The major drivers in the global crop protection chemicals market are burgeoning population levels, the dire need to improve the scalability of crop production, scarce resources such as agricultural labor and land, and surging concerns over food security. In 2021, the market was valued at $78,407.3 million, and it is predicted to touch $117,436.6 million by 2030. Furthermore, the market will advance at a 4.6% CAGR from 2021 to 2030. In addition, there is a huge pressure exerted on the agricultural land and the farmers to improve the efficiency of agricultural lands.
A skyrocketing investment in R&D will spur crop protection chemicals market growth. Enhanced integration of technologically advanced devices into the current farming activities will pave the way for generating higher revenue in the market by providing lucrative opportunities to the market players to gain a competitive edge. The farmers are in constant fear of crop failure because of the threat of pest attacks. Moreover, to minimize the risks associated with crop damage and to maximize crop production, pesticides are being extensively used in farming techniques.
Within the application segment, the cereals category will generate the highest crop protection chemicals market revenue, growing at a 5% CAGR from 2021 to 2030. The requirement to meet the skyrocketing need for food inventories by the population will enhance the efficiency of production, thereby helping the corporations to attain economies of scale. The surging awareness of leading a healthy lifestyle among the people is exerting a noticeable push on cereal production to cater to the dietary requirements of people. Therefore, this will propel growth in the market.
APAC led the global crop protection chemicals market in 2021, accounting for about 40% of the total market value. This can be credited to surging awareness of the use of pesticides, extensive farmland, and an inherent strong agricultural base. Moreover, the increasing adoption of technologically advanced products will propel growth in the market. In addition, it is also expected to exhibit the fastest CAGR because of the greater requirement for agrochemicals in emerging economies, such as China and India.
Hence, the skyrocketing population levels will drive the market by offering extravagant opportunities to the market players.
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