LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the global crop protection chemicals market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global crop protection chemicals market will grow at a CAGR of more than 5% during the forecast period. The increasing demand for crop protection chemicals from developing economies is a major factor driving the market’s growth.
Emerging economies such as India and China are focusing largely on the rural segment due to the high growth potential in this region. Farmers in this region are concentrating on crop protection to enhance their business. With the increasing awareness among farmers, further penetration of crop protection chemicals will lead to an increase in the consumption. The above-mentioned economies are the largest economies in terms of population and are also the focus market for the players of crop protection chemicals.
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The three emerging market trends driving the global crop protection chemicals market according to Technavio research analysts are:
- Increasing use of herbicides and weed control
- Introduction of biopesticides
- Implementation of integrated pest management (IPM) as new method of crop protection
Increasing use of herbicides and weed control
The increasing use of herbicides is anticipated to drive the global crop protection chemicals market during the forecast period because of the huge investments made for the development of new varieties of herbicides, which are more effective and eco-friendly. These modern herbicides decompose quickly after application. Herbicides are widely used in a variety of crops such as grains, cereals, fruits, vegetables, pulses, and oilseeds. The increased use of herbicides is because of the shift in the preference of consumers toward fruits and green vegetables owing to the increasing awareness of consumers regarding health and fitness.
The Dow Chemical Company has recently launched two new grassland herbicides and claims to protect crop weeds that have become resistant to existent herbicide products. The two products are named Levstar and Envy. While the former is developed concentrating on controlling a wide range of weeds such as fat hen, charlock, chickweed, and perennial weeds such as docks, buttercups, and thistles, the latter is usually favored in non-productive pastures that are typically nutrient-deficient, worn-out, and over-grazed.
“Several industry players have been aiming at developing bio-based herbicides, a clean yet expensive solution for controlling weeds that have become resistant to chemical-based herbicides,” says a senior analyst at Technavio for research on agrochemicals and fertilizers.
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Global crop protection chemicals market segmentation
This market research report segments the global crop protection chemicals market based on product type (herbicides, pesticides, and insecticides) and geography (the Americas, APAC, Europe, and ROW).
The global crop protection chemicals market by herbicides accounted for around 40% market share in 2017, making it the leading segment. The growth of the herbicides segment is one of the key drivers for the growth of the global crop protection chemicals market because of the increasing demand for herbicides that are used to control weeds. This is followed by the pesticides segment owing to its extensive use in various application segments such as the agricultural sector, horticulture, amenity areas, and in-home gardens.
Geographically, the crop protection chemicals market was led by the Americas with approximately 44% share of the market in 2017, followed by the APAC region.
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