Industry: Chemicals and Materials
Published Date: September-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 188
Report ID: PMRREP32955
The pesticides market is estimated to increase from US$108.1 Bn in 2024 to US$181.2 Bn by 2031. The market is projected to record a CAGR of 5.6% during the forecast period from 2024 to 2031. The expansion of the makret is anticipated to result from enhanced crop quality and is further fueled by technological innovations in pesticide formulation.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Pesticides Market Size (2024E) |
US$108.1 Bn |
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Projected Market Value (2031F) |
US$181.2 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
5.6% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
4.8% |
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Region |
Market Share in 2024 |
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Asia Pacific |
33% |
Asia Pacific to hold the large market share in the pesticides market. By implementing measures to protect crops from pests and diseases, farmers can enhance their yields making a valuable contribution to both food security and economic stability. The region has witnessed considerable advancements in agricultural technology.
Implementing precision agriculture techniques, genetically altered crops, and innovative pesticide formulations has significantly enhanced the efficiency and effectiveness of pest management. Also, agricultural practitioners are adopting novel techniques to minimize pesticide usage and mitigate environmental impact.
Pesticides play a crucial role in preserving the quality of crops by preventing damage caused by insects and diseases. Enhancing the quality of crops aligns with consumer tastes and enhances the market worth of agricultural products benefiting farmers and the economy. Farmers employ pesticides to mitigate crop losses and ensure a more consistent and reliable yield, thus improving the quality of life and economic prosperity of farming communities. Pesticides mitigate post-harvest losses by preventing harm during both the cultivation and storage phases. This is particularly crucial in the Asia Pacific where agriculture plays a significant role in generating a central portion of the population's income.
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Category |
Market Share in 2024 |
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Product Type - Bio Pesticides |
55% |
Based on product type, the pesticides market is classified into conventional chemicals and bio pesticides. Among these, the bio pesticides segment dominates the market. Several movements and promotional initiatives such as organic farming and Integrated Pest Management (IPM), advocate using bio-pesticides instead of conventional pesticides to safeguard the environment.
Both the supply side and demand side promote such promotional campaigns. Consumers are transitioning to bio-pesticides due to growing awareness of the detrimental health impacts of conventional pesticides on human health and the numerous advantages of utilizing bio-pesticides.
Manufacturers are increasingly transitioning to bio-pesticide production due to the steady increase in laws imposed by regional governments regarding the use and production of chemicals in agrochemical manufacturing.
Producers are benefiting from various governmental programs such as subsidies, tags, and financial assistance provided for manufacturing and purchasing bio-based goods increasing the sales of bio-pesticides over the projected time.
Based on application, the market is divided into pre-harvest and post-harvest. Among these, post-harvest type dominates the market. The agricultural industry is the most common place where pesticides are utilized. Pesticides are most typically utilized to protect crops during the post-harvest period from a wide variety of damages caused by insects, fungi, weeds, and other organisms.
The usage of pesticides by row crops is estimated to account for around one-third of the total pesticides produced globally. As a result of the substantial increase in the population, there will likely be an increase in the demand for food and agricultural commodities. Consequently, it will result in an increase in the price of pesticides that are utilized in agricultural production.
The substances that are used to control pests are referred to as pesticides, which include insecticides, nematicides, molluscicides, piscicides, rodenticides, bactericides, insecticides, animalicides, microbicides, fungicides, and lampricides.
Conventional and synthetic pesticides, as well as biopesticides are the two primary categories of pesticides that are predominantly classified according to the chemicals considered during the creation of pesticides. Pesticides are the type of pesticides that are used the most frequently for the purpose of controlling insects. They are made with the assistance of synthetic chemicals.
The synthesis of conventional pesticides primarily involves the utilization of chlorinated hydrocarbons, organic and carbonates as the primary synthetic groups. In nature, they are typically carcinogenic.
Chemicals that are derived from natural sources such as animals, plants, microorganisms, and certain minerals are referred to as bio pesticides. Biopesticides are typically less hazardous than traditional chemicals, and consequently they have little or a small influence on the environment and the health of humans.
Population expansion has resulted in a reduction in farming areas over the last few years. With an increase in factories, homes, roadways, and other infrastructure constructions, rapid urbanization and industrialization have been reducing the amount of arable land.
Demand for agrochemicals has increased rapidly with an average growth of 4.8% over the historical assessment period 2019 to 2023 owing to the consistent shrinkage of cropland and agricultural areas.
Leading agriculture economies such as Brazil, India, and various others are projected to invest high capital in infrastructural development activities over the forecast period. Such investments are projected to fade the cropland and propel the sales of pesticides with a marvellous growth rate of 5.6% over the upcoming assessment period from 2024 to 2031.
Increased Agricultural Production and Food Security Needs
The rising global population is a significant driver for the pesticides market as it heightens the demand for increased agricultural output to ensure food security. As arable land becomes increasingly scarce, farmers and agricultural producers are under pressure to maximize crop yields from existing land.
Pesticides play a crucial role in this scenario by protecting crops from pests, diseases, and weeds, thereby preventing significant losses in crop production. This necessity drives the adoption of pesticides, especially in regions where agriculture is a critical component of the economy. The need to sustain higher yields to feed the growing population is pushing the demand for more efficient and targeted pesticides, ensuring that crops remain healthy and productive.
Technological Advancements in Pesticide Formulation
Technological innovation is a key growth driver in the market leading to the development of more effective and environment-friendly pesticide formulations. Advancements in biotechnology and chemistry have enabled the creation of pesticides that are more specific in their action targeting only harmful pests while minimizing the impact on beneficial insects, non-target species, and the environment.
Innovations in delivery mechanisms such as slow-release formulations and precision application techniques have improved the efficiency of pesticide use reducing the amount of chemicals needed. These technological improvements have broadened the acceptance of pesticides, especially in regions with stringent environmental regulations, thereby expanding the market.
Rising Awareness and Adoption of Integrated Pest Management (IPM)
Integrated Pest Management (IPM) is an approach that combines biological, cultural, mechanical, and chemical methods to manage pests in the most sustainable way possible. The growing awareness and adoption of IPM practices are driving the pesticides market as these practices often incorporate the judicious use of chemical pesticides as a last resort.
IPM promotes the use of pesticides in a more controlled and strategic manner ensuring the effectiveness of pest control and reducing the negative environmental impacts. The adoption of IPM is particularly significant in developed markets with increasing consumer and regulatory pressure to reduce the reliance on chemical pesticides.
Shift toward sustainable farming practices contributes to the steady demand for pesticides compatible with IPM strategies particularly those that are less toxic, more targeted, and biodegradable.
Stringent Environmental and Regulatory Frameworks
The pesticides market faces significant restraints due to increasingly stringent environmental regulations imposed by governments worldwide. Concerns over the adverse effects of chemical pesticides on ecosystems, human health, and non-target species have led to strict regulatory oversight.
Many countries are imposing bans or restrictions on certain active ingredients, especially those linked to environmental hazards such as water contamination or biodiversity loss. These regulatory hurdles increase the cost of compliance for manufacturers, who must invest in research and development to create safer, more sustainable products.
The lengthy approval processes for new pesticides can delay market entry and reduce the availability of certain products, ultimately restraining market growth. The push towards reducing chemical pesticide use, coupled with the rise of organic and sustainable farming practices, further limits the demand for traditional pesticides, creating a challenging landscape for market expansion.
Development and Adoption of Biopesticides
The rise of biopesticides represents one of the most transformative opportunities in the market. Biopesticides, derived from natural materials like animals, plants, bacteria, and certain minerals are gaining popularity due to their lower environmental impact and safety for humans and non-target species.
The demand for biopesticides is expected to surge as consumers and regulators push for sustainable agricultural practices. This shift is opening new avenues for companies to innovate and develop biopesticides that are as effective as traditional chemical pesticides but with fewer side effects.
The growing acceptance of organic farming and integrated pest management (IPM) strategies, which often incorporate biopesticides, further amplifies this opportunity. Companies that invest in the research and development of advanced biopesticides stand to gain a competitive edge in this evolving market landscape.
The pesticides market is highly competitive, with major players including BASF SE, Bayer AG, Syngenta AG, and Corteva Agriscience dominating the industry. These companies leverage extensive R&D capabilities, broad product portfolios, and strong global distribution networks to maintain market leadership.
Smaller firms and new entrants focus on niche segments, particularly biopesticides and eco-friendly alternatives, to differentiate themselves. Significant mergers and acquisitions also characterize the market as companies seek to enhance their technological capabilities and expand their geographic reach.
Regulatory pressures and shifting consumer preferences towards sustainable products are driving innovation, creating opportunities for companies that can adapt quickly to these evolving demands. Competitive strategies increasingly emphasize sustainability and technological advancements.
Recent Industry Developments in the Pesticides Market
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Attributes |
Details |
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Forecast Period |
2024 to 2033 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization & Pricing |
Available upon request |
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The market is estimated to be valued at US$181.2 Bn by 2031.
The market is estimated to exhibit a growth rate of 5.6% over the forecast period.
Development and adoption of biopesticides presents a key opportunity for the market players.
Abbott Laboratories, Aegis Sciences Corporation, Applied DNA Sciences, Inc are some of the leading players in the market.
The adoption of integrated pest management drives the market forward.
