Global Crop Protection Chemicals Market Surges as Economies Focus on Improving Crop Yield: Study

LONDON, March 30, 2021 /PRNewswire/ --The global crop protection chemicals market has been undergoing transformation in response to the changing crop mix trends and dynamic environmental regulations. Coupled with this, surging population and subsequently rising demand for food has been contributing towards growth. As per the new study by Fairfield Market Research, the demand for crop protection chemicals will continue increasing at an accelerated pace especially on account of the decreasing arable land and urgent need for addressing food security.

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According to the report, the global crop protection chemicals market will exhibit 5.3% CAGR between 2020 and 2025. With the global population slated to surpass 9.8 billion by 2050, the pressure is mounting on arable land to produce adequate yield. The situation is dire in case of highly populated developing economies. Thus, conversations around devising economical ways of increasing agricultural yield are gaining momentum. All of these factors are expected to boost the demand for crop protection chemicals in the near future.

Improving Agricultural Productivity to Establish Food Security Raises Demand for Crop Protection Chemicals

Higher focus on boosting agriculture productivity is at the core of rising crop protection chemicals sales. A graver issue of food security amidst rising population, climate change, and crop damage due to unforeseen events has given the market an additional boost. Some of the leading producers are focusing on developing seeds with new traits for disease-resistance.

Ongoing research is however not without scientific complexity. While agrochemicals companies have continued their research on boosting yield via genetically engineered traits, they have been able to make only limited success in the field. Studies indicate that the first generation of hybrid wheat seeds has made with limited commercial success. Nonetheless, companies are continuing their research on potential prospects and new genetic approaches to overcome the hurdle.

Their efforts have resulted in various new launches, including active ingredients. For instance, in November 2020, Syngeta Crop Protection announced the launch of Spiropidion, which is a novel active ingredient that can be used to protect a wide array of crops.

Crop Protection Chemicals Demand Increased Despite Pandemic Outbreak

While most other industries struggled to stay afloat amid the unprecedented COVID-19 outbreak, the demand for crop protection chemicals continued to surge at a steady pace. High dependence on agricultural input, making it an essential commodity, ensured unwavering demand for crop protection chemicals. Many agrochemical companies contemplated setback during the first half of 2020, instead demand continued to increase despite supply-chain disruptions.

Changing behavior of consumers had a considerable impact. While forecasts indicated towards a relatively flat trajectory, the COVID-19 outbreak displaced the historic projected amid changing consumer preferences. This also encouraged several developing countries to focus on the innovation of novel inputs of global standard to help farmers improve the productivity of their agricultural land.

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Players in Crop Protection Chemicals Market Shift Focus to Brazil, Argentina, and India

This trend is visible in the fact that both Latin America and Asia Pacific continued exhibiting increasing demand for crop protection chemicals. This has helped the regional market attract some of the leading market players.

For instance, in 2018, BASF SE announced plan of launching 20 agrochemicals in India in the coming five years. It was also announced by Insecticides India Ltd (IIL) that it plans to launch three new products as the company gradually returns to normalcy post easing of restrictions imposed due to pandemic.

Some of the leading players operating in the market are Syngenta, Bayer Crop Science, BASF SE, Corteva (DowDuPont), FMC, and ADAMA.

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SOURCE Fairfield Market Research