Market Research Of Global Crop Protection Chemicals Market By Knowledge Sourcing Intelligence

Introduction

The global crop protection chemicals market was valued at US$63.816 billion in 2017 and is projected to expand at a CAGR of 6.17% over the forecast period to reach US$91.405 billion by 2023. The growing global population and the steady reduction in the arable land area are driving the growth of crop protection chemicals market. Rising investments in R&D to develop environment-friendly biopesticides and their rising adoption provides a great opportunity for crop protection chemical manufacturers to expand their market share, thus expected to propel the overall market growth in the coming years.   

Rising global food insecurity is one of the major drivers of global crop protection chemicals market. Factors such as growing worldwide population, changing tastes and preferences, climatic changes, and increasing water scarcity across the globe are pressurizing governments all over the world to combat food insecurity challenges. According to a new global report on food crisis, around 108 million people in the world were severely food insecure in 2016.Market Research is done by knowledge sourcing industry due to huge scope with respective industry.

sample view of global crop protection chemicals market share

According to a new global report on food crisis, around 108 million people in the world were severely food insecure in 2016. Continuously growing global population is also leading to expanding urbanization which, in turn, is leading to a decline in the available arable land area in the world. Given the limited scope for expanding agricultural land and water resources, the agricultural sector is required to improve productivity with efficient resource-use as well as secure crops in order to meet the mushrooming food demand. 

According to the United Nations, the global population is projected to reach 9 billion by 2050, and agricultural production will tend to increase by 50-70% by that year. All these factors are boosting the demand for crop protection chemicals globally and with the demanded expected to continue to rise over the next five years.  

Global Crop Protection Chemmicals Market Forecast By Application

Based on application, the global crop protection chemicals market has been segmented as fruits and vegetables, oilseeds and pulses, and cereals and grains. Cereals and grains held the largest market share in 2017 owing to high demand for crops like wheat, rice, and maize, especially in developing and underdeveloped countries to overcome food insecurity challenge. Growing middle class population and increasing awareness about health and fitness is shifting consumers’ preference from rice to wheat-based products. As per FAO’s 2017 estimates, world wheat inventories are projected to witness the highest growth. Furthermore, increased meat and poultry consumption will significantly drive the demand for grains to feed cattle which, in turn will spur the demand for crop protection chemicals across this application segment. 

sample view of global crop protection chemicals market share by application

Fruits and vegetables segment will grow at the highest CAGR between 2017 and 2023 owing to rising awareness about the benefits of fruits and vegetables. Increasing purchasing power is driving the demand for high quality fruits and vegetables that have been sustainably produced. Pulses and oilseeds segment will also witness a considerable growth during the forecast period due to growing need for pulses to be used in livestock diets as well as for pet foods and aquaculture. All these above factors will significantly propel the growth of global crop protection chemicals market in the next five years.

Oilseeds and pulses segment will witness a CAGR of XX.XX% between 2017 and 2023, reaching a market size of US$XX.XX billion by the end of the forecast period. Growing global vegetable oil consumption owing to rising population and economic growth is one of the major drivers of crop protection chemicals for oilseeds and pulses market. Furthermore, increasing demand for oils for industrial use is also leading to the growth of this segment. 

Rising awareness about benefits of protein-rich diet is leading to strong soybean meal demand, thereby contributing to increased soybean oil consumption. Rising purchasing power is shifting the consumption towards high-grade olive oil which will also bolster the growth of this segment. Since most of these oils are being increasingly used in natural cosmetics and personal care products, growing consumer cosmetics industry will spur the demand for oilseeds which, in turn, will propel the growth of global crop protection chemicals market.

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