. According to the United Nations Food and Agriculture Organization (FAO), global food production must be increased by over 70% by 2050 to feed the increasing world population which is projected to reach around 9.7 billion. This rising need to boost agricultural production is a major driver fueling demand for various crop protection chemicals globally.
The global Crop Protection Chemicals Market is estimated to be valued at US$ 66.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the major trends being witnessed in the Global Crop Protection Chemicals Market Size include growing adoption of biopesticides and increasing demand for green chemicals. Due to rising environmental and health concerns regarding the use of synthetic pesticides, manufacturers are increasingly focusing on developing bio-based and eco-friendly biopesticides made from natural substances like animals, plants, bacteria and certain minerals. Moreover, with sustainable agriculture gaining prominence, demand is growing for crop protection chemicals that have lower toxicity with less or no residual effects. Stringent regulations on pesticide residues are further driving adoption of green chemicals in the agriculture industry globally.
Porter’s Analysis
Threat of new entrants: The crop protection chemicals market is a mature industry with high R&D and manufacturing costs, representing a barrier to entry for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established suppliers and options for crop protection chemicals.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of many raw material suppliers and alternatives.
Threat of new substitutes: The threat is moderate to low as alternatives are still in development phases and not commercially viable at a large scale.
Competitive rivalry: The competition in the market is high among the top players.
Key Takeaways
The global crop protection chemicals market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
The Asia Pacific region is expected to dominate the global crop protection chemicals market over the forecast period. Factors such as the increasing requirement to boost agriculture production and protect crops from pests are driving market growth in Asia Pacific.
Key players
Key players operating in the crop protection chemicals market are Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. – C.F., Capo. These players are focusing on new product launches and strategic collaborations to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
