The crop protection market is flourishing due to the rise in concerns over the increasing farm weed species, nematodes, and other harmful bugs impacting the natural growth of crops. Increased utilization of rapeseed with low fat content across the globe and other such crops is fuelling the market of crop protection. Increased awareness towards unwanted herbs, insects and fungi especially in Asia Pacific has helped in growth of herbicides followed by fungicides.
Albany, NY -- (SBWIRE) -- 09/28/2015 -- Around the world, demand for food is rising as a result of the ever-expanding population. This in turn is fueling several market sectors in the agriculture industry. One such sector is that of crop protection chemicals, which consists of a variety of crop chemicals to increase agricultural yield. Demand for increasing per hectare yield and growing demand for food free from harmful organisms is driving the global crop protection chemicals market.
The global crop protection chemicals market will demonstrate a modest yet steady growth in the coming future. Broadly, the global crop protection chemicals market is segmented by application, product type, and geography. A comprehensive analysis of these sectors and their sub-sectors is available in the report with insightful forecasts for each sector.
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The report offers a detailed analysis of the challenges the global crop protection chemicals market faces. The report delivers the framework of market challenges according to the key regions in the global crop protection chemicals market. In addition to this, the research study offers valuable insights on how new entrants and established players can overcome these challenges.
Overview of the Global Crop Protection Chemicals Market
The increasing number of nematodes, weed species, and other harmful insects that disrupt the natural growth of crops is projected to add to the demand for crop chemicals. The elevated productivity per unit labor supported by these chemicals will also add to their demand. In addition to this, the better timelines along with the flexibility resulting from the use of crop protection chemicals will propel this market.
Though the global crop protection chemicals market will exhibit steady growth in the foreseeable future, it will face a number of challenges that will suppress it. Some of the major challenges the global crop protection chemicals market faces is the ban imposed by market regulators, increasing resistance of pests to crop chemicals, extinction of rare beneficial species due to the use of crop chemicals, and the adverse effects of these chemicals on human health.
Considering all these market dynamics, the report forecasts a CAGR of 5.4% for the global crop protection chemicals market during the period from 2011 to 2018. The market was worth US$48.0 billion in 2011 and is anticipated to be worth US$71.3 billion by 2018.
By product type, the global crop protection chemicals market is divided into herbicides, insecticides, fungicides, and others. The herbicides segment is projected to witness the highest growth during the forecast period, at a 6.1% CAGR. By application, the global crop protection chemicals market is divided into grain type crops and oilseeds crops.
Geographically, Asia Pacific has emerged as a huge market for crop protection chemicals and is predicted to demonstrate healthy growth in the foreseeable future.
Companies mentioned in the research report
One of the key strategies followed by companies in the global crop protection chemicals market is mergers and acquisitions. Recently, Monsanto offered to buy the U.S. seed maker Sygenta AG for US$45 billion. In case this merger fails, Monsanto is expected to approach German giant Bayer AG, regarding the acquisition of its crop protection chemical business. Besides these companies, other notable companies operating in the global crop protection chemicals market are DuPont, Arystya Lifescience, Sumotomo Chemicals, Nufarm, Makhteshim Agam, and DOW Agroscience.
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