Crop Protection Chemicals Market, By Origin (Synthetic, Bio-Based), By Type (Fungicide, Insecticide, Nematicide, Herbicide, Other types), By Application (Grains and cereals, Pulses and Oilseeds, Fruits and Vegetables, Commercial Crops, Other crop types), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
A variety of crop protection chemicals is available to control pests and diseases. These chemicals are highly selective and have been designed to cause minimal impact on non-target organisms. For example, they can be used to suppress the growth of weeds and control the growth of fungi on plants. They also exhibit low toxicity and rapidly degrade in the soil.
Market Dynamics:
Growing demand for food due to increasing population is a prime factor driving growth of the crop protection chemicals market. According to the Food and Agriculture Organization (FAO), the world population is expected to grow by over a third, or 2.3 billion, between 2009 and 2050. At the same time, per capita income is also projected to grow across the world. With the increasing per capita income and growing population, the demand for food is also estimated to grow, globally. For instance, as per FAO, the food demand in the United States is expected to increase by 50% to 90% by 2050. Moreover, increasing use of genetically modified crops is again augmenting market growth.
On the other hand, strict regulation regarding the usage of pesticides is projected to hinder the market growth.
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