Crop protection chemicals are agrochemicals used by farmers to protect their investments on arable land. As the name suggests, they assist in eliminating pests and unwanted diseases which can target crops or plants. Government policies and subsidies have been created supporting use of these chemicals to encourage farming practices. But adverse effects of these chemicals which may cause sickness in humans can culminate in development of biopesticides.
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Organic Chemicals to the Rescue
Biopesticides are chemicals derived using fungi, bacteria, plants, and minerals. The emergence of integrated pest management as a viable solution to prevent bacterial growth is expected to encourage adoption of these chemicals. Rise of regulation pressure in the European Union (EU) and demand for green products has forced chemical manufacturers to produce biopesticides. Farmers can control their environment easily in this manner and minimize the risk in cultivating cash crops. In November 2017, researchers from India discovered new strains of bacteria that kill harmful bacteria, all the while being non-toxic to humans.
Ensured Security of Cash Crops
Types of crop protection chemicals include pesticides, herbicides, insecticides, and others.
The herbicides segment is anticipated to attain a large market share by 2022 due to their capacity in controlling weeds. The availability of organic herbicides is projected to directly impact segment growth. Surplus of arable land in Latin America coupled with supportive economic policies can drive segment growth.
The insecticides segment is expected to thrive from 2018 to 2022 due to its high demand in developing economies such as India and China. India, being one of the largest cotton exporters, will purchase insecticides on a large scale to protect its agricultural investments. Rise in pest problems in Indonesia have led to BASF launching a new insecticide, Xemco 300 SC, in April 2017 for farmers to protect rice crops from brown plant hoppers.
Market Overview
The global crop protection chemicals market is projected to exhibit a 5.40% CAGR from 2018 to 2022 (forecast period), according to a report on Radiant Insights, Inc. Temperamental climatic conditions can influence farmers to adopting chemicals on a large scale to attain high value crops. High demand for food and the increasing population are other factors expected to spur market growth.
Rising demand for insecticides in Asia Pacific is expected to bolster market growth over the forecast period. Consumer awareness regarding food contamination can lead to development of biopesticides for crop protection. Key market players include Bayer AG; DowDuPont Inc.; Syngenta AG; and Sumitomo Chemical Co., Ltd.
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