PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1561702
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1561702
Global crop protection market is projected to witness a CAGR of 5.41% during the forecast period 2024-2031, growing from USD 71.82 billion in 2023 to USD 109.47 billion in 2031. One of the driving factors for the market is the increasing need for increase in agricultural produce and plants safety from weeds, pests, and diseases.
The market is characterized by major products such as herbicides, insecticides, fungicides, and other solutions. Herbicides hold the largest share of the market since they are largely used to control weeds, whereas fungicides and insecticides are crucial in preventing diseases or pests that would greatly affect yields. In November 2023, FMC Corporation launched Ethos Elite LFR insecticide/bio fungicide, a premix product for crop protection. For a broad range of protection against early-season illnesses and soilborne pests, the solution combines two FMC-proprietary biological strains, Bacillus velezensis strain RTI301 and Bacillus subtilis strain RTI477, with the pyrethroid insecticide, bifenthrin.
Another crucial factor for the market demand of crop protection products is related to the source of products as most of them are made of synthetic chemicals, although there is an increasing trend of natural or organic solutions that are environmentally friendly and comply with stricter regulations.
The efficiency of such substances is dependent on the mode of application, which could be soil treatment, foliar treatment, or seed treatment. The direct contact with the surface of plants makes foliar treatment a preferred mode of application as it delivers faster results. Various crops, such as cash crops, fruits and vegetables, turf, and ornamentals utilize crop protection products. The major part is occupied by cash crops as they are vulnerable to losses.
In Asia-Pacific, there is an immense growth due to increasing population and food needs. Meanwhile, across North America and Europe, the sector is being transformed by technological progressions and adoption of sustainable farming methods.
Growing Trend of Regenerative Agriculture Catalyze Market Expansion
An increase in demand for environmentally friendly and bio-based crop protection products has resulted from regenerative agriculture approach which emphasizes reducing chemical inputs and enhancing the natural resilience of crops. Regenerative agriculture focuses on enhancing soil fertility, diversification of plant species and maintaining an ecosystem balance through ecologically sound agricultural practices. This is mainly driving the growth of crop protection market due to its growing acceptance rate among farmers globally.
As biopesticides and bioherbicides promote soil health and minimize harm to non-target organisms, farmers are turning to biological alternatives that support regenerative practices. These products are perceived to be crucial in maintaining crop productivity while practicing eco-friendly farming methods.
Furthermore, the focus of regenerative agriculture on enhancing soil fertility and promoting carbon sequestration aligns with global efforts to combat climate change, hence advancing the application of sustainable crop protection strategies. Moreover, through the approval of the U.S. EPA (Environmental Protection Agency), using environment preserving and sustainable crop protection products that improve soil health and promote biodiversity, are made possible, which further fosters regenerative agriculture.
For instance, recently in March 2024, Sym-Agro, Inc. received U.S. EPA approval for extended crop uses of Instill bactericide and fungicide. The approval allowed the use of Instill on potato, coffee, sugar beet, and hazelnut for disease management. As an MRL exempt and locally systemic FRAC M01 fungicide, Instill helps high-value export crops growers to comply with demanding regulations.
New Products Launches to Fuel Market Growth
Driven by product launches, the crop protection market is seeing rapid growth. Manufacturers are developing advanced and reliable means of controlling crops due to shifting agriculture patterns such as pest resistance, climate change, and stringent regulations. This contemporary product range is focused on targeted pests, weeds, and diseases and on keeping with the currently accepted sustainability goals, hence contributing to diminishing environmental pollution.
An instance of such an area of innovation is the production of insecticides that are bio-based and environmentally friendly, thus attracting a huge interest from farmers and states. Synthetic chemicals are being replaced by natural products offered to meet the need for organic farming and regenerative agriculture.
In addition, they include technological progress in formulations such as time-release pesticides or precision application devices that continue improving product performance and ease of application. Farmers are getting better yields with this wave of innovations, which in turn, expands the crop protection market growth with more latest and targeted options.
In September 2023, Croda International Plc launched a delivery system, Atlox BS-50. The product is a ready-to-use spore-forming microbe powder delivery system. Its components have been meticulously optimized to yield optimal performance and have passed viability testing to verify their compatibility with common bacteria, hence offering variety in its application.
Herbicides to Hold a Substantial Market Share