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Pesticide And Other Agricultural Chemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Pesticide And Other Agricultural Chemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 400 pages
  • ID: 6018804
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the pesticides and other agricultural chemicals market include Bayer AG; Syngenta AG; BASF SE; Dow Chemical Company and China National Chemical Corporation(Chemchina).

The global pesticide and other agricultural chemicals market is expected to grow from $80.27 billion in 2020 to $84.82 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $109.75 billion in 2025 at a CAGR of 7%.

The pesticides and other agricultural chemicals market consists of the sales of pesticide and other agricultural chemicals by entities (organizations, sole traders or partnerships) that formulate and prepare agricultural and household pest control chemicals (except fertilizers). The pesticides and other agricultural chemicals market is segmented into herbicides; insecticides; fungicides and other pesticide and other agricultural chemicals.

Asia Pacific was the largest region in the global pesticide and other agricultural chemicals market, accounting for 27% of the market in 2020. South America was the second largest region accounting for 24% of the global pesticide and other agricultural chemicals market. Middle East was the smallest region in the global pesticide and other agricultural chemicals market.

Toxicologists globally are adopting nanotechnology in the development of new, environmentally friendly insecticides. Nanoparticles have revolutionized the pharmaceuticals and chemicals industries. Pesticidal nanoformulations are ultrafine particles with enhanced permeability, stability, and solubility. Most engineers believe that nanotechnology can help make insecticides much safer. Nano sized insecticides can be sprayed in lesser amounts on agricultural fields in comparision with conventional forms. For example, Lansiumamide B (antibacterial) is formulated as nanocapsule to reat tobacco bacterial wilt. Thiametoxam (insecticide) is sprayed as nanoscaled fibre and Deltamethrin (insecticide) is formulated as a lipid nanoparticle.

The rising demand for organic food products is expected to negatively impact the pesticides market during the forecast period. Organic food products are derived through farming system which avoids the use of pesticides and other artificial additives. For instance, according to the Soil Association, sales of organic products in the UK increased by 4.5% in 2019 to reach £2.45 billion. Similarly, in 2018, sales of organic food in the US increased by 5.9% to reach $47.9 billion, according to the 2019 Organic Industry Survey. This rise in demand for organic products is likely to restrain the pesticide and other agricultural chemicals market during the forecast period.

World population is growing and is expected to reach 10 billion by 2050; this is expected to significantly boost the pesticide and other agricultural chemicals market during the forecast period. Increase in population creates more demand for food. Crop production, farming activities and trade volumes will have to increase in order to meet increased population. Additionally, farmers and commercial farming companies will increase acquisitions in arable land to increase crop productions, this is expected to increase the demand for insecticides, herbicides and fungicides in the forecast period.

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