The global crop protection chemicals market is expected to reach USD 90.1 billion by 2022, according to a new report by Grand View Research, Inc. Biopesticides is expected to drive demand for crop protection chemicals across the globe. Increasing adoption of biopesticides in North America and Europe owing to supportive regulations and high consumer awareness is likely to augment demand over the next seven years.
The market is highly consolidated with leading nine companies accounting for over 80% of the market share in 2014. Growing demand for the products particularly in ROW has led to contract manufacturing by various small scale regional enterprises. This trend is expected to continue over the forecast period owing to improved market penetration at a significantly lower cost.
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Further key findings from the report suggest:
- Insecticides were valued at over USD 20.17 billion in 2014. Insecticides accounted for the second largest market share owing to growing demand for the product primarily in Asia Pacific and ROW. Asia Pacific demand was driven by increasing use of the chemical by India and China. The region accounts for over 30% of the global arable land which is expected to have a positive impact towards market growth.
- Fruits & vegetables accounted for over 17.0% of the global market revenue in 2014. Technological advancements coupled with R&D have led to the availability of improved chemicals bearing low toxicity and high effectiveness. In addition, increasing adoption of biopesticides for direct consumption foods is expected to increase which in turn is likely to propel demand for these chemicals in fruits & vegetables application over the next seven years.
- Europe demand for crop protection chemicals was valued at USD 15.50 billion in 2014. The use of pesticides in Europe for crops is the largest, and is expected to witness significant growth on account of biopesticides demand in the region. Germany is the single largest European volume consumer of these products, accounting for over 19.0% in 2014 whereas Spain is expected to witness fastest growth over the forecast period.
- Key players in the market include Arysta LifeScience, American Vanguard, Bayer CropScience, BioWorks, BASF SE, Chemtura Corp, Cheminova, Chr Hansen, Dow AgroSciences, DuPont, FMC Corp, Ishihara Sangyo Kaisha, Isagro SpA, Makhteshim Agan, Monsanto, Natural Industries, Marrone Bio Innovations, Nufarm Ltd, Novozymes A/S, Syngenta AG, Sumitomo Chemical, and Valent Biosciences.
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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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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