Crop Protection Market examination – Chemicals, Seeds and Genetically alternation Crops
The global market for crop protection consists of crop protection chemicals, seeds, and genetically alternation crops. Crop protection chemical is the most important and dominating segments of this market in terms of market proportion and product innovation. This market is further divided into following segments:
- Micro Nutrients
Amongst these segments, micro nutrients, bio-pesticides, and adjuvant are used in minimum quantities and consists of a minor proportion in this market and as a consequence, crop protection market is typically referred to as pesticides market.
This market is expected to observe exceptional growth in near future as a consequence of government initiatives to sustain and increase agricultural production to meet the food requirements of growing population. Asian market, being the highest importer of food, will be the largest consumer and present appropriate ground for crop protection products.
Pesticides market is further segmented into synthetic pesticides and bio-based pesticides. Bio-based pesticides are made from replaceable resources and contain no synthetic elements. These pesticides have much more positive impact on ecosystem as compared to their synthetic counterparts. With all these advantages, bio-based pesticide is expected to be the fastest growing segments in near future.
Synthetic pesticides are manufactured from petroleum products or inorganic raw materials and further classified as
Synthetic pesticides market is dominated by fungicides, accounting over 40% of the total need for pesticides while herbicides market is expected to grow at the annual growth rate of 4.6% per year. Sale of insecticides is expected to be higher in Asia as insecticide is the most popular pesticide in Asian countries. Global market for insecticides is estimated to grow by 4.1% yearly till 2016.
Need of Crop Protection
Shrinking of cultivable land, increasing population, and need to enhance crop yields are some major factors driving the need for crop protection in upcoming years. However, restrictions from government agencies and regulatory authorities to limit the use of pesticides to reduce unhealthy impact on ecosystem and growing consumer awareness is expected to make difficulty the growth of crop protection chemicals market in near future.
Pesticides can be manufactured with the use of different types of raw materials. Commonly used raw materials for manufacturing pesticide are sulfur, oxygen, chlorine, phosphorous, nitrogen, bromine, and phenol.
North America and Europe were the biggest consumers of pesticides in the past, but regulatory push towards limiting the use of pesticides and increasing consumer awareness resulted in a meaningful decline in the need of pesticides in these regions. Asia Pacific market is expected to gain traction in the upcoming years as a consequence of increasing modernization of agriculture in India and China, both countries being major food exporters.
Among all crop protection chemicals, herbicides is the largest part accounting over 42% of the market proportion followed by insecticide and fungicides at second and third place respectively with the market shares of 28% and 23%.
Major players dominating the market of crop protection chemicals are Bayer Crop Science (Germany), BASF (Germany), Monsanto (US), Dow Agrosciences (US), Syngenta (Switzerland), Nugarm (Australia), Sumitomo (Japan), and others.