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As per industry analysis on crop protection chemicals by an ESOMAR-certified market research and consulting firm, the market is anticipated to be valued at US$72.9bn in 2021, increasing at a steady CAGR of 5.3% over the forecast period 2021-2031
A 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.
Within the agriculture business, usage of Internet of Things (IoT) is rapidly expanding. In the future, Internet of Things is projected to transform agricultural production and farming techniques. Integrated pest management (IPM) has also evolved into a valuable and comprehensive component of long-term farming. Depending on the inputs and analytics, farm owners can choose from a wide selection of sensors to monitor pest growth and conduct appropriate countermeasures to control them.
In addition to rising adoption of IPM across varying geographies, there has been growing prevalence of sustainable farming practices being implemented by farm owners. This has led to the adoption of bio-based crop protection chemicals over synthetic ones. This, in turn, is anticipated to remain the defining trend during the first half of the forecast period, driving the market for crop protection chemicals forward.
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 until 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.
“Vital players have continued with a focus on geographic expansion and newer product launches to optimise crop yield,” said a senior research analyst.
Due to diverse demand from farmers and agriculturists, industry participants are developing new crop protection solutions. Producers are concentrating on extending their geographical reach as well as their manufacturing capabilities. This will aid in the delivery of higher-quality goods to customers.