Pesticides Market Overview
The global pesticides market was worth $55,088 million as of 2018. As per the market analysis, demand is projected to increment at a positive CAGR of around 3.67% during the forecast period of 2019 to 2025. Despite steady market growth, the pesticides industry is expected to continue luring players, particularly in the Asia-Pacific region, which is the most lucrative market for the global pesticides industry as of 2018, producing more than 28% of the overall demand. Mostly, pesticides are used for soil applications. In terms of growth related to soil applications, the segment is increasing at a CAGR of 3.1% during the aforesaid forecast period.
As per an article published from the Proceedings of the International Academy of Ecology and Environmental Sciences (IAEES), globally 50,000 species of plant pathogens and 8,000 species of weeds are responsible for the damage caused to the crops, out of which insect pests are responsible for 14% loss, plant pathogens caused the 13% of the total damage, and the loss caused due to weeds was around 13% of the total loss. Evidently, pesticides demand can be expected to sustain strong profitability in the near future.
Pesticides Market Outlook
Pesticides, herbicides, insecticides, rodenticides, and fungicides are antimicrobials used as a repellent for pests, fungus, including weeds. Other types of pesticides include defoliants and fumigants, they produce a vapor or gas intended to destroy pests or insects in soil or building. Pesticides are very popular in the agricultural industry mainly due to their effective application on unwanted pests and insects.
Pesticides Market Growth Drivers
- Almost one-third of the agricultural products are produced with the help of pesticides, according to the aforementioned IAEES study. Restraining the use of pesticide during the production of fruits, vegetable, and cereals may lead to a loss of 78%, 54% and 32% of total loss in the yield. Whereas, using pesticides reduced the loss around 35% of the total production.
- The pesticides market is highly benefitting from the introduction of bio-pesticides. The awareness about the drawbacks of conventional pesticides among the consumers has enticed growers to invest more on the soil-friendly segment. Companies manufacturing bio-pesticides have secured a significant level of attraction, which consequently will contribute to market revenue for the pesticides market.
Pesticides Market Trends
- The company ChemChina acquired Syngenta marked the beginning of China as an agrichemical powerhouse in the year 2017.
- The company Bayer headquartered in Germany completed a successful acquisition of the U.S. based firm Monsanto in June 2018. This acquisition was aimed to help the farmers affordable and healthy food is a sustainable manner.
Pesticides Market Challenges
- Issues such as inadequate water supply, limited arable land, low farm yields, poor resource management, lack of proper infrastructure, and environmental and soil degradation are some of the limiting factors for agricultural production which are consequently affecting the pesticides industry.
- Production of some minor crops requires the application of pesticides. Manufacturing these minor-use pesticides is not economical for the producers. As there is a little incentive present for the product registration.
Key Players in the Pesticides Market
Some of the other pioneering companies foraying in the pesticides marketplace are BASF SE, Nufarm Ltd, FMC Corp, BioWorks, DuPont, Monsanto, Natural Industries, Dow AgroSciences, Syngenta AG, and Sumitomo Chemical. However, the market landscape has changed owing to the interruption of start-ups producing bio-pesticides in the market.
Pesticides Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the pesticides market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of pesticides market, and their specific applications in different types of vehicles.
Pesticides Market Report: Industry Coverage
The pesticides market is bifurcated based on type into bio-pesticides and synthetic pesticides. Based on crop type, the market is segmented into vegetables & fruits, oilseeds and pulses, cereals and grains, commercial crops, and plantation crops. The information presented is following the Forecast period of 2019 – 2025.
The pesticides market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia