Asia-Pacific Crop Protection Chemicals Market to Reach $24.86 Billion by 2030
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Meticulous
Research®—a leading global market research
company, published a research report titled, ‘Asia-Pacific
Crop Protection Chemicals Market by Type (Synthetic
[Herbicides, Insecticides], Biological [Bioinsecticides, Bioherbicides]),
Formulation (Liquid, Dry), Mode of Application (Seed Treatment, Soil
Treatment), Crop Type - Forecast to 2030’.
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According
to this latest publication from Meticulous Research®, the Asia-Pacific crop protection chemicals market is projected
to reach $24.86 billion by 2030, at a CAGR of 3.1% from 2023 to 2030.The
growth of this market is driven by the increasing adoption of advanced
agricultural practices and technologies, the shrinking of agricultural land,
the rising concerns about environmental safety, high government support to
promote the use of biological chemicals, and the growing need to increase crop
yield and quality. However, the stringent and non-standardized regulations and
the growing concerns regarding chemical residues in food impede the growth of
this market.
The rising
adoption of biological seed treatments and the increasing focus on integrated
pest management are expected to provide market growth opportunities for the
players operating in this market in Asia-Pacific. However, lengthy product
registration and approval processes are a major challenge for the players in
this market.
Key Players
The
Asia-Pacific crop protection chemicals market is characterized by a moderately
competitive scenario due to the presence of many large and small-sized global,
regional, and local players. The key players operating in the Asia-Pacific
crop protection chemicals market are BASF SE (Germany), Bayer AG (Germany),
Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm
Limited (Australia), Syngenta AG (Switzerland), UPL Limited (India), Sumitomo
Chemical Co., Ltd. (Japan), and Jiangsu Yangnong Chemical Co. Ltd (China).
The
Asia-Pacific crop protection chemicals market is segmented by type (synthetic
crop protection chemicals {herbicides [glyphosate, acetochlor, 2,4-D,
atrazine, and other herbicides], insecticides [organophosphates, pyrethroids,
carbamates, organochlorides, and other insecticides], fungicides [triazole,
strobilurins, chloronitriles, dithiocarbamates, phenylamides, benzimidazoles,
other fungicides], and other synthetic crop protection chemicals}, and
biological crop protection chemicals {bioinsecticides, biofungicides,
bionematicides, bioherbicides, and other biological crop protection
chemicals), formulation (liquid formulation and dry formulation), mode of
application (foliar spray, seed treatment, soil treatment, and other modes of
application), crop type (cereals & grains, oilseeds & pulses, fruits
& vegetables, and other crops), and geography (China, India, Japan,
Australia, Thailand, Vietnam, Indonesia, Malaysia, and Rest of Asia-Pacific).
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Based on type, the
Asia-Pacific crop protection chemicals market is segmented into synthetic crop
protection chemicals and biological crop protection chemicals. The synthetic
crop protection chemicals segment is expected to account for the larger share
of the Asia-Pacific crop protection chemicals market in 2023. The large market
share of this segment is attributed to its high efficiency with immediate
results and its growing adoption in developing countries, including ease of
availability, high efficiency, and lower cost compared to biological products.
Based on type, the synthetic crop protection chemicals market is further
segmented into herbicides, insecticides, fungicides, and other synthetic crop
protection chemicals.
Based on formulation, the
Asia-Pacific crop protection chemicals market is segmented into liquid
formulation and dry formulation. In 2023, the liquid formulation segment is
expected to account for the larger share of the Asia-Pacific crop protection
chemicals market. The large market share of this segment is mainly attributed
to the higher performance of liquid chemicals available at the cheapest rate,
uniform and easy application of liquid form, and higher effective duration (up
to 6 months) than dry form (up to 3 months). Also, there is increasing
adoption of the latest irrigation technologies, such as drip irrigation and
sprinkler irrigation, in major Asian countries, including China and India;
this contributes to the segment’s large market share.
Based on mode of application, the
Asia-Pacific crop protection chemicals market is segmented into foliar spray,
seed treatment, soil treatment, and other modes of application. In 2023, the
foliar spray segment is expected to account for the largest share of the
Asia-Pacific crop protection chemicals market. The large market share of this
segment is attributed to its growing utilization due to its capability of
uniform distribution of chemicals with minimum to no wastage of chemicals.
Moreover, its advantages, such as its high efficiency with quick pest recovery
and rising adoption of advanced spraying technologies, further support the
rising utilization of this mode of application in the crop protection chemical
market in Asia-Pacific.
Based on crop type, the crop
protection chemicals market is mainly segmented into cereals & grains,
oilseeds & pulses, fruits & vegetables, and other crops. In 2023, the
cereals & grains segment is expected to account for the largest share of
the Asia-Pacific crop protection chemicals market. This segment's large market
share is primarily due to factors such as the huge area under the cereals and
grain cultivation and high demand for staple food crops like rice and wheat in
the region, the growing need to enhance productivity of cereals and grains in
highly populous countries like India and China, and increasing use of these
crops in animal feed, biofuel, and starch & ethanol production. In
addition, the growing population and increasing income levels have led to a
rise in consumption of cereals and grains, further driving the demand for crop
protection chemicals in this segment. Moreover, the crop protection chemicals
market for cereals and grains is further segmented into maize/corn, wheat, and
other cereals & grains.
Geographic Review
In 2023,
China is expected to account for the largest share of the Asia-Pacific crop
protection chemicals market. The large share of this market is mainly
attributed to the large area under crop production, increasing demand for
staple food due to the rapidly rising population, rising adoption of organic
farming, and high presence of various chemical manufacturers in the country.
Moreover, China's government has been actively promoting the use of crop
protection chemicals to increase agricultural productivity and ensure food
security.
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Key Questions Answered in the Report:
· What is
the value of revenue generated by the sale of crop protection chemicals in
Asia-Pacific?
· At what
rate is the demand for crop protection chemicals projected to grow in
Asia-Pacific in the next 5-7 years?
· What is
the historical market size and growth rate for the Asia-Pacific crop
protection chemicals market?
· What are
the major factors impacting the growth of this market at country levels?
· What are
the major opportunities for existing players and new entrants in the market?
· Which
type, formulation, mode of operation, and crop type segments create major
traction for the manufacturers in this market?
· What are
the key geographical trends in this market? Which countries are expected to
offer significant growth opportunities for the manufacturers operating in the
Asia-Pacific crop protection chemicals market?
· Who are
the major players in the Asia-Pacific crop protection chemicals market? What
are their specific product offerings in this market?
· What
recent developments have taken place in the Asia-Pacific crop protection
chemicals market? What impact have these strategic developments created on the
market?
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