Crop protection chemicals market worth $70.57 bn by 2021
The market worth of crop protection chemicals is set to grow by over 5% in the next five years. This means that by 2021 the sector will be worth $70.57 billion, according to a recent report from leading researchers MarketsandMarkets.
Crop protection chemicals are used to maximise crop yields by minimising losses from plant diseases, pest attacks and weeds which attack agricultural crops. They are also important in preventing a number of human and animal diseases.
A growing world population, advances in farming technologies and techniques and large crop losses due to pests have all fuelled the industry’s growth in recent years, which, in turn, has bolstered agricultural recruitment.
Alongside these factors, the market has been driven further by the increased demand for environmentally friendly biopesticides as well as the emergence of new and more effective forms of pest management. There has also been high growth in agriculture recruitment in developing nations.
However, the growth of the market isn’t totally straightforward, as government regulations and pesticide residue issues were cited as restraining factors in the development of the crop protection chemicals market.
Herbicides Reign Thanks Effectiveness Against Weeds
The current market is dominated by herbicides, followed closely by fungicides and insecticides. Herbicide use is set to grow at the fastest rate of all crop protection chemicals due to its effectiveness in tackling harmful weeds which lead to crop losses.
Cereals and Oilseeds
Although crop protection chemicals can now be used on a wide variety of crops, this study focuses specifically on fruits, vegetables, cereals and oilseeds.
The demand for cereals and oilseeds is growing alongside population levels worldwide. As such, the market for these grains is the biggest and is expected to grow at the fastest rate between now and 2021.
The Rise of Biopesticides
While synthetic crop protection chemicals lead the market at present, biopesticides are expected to become a lot more prominent in the coming years as demand for them increases. They are less harmful and more environmentally friendly than their synthetic counterparts and are therefore favoured by farmers.
From Spray to Seed
Methods of applying crop protection chemicals include soil treatment, fumigation and chemigation. At the moment, spraying is the most used method across the board, but this is expected to be surpassed by seed treatment as the demand for ready-treated seeds grows.
Asia-Pacific to Follow South America’s Lead
Last year, South America was the biggest market for crop protection chemicals. By 2021, the Asia-Pacific market is predicted to grow to almost the same size thanks to investments from a number of multinational firms. Increased understanding of the advantages of using crop protection chemicals alongside growing populations will mean greater demand across the globe.
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