Crop Protection Chemicals Market Size, Share, Growth and Trends to 2032

The global crop protection chemicals market is expected to reach USD 97.01 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.30% during the forecast period. According to a recent study by Fortune Business Insights™ titled "Crop Protection Chemicals Market, 2024-2032," a key factor driving the adoption of crop protection chemicals is the increasing resistance of emerging crop pests to pesticides. In 2023, the market was valued at USD 61.42 billion.

The industry is experiencing substantial transformation due to factors such as stricter regulations, changing crop patterns, and accelerated growth. With the rising global population, the demand for higher agricultural productivity to ensure food security continues to grow. This need is further amplified by the diminishing availability of fertile land. As a result, the crop protection sector is adapting to address these modern agricultural challenges, fueling its expansion.

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List of Key Players Covered in the Market Report:

Rotam CropSciences Ltd (Hong Kong, China)

UPL Ltd. (Mumbai, India)

ChemChina (Beijing, China)

Corteva, Inc. (Delaware, U.S.)

Syngenta AG (Basel, Switzerland)

Nufarm (Melbourne, Australia)

Sumitomo Chemicals (Tokyo, Japan)

FMC Corporation (Pennsylvania, S.)

BASF (Ludwigshafen, Germany)

Bayer CropScience (Leverkusen, Germany)

Segmentation-

The market is categorized into several segments based on product type, produce type, application method, and geography:

Product Type: Fungicides, herbicides, insecticides, and other categories.

Produce Type: Fruits and vegetables, oilseeds and pulses, cereals, and others.

Application Method: Foliar spray, soil treatment, seed treatment, and additional methods.

Geography: Middle East and Africa, Europe, Asia Pacific, South America, and North America.

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Report Coverage:

The study offers a thorough analysis of the factors influencing market growth, including both drivers and restraints. It provides detailed insights into all industry segments and features profiles of key market players, emphasizing their strategies. Furthermore, the research includes a comprehensive examination of regional dynamics and their effects on the industry.

Drivers and Restraints:

Growing Priority for Enhanced Crop Production to Support Economic Growth

Integrated pest management (IPM) plans, incorporating resistant cultivars, cultural practices, and biological control methods, emphasize sustainable and long-term pest prevention. These strategies aim to reduce risks to human and animal health by employing diverse pest control techniques and understanding pests' life cycles and ecological interactions. Farmers increasingly favor these approaches as they lower environmental risks associated with traditional pest control, thereby driving market growth. For instance, IPM techniques have boosted agricultural crop yields by 40.14% for rice and 26.63% for cotton, according to the Directorate of Plant Protection Quarantine & Storage (India).

The study reveals that global losses caused by insect pests have declined from 13.6% during the post-Green Revolution era to 10.8% in the 21st century. This reduction is attributed to advancements in agricultural production systems, the use of crop protection chemicals, heightened awareness of field and post-harvest losses, and the implementation of effective management practices.

Nevertheless, the emergence of pesticide resistance among pests poses a potential challenge to market growth.

Regional Insights

Market participants will have lucrative growth opportunities in Asia Pacific.

Asia Pacific is poised to lead the crop protection chemicals market, driven by the region's strong reliance on agriculture and the urgent need to ensure food security in the face of rising populations and persistent poverty. In 2020, the market in this region was valued at USD 16.54 billion, with demand for crop protection agents and pesticides expected to grow substantially in the coming years.

In contrast, North America and Europe are witnessing a growing adoption of sustainable farming practices. This trend is fueling demand for environmentally friendly and naturally derived insecticides and pesticides, reflecting a global shift towards more sustainable and eco-conscious agricultural methods.

Competitive Landscape

Key Players' Strategic Alliances and Acquisitions to Invigorate Competition

Leading companies in the crop protection chemicals market are actively expanding their product portfolios to solidify their presence in the agriculture sector. To achieve this, many are forming strategic partnerships with other industry players and acquiring smaller firms, enabling them to enhance their market reach and operational capabilities.

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Industry Developments:

May 2020: FMC Corporation has entered into an agreement with Isagro S.p.A. to acquire the intellectual property rights for Isagro's Fluindapyr active ingredients. The deal, valued at approximately USD 60 million, includes the transfer of all technological know-how related to Isagro’s flagship fungicide molecule to FMC.

March 2020: Corteva Agriscience has entered a multi-year partnership with AgPlenus to develop innovative herbicides. This collaboration leverages the combined expertise of both companies and aims to strengthen Corteva’s crop protection product portfolio.