Synthetic Pesticide Market to Garner $27.6 Billion, Globally, By 2031 at 5.5% CAGR, Says Allied Market Research

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Nov 30, 2022, 09:57 ET

Growing use of synthetic pesticide in agriculture and forestry drives the growth of the global synthetic pesticide market.

PORTLAND, Ore., Nov. 30, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Synthetic Pesticide Market by Category (Organophosphates, Carbamate, Others), by Type (Insecticides, Fungicides, Herbicides, Others), by Application (Fruits and Vegetables, Turfs and Ornamentals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global synthetic pesticide industry was estimated at $16.3 billion in 2021, and is anticipated to hit $27.6 billion by 2031, registering a CAGR of 5.5% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth-

Growing use of synthetic pesticide in agriculture and forestry drives the growth of the global synthetic pesticide market. On the other hand, adverse effects of synthetic pesticides on human health and eco system restrain the growth to some extent. However, new product launches and technological advancements have created lucrative opportunities in the industry.

Covid-19 scenario-

The outbreak of the pandemic heightened the demand for synthetic pesticides due to increasing use of the properties as antimicrobial agents for preventing infections and diseases, this in turn impacted the global synthetic pesticide market positively.
This drift has also sustained even when the pandemic is almost over.

The carbamates segment to cite the fastest CAGR by 2031-

By category, the carbamates segment is expected to showcase the fastest CAGR of 5.8% from 2022 to 2031. Carbamates are synthetic pesticides that are used as treats or hooks to control bugs by triggering nerve and cerebral damage. However, the others segment held the major share in 2021, accounting for more than two-fifths of the global synthetic pesticide market revenue. The others segment includes pyrethrin, pyrethroid and organochlorine. Pyrethrin's are widely used to control mosquitoes, fleas, flies, moths, ants, and a variety of other pests. Pyrethroids can be found in a variety of commercial pesticides, including home insecticides, pet lotions, and shampoos.

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The herbicides segment to rule the roost-

By type, the herbicides segment garnered the major share in 2021, generating around half of the global synthetic pesticide market revenue. This is owing to the fact that herbicides are most often used in row-crop farming, where they are administered prior to or during planting to improve crop yield. The insecticides segment, simultaneously, would cite the fastest CAGR of 6.4% during the forecast period. This is due to the fact that insecticides offer broad-spectrum protection, and certain synthetic insecticides may be applied in conjunction with others to control many pest species at once.

The fruits and vegetables segment to retain the lion's share-

By application, the fruits and vegetable segment accounted for more than three-fifths of the global synthetic pesticide market revenue in 2021, generating the major market share, due to the fact that synthetic insecticides such as malathion & chlorpyrifos are widely used on all fruits and vegetables, as well as wheat. The turfs and ornamentals segment, on the other hand, would showcase the fastest CAGR of 5.7% from 2022 to 2031. This is attributed to the fact that synthetic pesticides are applied to seedlings in turfs and ornamentals to maintain soil fertility, yield crop quality, and crop development. They are also used to keep pests and illnesses away from crops.

Asia-Pacific grabbed the highest share-

By region, Asia-Pacific contributed to the highest market share in 2021, generating more than two-fifths of the global synthetic pesticide market revenue. The same region would also cite the fastest CAGR of 6.2% from 2022 to 2031. This is because synthetic pesticides are used to boost agricultural productivity in countries such as India and other Southeast Asian nations.

Key players in the industry-

BASF SE
Bayer Crop Science AG
Corteva Agriscience
Syngenta AG
ADAMA Ltd.
FMC Corporation
UPL Limited
Sumitomo Chemical Co., Ltd.
Nufarm Limited
Aimco Pesticides Ltd.

The report analyzes these key players in the global synthetic pesticide market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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