South America pesticide and other agriculture market is the third largest region in the world. It currently has about 22.3% share of the global pesticide and other agricultural chemicals market

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Nov 02, 2017, 20:30 ET

LONDON, Nov. 2, 2017 /PRNewswire/ --

South America pesticide and other agriculture market is the third largest region in the world. It currently has about 22.3% share of the global pesticide and other agricultural chemicals market. The market in South America grew at a CAGR of 4.1% in the historic period and is expected to grow at a CAGR of 3.32 % in the forecast period.

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Herbicides was the largest segment in the pesticide and other agricultural chemicals market with over 73% share of the market. Fungicides was the second largest segment with around 14% share of the pesticide and other agricultural chemicals market. Insecticides was the third largest segment with around 13% share of the pesticide and other agricultural chemicals market.

Environment Friendly Alternatives
Companies in the herbicide industry are increasingly investing in the research and development to develop Environment Friendly Alternatives. Many countries are considering banning harmful herbicides which release harmful toxins in the environment. For instance many countries are contemplating banning glyphosate. Companies are investing in processes to manufacture less harmful alternatives to glyphosate. For instance, In May 2016, Syngeta AG developed "Acuron", a herbicides targeted against difficult weeds in corn. Companies are expected to continue developing new kinds of herbicides which have limited impact on the environment.

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