Crop Protection Chemicals Market – Growth, Trends, Covid-19 Impact, And Forecasts (2021 – 2026)

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Crop Protection Chemicals Market is valued at USD 61,298.1 million in 2020 and is projected to reach USD 73,530.7 million in 2026, registering a CAGR of 3.7% during the forecast period (2021-2026).

With the impact of COVID-19, there have been an increased trends towards sustainability and environmental solutions such as biologicals. The COVID-19 pandemic had a short-term impact on market growth but is likely to boost investment especially in biologicals as part of a wider shift to interest in food security and sustainable crop production and ensuring more robust supply chains.

The crop protection chemical industry has been transforming over the years, with robust growth, coupled with changing crop mix trends, and environmental regulations. Growing population, declining arable land, food security, and the need for augmented agricultural productivity are the significant factors, which are driving the demand for higher agricultural output, thus augmenting the growth of the crop protection industry, globally. Increasing R&D cost, low per capita use of crop protection chemicals in several developing economies and ...
... ban on pesticides in certain regions are the major factors, which act as restraints to the market.

Key Market Trends

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High Adoption of Biopesticides

Owing to the escalating demand for soil and environmental safety in addition to food safety and quality, biopesticides are gaining popularity over their synthetic counterparts. Being less detrimental to humans, animals, and environment, highly target-specific with no danger to non-target species, and biopesticides capability to rapidly decompose without leaving any noxious residues are the other principal factors, which are contributing to the growth of the market. The lower residual toxicity levels of biopesticides against synthetic crop protection chemicals make them ideal inputs to be used in organic agriculture. The demand for organic fruits and vegetables has been witnessing an upward trend over the years, which in turn, led to the increment in the prominence of organic farming with the area under organic farming accelerated across the globe. Therefore, this has boosted the demand and production of biopesticides.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the major consumer of crop protection owing to its large agricultural base. China, Japan, India, and Australia accounted for more than 80.0% share in the crop protection chemicals market in Asia-Pacific in 2020. In China, the Ministry of Agriculture introduced the Zero Growth Policy of Pesticides and Fertilizers by 2020 in 2015, in order to phase out the use of synthetic pesticides and promoted the use of bio-based and organic pesticides. Furthermore, China, being the largest producer of cotton, has increased the adoption of GMO cotton, which also resulted in a substantial reduction in the use of chemical pesticides across the country. In India, synthetic pesticides have been extensively used for alleviating the loss of crops, due to the high incidence of pests and diseases. Major factors driving the Indian crop protection chemicals market include higher demand for food grains, limited availability of arable land, along with elevating exports, growth in horticulture and floriculture, and increasing public awareness regarding pesticides and biopesticides. However, in Japan, companies are highly focused on conducting R&D activities, which is the backbone of the introduction of new and advanced pesticide products which boosts the demand for the crop protection chemicals market in Asia.

Competitive Landscape

The crop protection chemicals market is highly consolidated, with major players including Syngenta International AG, Bayer CropScience AG, Corteva Agri Science, BASF SE, and UPL Limited accounted for more than 50.0% share in the global market. New product launches, mergers & acquisitions, and partnerships are the major strategies adopted by these leading companies in the market. These companies are also focusing on making investments in innovations, collaborations, and expansions, in order to increase their market share.

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