Global MCPA Pesticide Market - 2022-2029

Global MCPA Pesticide Market - 2022-2029

Market Overview

MCPA pesticide is a chemical compound made up of MCPA (2-methyl-4-chlorophenoxyacetic acid), which is dry herbicide powder that is combined with various pesticides to achieve different effects on crops. This chemical compound is dangerously toxic, despite protecting crops and plants from weeds and promoting unrestricted plant growth. The factors that are driving the growth of MCPA pesticides market are changing climatic conditions, diminishing arable land, and consistently growing food demand. In addition, despite various government policies limiting the herbicide use, integrated pest management is paving the way for pest management that does not harm the environment. Thus, this ultimately provides herbicide manufacturers with an excellent opportunity to capitalize on market opportunities.

The global MCPA pesticide market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 4.12% during the forecast period (2022-2029).

Market Dynamics

Rising emphasis on food security and growing agriculture techniques is driving the growth of the market

The increased emphasis and focus on food & its security enables the farmers and the government to adopt new techniques for the efficient cultivation of mixed crops and crop yield enhancement. Furthermore, the increase in awareness about the harmful chemicals in pesticides and agriculture sector realized the need for developing sustainable chemicals from plant, animal, mineral and other bacterial sources which reduces the soil pollution and agricultural produce contamination which adds to the growth of the market.

In addition, the future growth of the MCPA pesticides market is heavily reliant on global agricultural standards harmonization and the implementation of sustainable farming practices in emerging economies worldwide. For instance, in 2020, according to empirical data on global farming and agricultural yields, the demand for food products is expected to rise significantly in the coming years, increasing crop demand. These factors are expected to drive up the global need for pesticides and other crop care products. For instance, in 2020, according to The World Bank $125 million project in Jordan aims to strengthen the development the agriculture sector by enhancing its climate resilience, increasing competitiveness and inclusion, and ensuring medium- to long-term food security.

However, the lack of awareness among small-scale livestock producers creates the additional challenges to the growth. Also, the adverse effects of pesticides and stringent regulations would further hamper market growth.

Market Segmentation: Cereal stands for the highest share in global MCPA pesticide market

In 2021, the cereal segment dominated the market and accounted for YY share of the global revenue. MCPA is used as an herbicide, in its salt or esterified forms. Pesticides control broadleaf weeds, including thistle and dock, in cereal crops and pasture. These pesticides are selective for plants with broad leaves, and this includes most deciduous trees. MCPA pesticides are extensively used in wheat crops. In addition, with the use of MCPA pesticides, farmers have been able to produce bigger crops on less land, and increasing crop productivity. For instance, according to crop life India pesticides increases the crop productivity by 20% to 50%. Furthermore, pesticides allow farmers to maximize the benefits of other valuable agricultural tools, such as high quality seeds, fertilizers and water resources. Pesticides are therefore an indispensable tool for the sustainable production of high quality cereals.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of YY percent. The agriculture and food & beverage industry is a major contributor to the economy of North America. The consumption of agricultural food such as cereals and grains in North America has increased the consumption, and thus, the demand and use of MCPA pesticides has increased over the past few years For instance, in 2022, according to WebinarCare the whole Agriculture, food, and related industries contributed $1.055 trillion to the U.S. gross domestic product in 2020.

Competitive Landscape:

The global MCPA pesticide market is competitive and comprises players such as Bayer AG, BASF SE, Yara , Compass Minerals, Syngenta Crop Protection AG, ADAMA, Sumitomo Chemicals Co., Ltd, Nufarm, UPL and FMC Corporation among others. The MCPA pesticides market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as acquisitions, collaborations, new product launches, and research & development activities related to high crop yield, improving soil quality and others. Moreover, growing demand for agricultural products in various regions owing increased the demand for food which ultimately has increased the demand for MCPA pesticides.

For instance,

• In April 2022, BASF opened its new Center for Sustainable Agriculture. The Center will provide visitors information and experiences covering a broad range of topics — from technology and innovation driving agriculture’s productivity to how healthy homes and communities are not much different than a farmer’s field.

• In August 2022, BASF and Corteva Agriscience collaborated to develop new soybean weed control solutions for farmers around the world. The companies have agreed to cross-license soybean traits, while developing complementary herbicide technologies, enabling both companies to offer innovative soybean weed management solutions.

COVID-19 Impact

Negative impact on global MCPA pesticide market

The COVID-19 pandemic has adversely affected various industries and the economies of various countries due to lockdowns, government-imposed restrictions on import-exports, business close, and travel bans. Agriculture and food are among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.

In addition, governments around the world have imposed the lockdowns to prevent the spread of the disease and its terrible effects, which has had a substantial impact on numerous manufacturing and service businesses, including crop cultivation. As the emergence of COVID-19 was increasing in several countries, consumers were becoming more concerned about the safety of food, which resulted in less crop cultivation, which ultimately impacted MCPA pesticides market negatively.

Furthermore, the restrictions on production and cultivation crops owing increased cases of covid infected people. These restrictions led to less production and cultivation which ultimately decreased the demand of fertilizer mixtures that impacted the market negatively.

The global MCPA pesticide market report would provide an access to approximately 61 market data tables, 61 figures and 170 pages.