What is the Actual Size of the Crop Protection Chemicals Market?
It’s very easy to think that the safety of food and commercially oriented crops is purely human effort. Commercial crops are grown and harvested as inputs or raw materials for other industries (which may include cotton, jute, tobacco, coffee, tea, mustard, and many others). But there are several hazards that commercial crop harvesting faces before actual values are generated. Crop protection chemicals are a vital part of this process.
Types of Crop Protection Chemicals and Their Use and Impact.
- Herbicides: They are usually chemicals used to control or eliminate unwanted and dangerous vegetation. Herbicides are effective with good mixtures and application. They are applied especially in crop planting to maximize yield by inhibiting other vegetation that is a hindrance to the desired crop.
- Insecticides: They kill dangerous crop-consuming and contaminating insects and other types of arthropods. They are designed to eliminate the potential of these crop-destroying parasites from getting any chance at multiplication.
- Fungicides: They are a type of pesticide that stop the growth of fungi that can damage plants and affect overall yield. This includes rusts, mildew, and blight. Today, there both chemical and organic fungicides with varying range of benefits for the farmer and grower.
- Pesticides: Chemical substances or mixtures used to prevent, destroy, or control pests. It may also include human or animal disease vectors, undesired plant or animal species that cause harm during or interfere with production, processing, storage, transport, or marketing of food, and agricultural produce.
- Rodenticides: They are formulations used to control, eliminate, or eradicate crop-killing rodents like mice and rats. They contain multiple flavors as baits for rodents but are actually lethal poisons.
The Present Situation of the Crop Protection Chemicals Market
According to statistics, there is a shift in the overall crop protection chemical market as more people adopt sustainable solutions and alternatives.
- In the 2020 fiscal year, the global industry was valued at USD 63.7 billion. Given the global shift in geopolitics and other factors, the global crop protection chemicals market is projected to reach a value of USD 74.1 billion by 2025, at a CAGR of 3.1% in the forecast period.
In India, largely driven by stability, the overall crop protection chemicals market is expected to witness exponential growth due to several factors. It is estimated to grow at a CAGR of 4.08% from 2022 to 2027. The market size is set to expand by USD 549.34 million. The growth of the market is a result of several factors, that include: higher herbicide use, higher demand, less arable land, newer products, and accessibility.
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