The global crop protection chemicals market is projected to generate USD 117,436.6 million revenue in 2030, advancing at a CAGR of 4.6% during 2021–2030. This can be attributed to the rising adoption of organic farming and the increasing awareness of pesticide effects on humans. Moreover, advancements in agricultural technologies and agrochemicals will propel the market in the coming years.
Herbicides Generate Largest Revenue in the Market
The herbicides category generated the largest revenue, around USD 40 billion, in 2021 in the market, and it is further expected to grow at the highest CAGR, of approximately 5%, during the forecast period. Owing to their vast usage in row-crop farming, in which these are used prior to or even during planting to enhance crop production while reducing other vegetations. Moreover, the insecticides category accounts significant revenue share in the market. These are widely used in the production of staple crops because of their susceptibility to insect infestation.
The cereals category is projected to witness the highest growth rate during the forecast period. This can be ascribed to the rise in global population, along with the scarcity of land for crop cultivation, and consciousness of the importance of maintaining a healthy lifestyle and fulfilling the dietary needs.
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Recent trends showcase a rise in the direct investments in the agriculture sector, such as venture funding in agricultural technologies. The sector is expected to receive massive investments and capital flows, primarily for the development of new products, for higher yield and better crop quality. Additionally, with an increasing focus on farm management, farm robotics, farm agrochemicals, novel farming systems, and supply chain technologies, the crop protection chemicals market holds a strong growth potential.
Geographically, APAC is the largest and fastest market for crop protection chemicals. This is due to the increasing usage of agrochemicals in developing countries such as China and India. Moreover, the region’s substantial agricultural base, extensive farmland, rise in awareness of pesticide usage, technical advancements in the field of agriculture, and surge in demand for crops fuel the regional market growth.
Furthermore, the North American market accounted for a significant revenue share in 2021. This is majorly attributed to the presence of local manufacturers, coupled with a wide array of products, customer appreciation, and regulatory support to such chemical manufacturers and related agrochemical companies.
