Crop Protection Pesticides Market was valued at USD 43,240.1 million in 2022 and is expected to grow at a 5.3% CAGR from 2023 to 2029. Crop Protection pesticides are chemicals made to eradicate or control weeds, rodents, fungi, insects, and microorganisms to prevent or eliminate yield losses, maintain high standards for the products, and avoid any other unfavorable effects that pests can have. The demand for food security along with access to safe, nourishing, and sufficient food for the growing population is expected to drive the market. According to World Food Programme, 9 million people die every year from hunger globally thus increasing the demand for food. Moreover, the increased infestation of pests over various crops and climate change create favorable conditions for the breeding of gregarious pests leading to the creation of urgency for pesticides and increasing the demand of the market.
According to FAO, each year pests destroy up to 40% of global crops and costs $220 billion in loss globally. Furthermore, the ongoing development of host-specific biopesticides and their complete degradation in soil and their sustainability have created several opportunities for a surge in the market. For instance, FMC launched a new brand of biopesticides aiming for sustainable agriculture and protecting crops in Brazil. Several governments are taking initiatives to increase the country’s agriculture production along with the mission to curb hunger and launching new initiatives for the promotion of the use of pesticides. For instance, Indian Government launched an initiative Capital Investment Subsidy Scheme (CISS) for promoting sustainable agriculture and the use of biopesticides. But the toxicity, bioaccumulation, and adverse impacts of pesticides on human health are hindering the growth of Crop Protection Pesticides. According to European Environment Agency, exposure to pesticides in food is causing various types of cancers, neurological disorders, cardiovascular diseases, and developmental delays in children causing a decline in the market. However, with the increased agricultural sector, the emergence of new market players, the emergence of new pests, and increased demand for agricultural produce is expected to increase the market over the forecasted period.
Crop Protection Pesticides Market Key Developments:
Fastest Growing Market
The crop protection pesticides market is expected to grow over the forecasted period due to the increasing emergence of pests and diseases and the growing adoption of Pest management to enhance crop yield. The growing population increased the demand for food across the globe over the past decades. The pests and diseases may destroy the crops and reduce the yield of crops. Thus, the increasing adoption of pest management techniques increases the demand for crop protection pesticides across the globe. For instance, according to the Directorate of Plant Protection Quarantine & Storage, agricultural crop yield has increased by 41% in rice and 26% in cotton by using integrated pest management practices.
Crop Protection Pesticides Market was valued at USD 43,240.1 million in 2022 and is expected to grow at a 5.3% CAGR from 2023 to 2029.
Increasing adoption of modern agricultural techniques to increase crop yield is expected to drive the growth of the crop-protecting pesticides market over the forecast period.
The leading players in the global Crop Protection Pesticides market are Bayer Crop Science, Syngenta AG, BASF, Corteva, Inc., FMC Corporation, ChemChina, Sumitomo Chemicals, UPL Ltd., Nufarm, Rotam Crop Science Ltd.
The Crop Protection Pesticides market is segmented based on type, crop type, mode of application, source, and geography.