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Market Overview:
The Pesticides Market size is estimated to reach $94.87 billion by 2030, growing at a CAGR of 6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Pesticides Market Size, Share & Trends Analysis Report- By Type (Bio-Pesticides (Microbial Pesticides, Bactericides, Insecticides, Fungicides, Nematicides, Others), Biochemical Pesticides (Attractants/Repellants, Enzymes, PGR, Semiochemicals, Others), Plant Incorporated Protectants), By Synthetic Pesticides (Fungicides, Herbicides (Non-Selective, Selective), Insecticides, Pyrethroids, Defoliants, Fumigants, Others), By Crop Type (Vegetables & Fruits, Oilseeds & Pulses, Cereals & Grains, Commercial Crops, Plantation Crops, Turfs & Ornamentals, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Intensive farming techniques and increasing crop loss due to pests & diseases are fueling the growth of the Pesticides industry during the forecast period.
Asia-Pacific Dominated the Market in 2023:
Asia-Pacific is the leading market for pesticides, holding over 48% of the global share during the forecast period. The region's diverse agricultural landscape, characterized by varying climatic conditions, supports the cultivation of essential crops such as rice, wheat, and vegetables. This diversity not only enhances crop yield but also increases the demand for effective pest control solutions. Countries like China and India are particularly focused on improving agricultural efficiency and productivity, driving the need for pesticides to protect crops from pests and diseases. The high dependency on crop-based pesticides further solidifies Asia-Pacific's dominant position in the market.
Pesticides Market: Key Takeaways
Intensive Farming Techniques Drive Market Growth:
Farmers worldwide are increasingly adopting intensive farming methods to boost productivity per hectare, which in turn raises the demand for pesticides. Intensive farming, characterized by high inputs of labor, capital, and technology, aims to maximize yields from limited land. Techniques like monoculture, where a single crop is grown extensively, deplete soil nutrients and increase reliance on chemical inputs. These practices are driven by the need to meet the food demands of a growing population, helping to prevent potential food shortages. However, they also pose environmental challenges, including soil degradation and increased pesticide use.
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Market Growth Driven by Increasing Crop Loss Due to Pests & Diseases:
The escalating issue of crop loss due to pests and diseases is a significant concern for agriculture worldwide and is expected to vigorously drive the global demand for pesticides. As per recent studies, a large proportion of global crop yields are lost annually due to the adverse effects of pests and diseases, a situation exacerbated by climate change and monoculture agricultural practices. These losses not only result in devastating economic consequences for farmers but also pose a threat to global food security, as increasing population rates necessitate higher crop yields. To combat these challenges, farmers are turning to pesticides as a primary line of defense to protect their crops and ensure stable yields.
Scope of the Report:
- In July 2022, FMC Corporation, an agricultural sciences company, today announced that it has completed the closing of its acquisition of BioPhero ApS, a Denmark-based pheromone research and production company.
- In Sept 2023, Sumitomo Chemical India Limited, a subsidiary of one of the leading global diversified chemical companies Sumitomo Chemical Co., Ltd., Japan, and a leading player in Indian agrochemical, household insecticides, and animal nutrition sectors, announced the signing of definitive agreements to acquire majority stake of Barrix Agro Sciences Pvt. Ltd.