PUBLISHER: The Business Research Company | PRODUCT CODE: 1435491
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435491
Pesticides and other agricultural chemicals encompass substances used for agricultural and household pest control, excluding fertilizers, aimed at managing pests and weeds in agricultural fields. These chemicals serve to safeguard plants from pests, eliminate weeds and insects, and combat diseases.
The primary categories of pesticides and other agricultural chemicals include herbicides, insecticides, fungicides, other types of pesticides, and additional agricultural chemicals. Herbicides are substances employed to regulate undesirable vegetation, with application occurring in row-crop farming. They are typically utilized before or during planting to optimize crop productivity by minimizing competing vegetation. These chemicals can have synthetic or bio-based origins. The applications span various sectors, including grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and other specific applications.
The pesticides and other agricultural chemicals market research report is one of a series of new reports from The Business Research Company that provides pesticides and other agricultural chemicals market statistics, including pesticides and other agricultural chemicals industry global market size, regional shares, competitors with a pesticides and other agricultural chemicals market share, detailed pesticides and other agricultural chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the pesticides and other agricultural chemicals industry. This pesticides and other agricultural chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pesticide and other agricultural chemicals market size has grown rapidly in recent years. It will grow from $102.9 billion in 2023 to $113.86 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The expansion in the historical period can be ascribed to the increase in crop yield enhancement, governmental policies and subsidies, occurrences of disease outbreaks, climate conditions, and the globalization of agriculture.
The pesticide and other agricultural chemicals market size is expected to see rapid growth in the next few years. It will grow to $169.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The increase in the predicted period can be linked to concerns about the environment and regulations, the adoption of biological and organic solutions, considerations of population health and food safety, changes in crop patterns, and the impact of climate change. Significant trends in the anticipated period encompass digital agriculture platforms, precision agriculture technologies, innovations in technology, the use of biological and biopesticides, as well as the integration of digital agriculture and agtech.
The global population is on the rise and is anticipated to reach 10 billion by 2050, significantly contributing to the growth of the pesticide and other agricultural chemicals market in the forecast period. The expanding population creates a heightened demand for food, necessitating increased crop production, farming activities, and trade volumes to meet the growing needs. Consequently, farmers and commercial agricultural companies are expected to acquire more arable land to boost crop production, leading to an increased demand for insecticides, herbicides, and fungicides.
The escalation in crop diseases and pests is anticipated to drive the growth of the pesticides and other agricultural chemicals market in the future. Crop protection involves the utilization of various strategies, including pesticides and other practices, to safeguard crops from damage caused by pests, diseases, weeds, and environmental factors. This ensures optimal agricultural yields and quality. Pesticides and agricultural chemicals play a crucial role in combating crop diseases and pests by directly killing or inhibiting the growth of these harmful organisms or by modifying plant characteristics to resist them. As reported in February 2023 by the Food and Agriculture Organization, pests cause an annual loss of 20% to 40% of the world's crop supply, with invading insects and plant diseases collectively costing the global economy $220 billion each year. Hence, the prevalence of crop diseases and pests is a key driver for the growth of the pesticides and other agricultural chemicals market.
The increasing consumer demand for organic food products is expected to have a negative impact on the pesticide market during the forecast period. Organic food products are derived from a farming system that avoids the use of pesticides and other artificial additives. Notably, according to the Organic Trade Association, organic food sales in the United States reached a new high of $56.4 billion in 2020, marking a 12.8% increase. This surge in organic product demand is such as ly to restrain the pesticide and other agricultural chemicals market in the upcoming period.
Toxicologists worldwide are embracing nanotechnology for the creation of novel and environmentally friendly insecticides. Nanoparticles have brought about a revolution in the pharmaceutical and chemical sectors. Pesticidal nanoFormulations consist of ultrafine particles that exhibit improved permeability, stability, and solubility. Many experts believe that nanotechnology can contribute to making insecticides much safer. Nano-sized insecticides can be applied in smaller quantities on agricultural fields compared to conventional forms. For example, Lansiumamide B (an antibacterial agent) is developed as a nanocapsule for treating tobacco bacterial wilt. Thiamethoxam (an insecticide) is administered as nanoscaled fibers, and Deltamethrin (an insecticide) is formulated as a lipid nanoparticle.
Prominent companies in the pesticide and agricultural chemicals market are focusing on advancing agrochemical formulations, including eco-friendly and bio-based alternatives, to address the growing demand for sustainable and efficient crop protection solutions. Agrochemical formulations refer to specific combinations and compositions of chemicals, including pesticides and fertilizers, tailored for agricultural use to enhance crop health and productivity. For instance, in March 2022, Best Agrolife (BAL), an agrochemical manufacturing company based in India, introduced Citigen and Vistara, along with six new formulations, Amito, Promos, Propique, Ghotu, Doddy, and Headshot. The broad-spectrum insecticide Citigen (Chlorantraniliprole 18.5% W/W SC) exhibits remarkable efficacy against insects, features prolonged rain fastness, and has low mammalian toxicity. It effectively manages pests in various crops such as sugarcane, rice, cabbage, cotton, tomato, call, soybean, brinjal, pigeon pea, Bengal gram, black gram, bitter gourd, okra, maize, and groundnut. The pests affected by Citigen include ball worms, stem borers, fruit borers, gran pod borers, stem flies, tobacco caterpillars, and pod borers.
Major companies operating in the pesticide and other agricultural chemicals market report are Mitsui Chemicals Inc., BASF SE, Marubeni Corporation, Bayer AG, Nutrien Ltd., Syngenta AG, Sumitomo Chemical Co. Ltd., Reckitt Benckiser Group PLC, Corteva Inc., China National Chemical Corporation, DuPont de Nemours Inc., Nippon Soda Co. Ltd., Bharat Rasayan Limited, Sinochem International Corporation, Chemours Inc., FMC Corporation, Adama Agricultural Solutions, Nufarm Limited, Nissan Chemical Corporation, Arysta Lifescience Corporation, PI Industries Ltd., Meghmani Organics Limited, Crystal Crop Protection Pvt. Ltd., Gowan Co. LLC, Isagro S.p.A., Rallis India Limited, Albaugh LLC, UPL Limited, Rotam Agrochemical Company Ltd., Wynca Group, Insecticides India Limited, Drexel Chemical Co. Inc., Willowood Limited
Asia-Pacific was the largest region in the pesticide and other agricultural chemicals market in 2023. Western Europe was the second largest region in the pesticide and other agricultural chemicals market. The regions covered in the pesticide and other agricultural chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the pesticide and other agricultural chemicals market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The pesticide and other agricultural chemicals market consists of the sales of rodenticides, liming and acidifying agents, soil conditioners, and chemicals used in animal husbandry. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pesticide And Other Agricultural Chemicals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pesticide and other agricultural chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pesticide and other agricultural chemicals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pesticide and other agricultural chemicals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.