The global pesticides market was valued nearly at $139 billion in 2016. Asia is the largest market for pesticides, accounting for about 39% of the global market. China is the largest country in terms of value in the pesticides market.
Pesticides are chemicals used to eliminate or control a variety of pests related to agriculture that can damage crops and livestock and reduce farm productivity. Agricultural chemicals (also known as agrochemicals) are chemical agents such as pesticides, fungicides, herbicides and insecticides that are used to control crop-harming organisms (e.g., fungi, nematodes, mites, insects and rodents) or viruses.
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Pesticides Market Size
The pesticides market is is expected to grow at a growth rate of around 8% to nearly $52 billion by 2022.Growth in the pesticides market in the historic period resulted from economic growth and development of low interest rate environment in emerging markets. Factors that negatively affected growth in the historic period were high R&D costs, alternative techniques and erratic rainfall. Going forward, economic growth in various major and emerging economies, massive growth in world population and an increased demand in food production will drive growth of the pesticides market. Factors that could hinder the growth of this market in the future are reduction in free trade, expiry of patents and the cost of acquiring new patents rising costs.
The pesticides market is concentrated with the top ten competitors making up more than 35% of the total market in 2018. Players in the market include China National Agrochemical Corporation, Bayer AG, Dow DuPont, BASF SE, United Phosphorus Ltd., FMC corporation, Nufarm Limited, Platform Specialty Products Corporation, Nutrichem Company Limited, and Nanjing Red Sun Co.
China National Agrochemical Corporation was the largest company in the pesticides and agricultural chemical market in 2016 with around 10% share of the market. The company operates as a subsidiary of China National Chemical Corporation, headquartered in Beijing, China.
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The Pesticides market is is expected to grow at a CAGR of around 8% to nearly $52 billion by 2022.
Growth in the pesticides market in the historic period resulted from economic growth and development of low interest rate environment in emerging markets. Factors that negatively affected growth in the historic period were high R&D costs, alternative techniques and erratic rainfall. Going forward, economic growth in various major and emerging economies, massive growth in world population and an increased demand in food production will drive growth of the pesticides market. Factors that could hinder the growth of this market in the future are reduction in free trade, expiry of patents and the cost of acquiring new patents rising costs and opposition from environment activists who are concerned with the effect of use of these chemicals on the environment.
Some of the major drivers of the market are:
Economic Growth – The global economy is expected to go through a continuous period of steady growth during the historic period. The US economy was already showing strong growth in 2016, and this is likely to continue during the forecast period. The European market is expected to see growth return later in the forecast period
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