San Francisco,16 October 2018:
According
to a report by Grand View Research, Inc., global crop
protection chemicals market is anticipated to value USD 90.09 billion
by 2022. Growing requirement for high crop yield to fulfill rising demand from
emerging economies attributed to rising population can propel demand for crop
protection chemicals.
High investments from leading
manufacturers to produce crop specific green protection chemicals can influence
growth of market. Continual initiatives from manufacturers to produce bio-based
chemicals from innovative sources such as animals, bacteria, and plants can
fuel market growth during the forecast period (2012 to 2022).
Research and development
activities in agricultural field to produce commercial seeds demanding less use
of crop protection chemicals can restrict growth of market over the forecast
period.
The crop protection chemicals
market can be segregated on the basis of product, application, and region. Based
on product, the market can be categorized into fungicides, insecticides,
herbicides, and others. High demand for herbicides in Asia Pacific was USD 2.51
billion in 2016. It is expected to grow at CAGR of 6.6% during the forecast
period. Rising production of cereals and grains attributed to adoption of
superior farming techniques can fuel growth.
Similarly, insecticides
accounted for 20.7% of market share in Europe in 2016. It is likely to grow at
CAGR of 6.1% during the forecast period. In addition, stringent government
regulations imposed by European Union (EU) regarding use of harmful chemicals
for agricultural applications can hamper growth of market.
Access
Research Report of Crop
Protection Chemicals Market@ www.grandviewresearch.com/industry-analysis/crop-protection-chemicals-market
Based on application, the
market can be classified into cereals, maize, fruits & vegetables, cotton,
rice, and others. Fruits and vegetables segment is expected to contribute to
market growth at CAGR of 7% over the forecast period. High demand for crop
protection chemicals from food processing sector can influence market growth.
In addition, changing consumer dietary habits are likely to surge demand for
healthy and good quality fruits and vegetables. This in turn can influence
growth of market in next few years.
On the contrary, rice
contributed for market share of USD 5.37 billion in 2016 attributed to high
demand for rice as primary food in countries such as India, Japan, China, and
South Korea. China was the largest rice producer followed by India in 2016,
making it largest consumer for rice protection elements in that year.
Regional segmentation includes
North America, Europe, Asia Pacific, and rest of the world. In 2016, Europe
dominated the market and accounted for market share equivalent to USD 8.08
billion. High demand for herbicides in the region to combat weed and get
quality yield of vegetables and fruits can fuel market growth. In addition,
growing adoption of product to wipe out unwanted plant species in undesirable
places can augment growth of market in the region.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/agrochemicals-and-fertilizers
In Asia Pacific, the market
accounted for significant growth over the forecast period. High production of
agricultural products such as maize, cotton, and rice in the region can
influence demand for crop protection chemicals. In addition, rising production
of various types of tropical and subtropical fruits can fuel growth of market
in this region.
In North America, the market
is estimated to grow well over the forecast period. Frequently changing
climatic conditions in the region are likely to support production of wide
range of crops. This, in turn, can fuel growth of market in this region. In
addition, United States being key producer of cotton, soybean, and rice is
likely to surge demand for high quantities of crop protection chemicals over
next few years.
Some of the leading companies
offering crop protection chemicals are Natural Industries, Dow AgroSciences,
Marrone Bio Innovations, BASF SE, and Nufarm Ltd. The market expected to be
highly competitive in nature attributed to presence of numerous manufacturers
globally. Most of them are likely to undergo acquisitions and mergers to expand
their product portfolio and consumer base. Strong foothold of existing market
players is likely to obstruct growth of new players. In addition, most players
are predicted to compete on basis of pricing and geographical reach. Business
strategies such as widespread dealership and expansion in local markets can
support market players in gaining traction among consumers.
Access
Press Release of Crop Protection Chemicals Market@ www.grandviewresearch.com/press-release/global-crop-protection-chemicals-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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