Global Crop Protection Chemicals Market To Be Driven By Developments In Farming Practices
The crop protection chemicals market is likely to grow at a CAGR of 5.15% to touch US$ 70.57 billion by 2021. The market propelled by the intensifying requirement for food security for the budding population, innovation in farming practices and machineries and hefty crop damage due to pest invasions. The marketplace is further boosted by elements such as swelling demand for bio-pesticides coupled with growing approval for Integrated Pest Management (IPM) by the agriculturalists, and high prospects in emerging countries.
The global market for crop protection chemicals has observed a noteworthy rise in its estimation during the past few years. The hasty variations in the farming practices, combined with the intensified application of technology in agronomy, have heightened the demand for crop protection chemicals across the world. On top of this, the increasing need for food and the reduction of productive land have also obligated farmers and agriculturists to use crop protection chemicals so as to advance the crop produce with restricted resources.
Moving ahead, the need for crop protection chemicals will upturn considerably. Nevertheless, the mounting apprehensions over the injurious effects of crop protection chemicals on the environs are prospective to thwart their application to some degree in the upcoming years. Progression in the arena of biotechnology and the accelerating use of bacillus thuringiensis and genetically altered seeds are also major hurdles in the growth of the international crop protection chemicals market.
Growing demand for agricultural crops resultant from worldwide population growth, changing lifestyle, and amassed demand for biofuels are the foremost drivers that are motivating the global crop protection market. Also adding to the growth of this market are factors like limited accessibility of fertile land, high lucrativeness margin, approval of recent farming and protected agriculture, and modifications in farming practices and technology. To take advantage of on the growth trend in the global crop protection market, numerous prominent companies are capitalizing in the advancement and engineering of crop protection chemicals. The budding demand for crop protection chemicals is fascinating global players to expand their crop protection offerings.
Asia Pacific dominates the global market for crop protection chemicals. Innovations in agriculture practices in this region have been propelling the demand for these chemicals considerably in Asia Pacific. China, Thailand, and Indonesia are anticipated to see a robust rise in the Asia Pacific market for crop protection chemicals market owing to the growing application of these chemicals so as to meet the rising requirement for food in this area. Europe has also perceived a robust rise in the practice of crop protection chemicals recently. The sky-high demand for strobilurin, a fungicide, is pushing the market for crop protection chemicals in Europe. France, Germany, and Russia have been the foremost buyers of these chemicals in this region.
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