LONDON, Sept. 17, 2021 /PRNewswire/ -- As per the United Nations, the global population is anticipated to touch 9.8 billion by 2050, putting unsustainable pressure on arable land. A key way to ensure food security is by maximizing crop yield. Studies indicate that arable land will decline by 60% per person in emerging economies.Crop protection chemicals improve crop yield and quality in the safest manner as they are constantly evolving in terms of efficacy and to adhere to regulatory norms. There are approximately 800 active ingredients available in the crop protection chemicals market - an eight-fold rise from the 1970s with insecticides, fungicides, and herbicides being the most commonly deployed.
In 2018, the crop protection chemicals market was worth US$64.3 Bn and this is expected to rise to US$83.5 Bn by 2025, recording a CAGR of 5.3% for the period from 2021 to 2025.
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Fungicides Play Vital Role in Averting 70% Decline in Cereal, Vegetable and Crop Yield
Herbicides have long dominated the crop protection chemicals market with a market share of more than 50% as they regulate weed growth that can have a detrimental effect on crop yield and acreage. The second most commonly purchased crop protection chemical across geographies are fungicides. Fungal infections are a major concern among farmers as millions of tonnes of wheat, maize, and rice get destroyed annually. It is estimated that the yield of cereals, fruits, and vegetables could fall by 70% without the use of fungicides - highlighting the importance of the overall crop protection chemicals market.
Crop Protection Chemicals and Sustainable Farming Work in Tandem to Transform Agriculture
Crop protection chemicals are critical in sustainable farming with agronomy and societal changes having a transformational impact on the overall market. The explosive growth of the Internet of Things (IoT) within agriculture has led to unprecedented breakthroughs in on-field pest management. Farmers can choose a diverse array of sensors to eliminate pests and take a proactive approach with analytics.
Integrated Pest Management is a major part of sustainable farming with IPM focusing on biological, chemical, physical, and cultural techniques to control insects, fungi, and weeds. IPM has become an integral component of government policy worldwide and the EU considers it to be a cornerstone for pest management.
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Record Pesticide Registrations Make Brazil Critical in Crop Protection Chemicals Market
Latin America and Asia Pacific are predicted to lead the crop protection chemicals market for the foreseeable future. Latin America shows huge promise and is expected to grow at a CAGR of 6.3% from 2021-25. Fungal, weed, and worm infestations in the region are being overcome by rapid technological improvements in farming methods. Chemical manufacturers would do well to target Brazil and Argentina in Latin America with the former being one of the largest importers in the crop protection chemicals market.
Within the Asia Pacific region, China and India alone account for a third of global population and more than half of India's citizens derives their livelihood from agriculture. Since 2015, China has adopted a 'zero-growth' plan to carefully monitor crop protection chemicals deployed in the nation. Furthermore, uncertain weather patterns such as sudden floods or droughts can have a catastrophic impact on local crop production. Lastly, countries are tightening their regulatory regimes by phasing out certain active pharmaceutical ingredients, adding to challenges in the crop protection chemicals market.
Consolidation and Japanese Pre-eminence Characterize Crop Protection Chemicals Market
Two decades ago, there were more than 10 large manufacturers actively involved in the crop protection chemicals market. Cutthroat competition and stringent norms have whittled down market players as they were forced to consolidate. In 2018. Syngenta, Bayer Crop Science, BASF SE, Corteva (DowDuPont), FMC, and ADAMA had a market share of more than 50% in the crop protection chemicals market. An interesting trend of note is the prominence of Japanese companies as the country comprises a quarter of products developed in the crop protection chemicals market.
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