Global Crop Protection Chemicals Market is projected to grow at a CAGR of 3.63% from 2017 to 2022
According to a new market research report published by Knowledge Sourcing Intelligence, Global Crop Protection Chemicals Market is projected to grow at a CAGR of 3.63% from 2017 to 2022.
The report segments the Global Crop Protection Chemicals market by origin (synthetic, and biopesticides), by type (herbicides, insecticides, and fungicides), by application (fruits and vegetables, oilseeds and pulses, and cereals and grains), and by geography (North America, South America, Europe, Middle East and Africa, and Asia-Pacific). The regional segment also covers country-level segmentation of global crop protection chemicals market.
Growing need for food security due to growing global population is one of the major drivers of global crop protection chemicals market. Growing instances of pest attacks leading to heavy crop loss are also fuelling the demand for crop protection chemicals across different geographies. Shift from conventional to modern farming practices is also bolstering the growth of global crop protection chemicals market over the next five years. Growing demand for biopesticides owing to rising consumer awareness regarding food and environmental safety will provide opportunities for crop protection chemical manufacturers in the coming years.
Cereals and Grains segment dominates the global crop protection chemicals market till 2022
By application, Cereals and Grains segment will hold the largest market share in 2017 owing to changing dietary patterns of people across the globe and is projected to dominate the application segment till 2022. Continued deterioration of cereal crop prospects due to unfavorable climate changes in major agricultural regions has led to a high demand for crop protection chemicals for this segment. Furthermore, increasing global meat consumption, especially in developing countries such as China and India, will drive demand for grains and other cereals as livestock feed, thereby positively impacts the demand for crop protection chemicals for cereals and grains segment.
APAC will grow at the highest CAGR between 2017 and 2022
Geographically, APAC is projected to witness the fastest regional market growth during the forecast period owing to rising population base along with dramatic changes in weather patterns in the region. Other factors such as rising disposable incomes, expanding urbanization, growing meat consumption, and increasing awareness about safe use of agrochemicals will bolster the growth of crop protection chemicals market in APAC.
Competitive Insights
Prominent key market players in Global Crop Protection Chemicals market include Monsanto, Bayer, DowDuPont, BASF, ADAMA Agricultural Solutions, FMC Corporation, ChemChina, Sumitomo Chemical Co. Ltd, and Platform Specialty Products Company.
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