LONDON, Jan. 20, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com announces addition of new report "Pesticides Market By Type (Herbicides, Fungicides And Insecticides), Opportunities And Strategies - Global Forecast To 2023" from its latest collection of research data. The report is spread across 217 pages covering Herbicides, Fungicides and Insecticides. Browse Complete Report @ https://www.thebusinessresearchcompany.com/report/pesticides-market .
Companies in the fungicides market, which is a segment of the pesticides market, continue to develop new products to increase their market shares. Increasing demand for quality and environmentally friendly fungicides drives the research and development of new fungicides. In June 2017, Japan's Sumitomo Chemical and Germany's BASF agreed to collaborate for the development of new fungicides based on a fungicidal compound discovered by Sumitomo Chemical, which is expected to be efficient in controlling major plant diseases. In 2016, Switzerland-based Syngenta AG received an approval for the first ever fungicide based on a new carboxamide class active ingredient called Adepidyn. It is expected to be highly effective on difficult-to-control diseases such as Fusarium, which causes severe crop damage.
Companies in the insecticides industry, another segment of the pesticides market, are developing new products and improving product composition to make them safer for workers, farmers, plants, and the soil. Every year, companies globally introduce new products or brands to cater to different sets of audiences, insects, and industries. This translates to changes in the base solution, mode of application, and residue formation of the insecticide. In 2017, Marrone Bio Innovations, Inc. developed Venerate XC, a chemical user-friendly liquid microbial-based solution, which is used in integrated pest management (IPM) with a minimal four-hour re-entry interval (REI), and is under the MRL (maximum residue level) tolerance. The product is also non-toxic to fish, birds, and honeybees. In 2017, the Pesticide Registration and Control Division (PRCD), Ireland, and the European Union approved Isoclast, a new insecticide developed by Dow AgroSciences.
The pesticides market, segmented into herbicides, insecticides, and fungicides, was valued at $84.5 billion in 2019. The herbicides market was the largest segment of the pesticides market in 2019, accounting for around 52% of the total share. Herbicides are commonly known as weed killers, and are chemical substances used to control unwanted plants. Selective herbicides kill certain targets while leaving the desired crop relatively unharmed. Some of these herbicides act by interfering with the growth of the weed and are often based on plant hormones. Herbicides used to clear waste ground are nonselective and kill all plant material with which they come into contact.
Companies in the herbicides industry are increasingly investing in research and development to develop environmentally friendly alternatives. Many countries are considering banning harmful herbicides such as glyphosate which release harmful toxins in the environment. Companies are investing in processes to manufacture less harmful alternatives to glyphosate. For instance, in May 2016, Syngeta AG developed "Acuron", a herbicide targeted against difficult weeds in corn. Companies are expected to continue developing new kinds of herbicides which have limited impacts on the environment.
Consolidation Of Major Players
The herbicides market has registered a significant increase in mergers and acquisitions over the last five years. Such collaborations are mainly aimed at expanding the product range or distribution networks. This can also be attributed to low food commodity prices which affect pesticides manufacturers and distributors leading to industry consolidation. For example, in February 2017, ChemChina acquired Syngenta AG for a total of $43 billion. Following this, the Chinese herbicides market is expected to increase in productivity and gain a dominance in global prices. Furthermore, in September 2017, California-based American Vanguard Corporation, acquired Pennsylvania-based OHP, Inc., a leader in herbicide solutions, especially for greenhouse and nursery applications, with a wide network of distributors across the USA and South America. Lastly, in 2018, Bayer acquired Monsanto for $63 billion.
Faster Economic Growth Will Drive The Pesticides Market At 11.5% CAGR To 2023
Going forward, the global pesticides market will be driven by faster economic growth forecast for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period are further expected to aid the market growth. Developed economies are expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India's GDP is expected to grow at 7.3%, whereas China is forecasted to register GDP growth of 6.2% in 2019. Economic growth will drive agricultural activities, and increase disposable incomes and spending on pesticides by end-users. Economic growth is also expected to increase investments in end user markets, thus driving the market for pesticides.
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