As per industry analysis on crop protection chemicals by Fact.MR, the market is anticipated to be valued at US$ 72.9 Bn in 2021, increasing at a steady CAGR of 5.3% over the forecast period 2021-2031.
Fact.MR, market research and competitive intelligence provider, predicts that crop protection chemical manufacturers are set to witness higher sales on the back of growing demand for improved agricultural output, which, in turn, mandates the requirement of these chemicals.
Crop protection chemicals are essential for long-term farming, and this is being reshaped by agronomy, technology, and societal developments. Rapid technological adoption has gained traction in a variety of applications, including spraying, harvesting, and others. Due to better agronomic advice on different fungi and weeds by digital platforms, the market is anticipated to experience an inevitable boost.
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Key Segments as per Crop Protection Chemicals Industry Survey
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By Crop
- Crop Protection Chemicals Grains & Cereals
- Crop Protection Chemicals Pulses and Oilseeds
- Crop Protection Chemicals Fruits and Vegetables
- Others (Plantation Crops, etc.)
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By Product
- Herbicides
- Insecticides
- Fungicides
- Others (Rodenticides, etc.)
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By Source
- Synthetic Crop Protection Chemicals
- Bio-based Crop Protection Chemicals
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By Form
- Liquid Crop Protection Chemicals
- Solid Crop Protection Chemicals
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By Mode of Application
- Foliar
- Seed Treatment
- Soil Treatment
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Key Takeaways from Market Study
- Crop protection chemicals market poised to grow 1.6X in market value by 2031.
- Herbicides dominated the market of crop protection chemicals till 2020, and are anticipated to account for nearly 40% market share.
- Bio-based crop protection chemicals are anticipated to remain the most lucrative in the latter half of the forecast period, with increasing focus on sustainability in agricultural production.
- Latin American market is anticipated to expand at a CAGR of 4.7% during the forecast period.
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