Pesticide And Other Agricultural Chemicals Market Definition And Segments
The pesticides and other agricultural chemicals refer to agricultural and household pest control chemicals (except fertilizers) used to control pests and weeds in farmlands. These are used to protect plants against pests, kill weeds and bugs, and get rid of diseases.
The main types of pesticides and other agricultural chemicals are herbicides, insecticides, fungicides, other types of pesticides, and other agricultural chemicals. Herbicides are chemicals that are used to control undesirable vegetation. Herbicide application occurs in row-crop farming, where they are applied before or during planting to maximize crop productivity by minimizing other vegetation. The origin is synthetic and bio-based. The applications involved are grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and other applications.
The pesticide and other agricultural chemicals market covered in this report is segmented –
1) By Type: Herbicides, Insecticides, Fungicides, Other Pesticide and Other Agricultural Chemicals
2) By Origin: Synthetic, Bio-Based
3) By Application: Grains and Cereals, Pulses and Oilseeds, Commercial Crops, Fruits and Vegetables, Other Applications
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 growth in the historic period can be attributed to growth of crop yield enhancement, government policies and subsidies, disease outbreaks, climate conditions, 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 growth in the forecast period can be attributed to environmental and regulatory concerns, biological and organic solutions, population health and food safety, shift in crop patterns, climate change impact. Major trends in the forecast period include digital agriculture platforms, precision agriculture technologies, technological innovations, biological and biopesticides, digital agriculture and agtech.
Population Growth Fuels The Pesticides And Other Agricultural Chemicals Market In The Forecast Period
The world population is growing and is expected to reach 10 billion by 2050. This is expected to significantly boost the pesticide and other agricultural chemicals market during the forecast period. An increase in the population creates more demand for food. Crop production, farming activities, and trade volumes will have to increase to meet the increased population. Additionally, farmers and commercial farming companies will increase acquisitions of arable land to increase crop production. This is expected to increase the demand for insecticides, herbicides, and fungicides in the forecast period.
Rising Crop Diseases And Pest Threats Fuel Growth In The Pesticides And Agricultural Chemicals Market
The prevalence of crop diseases and pests is expected to propel the growth of the pesticides and other agricultural chemicals market going forward. Crop protection refers to the use of various strategies, including pesticides and other practices, to safeguard crops from damage or loss due to pests, diseases, weeds, and environmental factors, ensuring optimal agricultural yields and quality. Pesticides and other agricultural chemicals help combat crop diseases and pests by either directly killing or inhibiting the growth of these harmful organisms or by modifying plant characteristics to resist them, thereby protecting crop yields and quality. For instance, in February 2023, according to the Food and Agriculture Organization, a US-based Department of Agriculture, pests rob between 20% and 40% of the world's crop supply each year. Each year, invading insects and plant diseases cost the world economy a combined $220 billion. Therefore, the prevalence of crop diseases and pests is driving the growth of the pesticides and other agricultural chemicals market.
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
Growing Preference For Organic Foods Impacts The Pesticides And Other Agricultural Chemicals Market In The Forecast Period
The rising demand for organic food products is expected to negatively impact the pesticide market during the forecast period. Organic food products are derived through a farming system that avoids the use of pesticides and other artificial additives. For instance, according to the Organic Trade Association, a North American business association for the organic industry, organic food sales in the United States increased by 12.8% in 2020 to a new high of $56.4 billion. This rise in demand for organic products is such asly to restrain the pesticide and other agricultural chemicals market during the forecast period.
Nanotechnology Revolutionizes Insecticides For Safer And More Effective Pest Control
Toxicologists globally are adopting nanotechnology in the development of new, environmentally friendly insecticides. Nanoparticles have revolutionized the pharmaceutical and chemical industries. Pesticidal nanoformulations are ultrafine particles with enhanced permeability, stability, and solubility. Most engineers believe that nanotechnology can help make insecticides much safer. Nano-sized insecticides can be sprayed in lesser amounts on agricultural fields in comparison with conventional forms. For example, Lansiumamide B (antibacterial) is formulated as a nanocapsule to treat tobacco bacterial wilt. Thiamethoxam (insecticide) is sprayed as nanoscaled fiber, and Deltamethrin (insecticide) is formulated as a lipid nanoparticle.
Leading Agrochemical Companies Innovate With Eco-Friendly Formulations To Address Growing Demand For Sustainable Crop Protection Solutions
Major companies in the pesticide and agricultural chemicals market are prioritizing the development of advanced agrochemical formulations, including eco-friendly and bio-based alternatives, to meet increasing demand for sustainable and effective crop protection solutions. Agrochemical formulations refer to the specific combinations and compositions of chemicals, including pesticides and fertilizers, designed for agricultural use to enhance crop health and productivity. For instance, in March 2022, Best Agrolife (BAL), an India-based agrochemical manufacturing company, launched Citigen and Vistara along with six new formulations such as Amito, Promos, Propique, Ghotu, Doddy, and Headshot. Broad-spectrum insecticide Citigen (Chlorantraniliprole 18.5% W/W SC) has remarkable insecticide efficacy, a longer rain fastness, and low mammalian toxicity. Pests in crops such as sugarcane, rice, cabbage, cotton, tomato, call, soybean, brinjal, pigeon pea, Bengal gram, black gram, bitter gourd, okra, maize, and groundnut can be managed effectively with Citigen. Ball worms, stem borers, fruit borers, gran pod borers, stem flies, tobacco caterpillars, and pod borers are among the pests it affects.
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 pesticides 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.
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.