Crop protection chemicals play a vital role in maximizing crop yields and ensuring food security by preventing crop losses from weeds, pests and diseases. Herbicides help farmers control weeds and improve crop quality, while insecticides protect crops from harmful insects. Fungicides prevent fungal infections and protect the nutritional value of crops during storage and transportation.

The global Crop Protection Chemicals Market is estimated to be valued at US$63 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased adoption of sustainable agricultural practices is driving the growth of the crop protection chemicals market. Farmers are increasingly using products certified for organic production and selective herbicides and pesticides with minimal impact on the environment and non-target organisms. Leading manufacturers are also developing biopesticides made from natural materials like animals, plants, bacteria and certain minerals as a substitute for traditional chemical pesticides. Additionally, they are focusing on integrated pest management approaches utilizing organic products, mechanical controls, cultural practices and biotechnology for sustainable crop protection.

Segment Analysis

The global crop protection chemicals market is dominated by herbicides segment. Herbicides are widely used for weed control in agricultural fields and account for over 35% share of the overall market. They help farmers maximize crop yields by eliminating weed competition for nutrients, sunlight and water. Within herbicides, glyphosate dominated the market due to its wide range crop compatibility and low cost.

Key Takeaways

Global Crop Protection Chemicals Market Size is expected to witness high growth over the forecast period of 2024 to 2031. Rapid population growth and rising food demand are driving increased agricultural production globally, thereby fuelling demand for crop protection chemicals for maximizing crop yields. The global Crop Protection Chemicals Market is estimated to be valued at US$63 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific region currently dominates the global market and is expected to maintain its leading position during the forecast period. Countries like China, India, Indonesia and others are witnessing increased cultivation to meet domestic food demand as well as for exports. South America followed by North America are other major markets, whereas growth in Europe is expected to remain moderate.

Key players: Key players operating in the crop protection chemicals market are BASF SE, Bayer AG, Dow DuPont, Sumitomo Chemical Co., Syngenta AG and Nufarm Ltd. BASF is the global market leader in crop protection chemicals owing to its wide product portfolio and strong production and distribution network worldwide. Bayer AG strengthened its position further through acquisition of Monsanto company in 2018.

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