Growth Accelerated by Increased crop yield with reduced risk of pest attacks

 

Crop protection chemicals are essential agrochemicals that are widely used globally to protect crops from weeds, insects, fungi, rodents and other organisms that can significantly damage crop yields. Some key crop protection chemicals include herbicides, insecticides, fungicides and others. These chemicals help shield crops from infections and infestations during crucial growth stages, thereby enabling farmers to realize higher and healthier crop yields. With the global population projected to exceed 9 billion by 2050, there is an increasing need to boost agricultural productivity to meet the rising demand for food. However, conventional agricultural practices alone may not be sufficient to fulfill this need.

The global Crop Protection Chemicals Market is estimated to be valued at US$ 66.44 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing need for higher crop yields and productivity presents a major market opportunity for crop protection chemicals. As the global population continues to grow at a rapid pace, there is mounting pressure on farmers to increase agricultural output from limited farmland. However, factors such as unpredictable weather patterns, shrinking arable land and outbreak of pests and diseases pose formidable challenges. Crop protection chemicals play a vital role in safeguarding crop health and maximizing crop yields. Their use allows farmers to protect crops from losses caused by weeds, insects and fungal attacks. This supports meeting the rising global demand for food in a sustainable way. With agricultural productivity needing to rise substantially in the coming decades, the market for crop protection chemicals is poised to grow significantly.

Porter's Analysis

Threat of new entrants: The Global Crop Protection Chemicals Market Size requires large capital investments for R&D of new chemicals and technology. Regulations also pose entry barriers to new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of multiple established manufacturers.

Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitute materials and bargaining power of buyers.

Threat of new substitutes: Threat of substitutes is moderate as newer technologies like biostimulants are emerging but lack capabilities of conventional chemicals.

Competitive rivalry: The market is highly competitive with major players competing on basis of product portfolio, pricing and distribution.

SWOT Analysis

Strength: Established distribution networks and diverse product portfolio give incumbents an edge. Strong focus on R&D leads to development of innovative products.

Weakness: Crop protection chemicals pose environmental and health hazards. stringent regulations globally increase compliance costs.

Opportunity: Emerging markets in Asia Pacific and Latin America offer high growth potential. Adoption of precision farming and biostimulant products provide new opportunities.

Threats: Volatility in raw material prices can squeeze profits. Growing preference for organic farming threatens demand for conventional chemicals.

Key Takeaways

The global crop protection chemicals market is expected to witness high growth due to rising population and reducing cultivable land. The Asia Pacific region dominates the market and is projected to grow at the fastest pace during the forecast period. Key factors influencing the regional growth include increasing cultivation, growing middle-class population and supportive government policies for agriculture sector.

North America and Europe are also major markets owing to large agricultural industry and established farming practices. However, stringent regulations around product registrations act as a restraint. Emerging economies like Brazil, Argentina and India are expected to offer lucrative opportunities for market players.

Key players operating in the crop protection chemicals market are Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. - C.F., Capo, and Pedla. Major players are focusing on developing bio-based and green products while expanding presence in high-growth regions.

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