Crop Protection Pesticides Market by Product Type (Insecticides, Herbicides, Fungicides, Others) By Origin (Bio Pesticides, Synthetic) By Mode of Application (Soil Treatment, Foliar Spray, Seed Treatment) By crop type (Grains and Cereals, Fruits and Vegetable, Pulses and Oilseeds) and Geography (North America, Latin America, Europe, Middle East and Africa, Asia Pacific)

 

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:

• In March 2023, Syngenta released four new pesticides in Italy- ROMEO®, ARBIOGY®, BEMOTIUS® and CLAVITUS® 13 SL.
• In February 2021, Embrapa launched a new biopesticide that uses two bacterial strains Spodoptera frugiperda and Chrysodeixis includens to control caterpillars.