Pesticides Market: North America Dominates with 11.5% CAGR by 2030

Pesticides Market Poised for Significant Growth

The global pesticides market, valued at approximately US $1.30 billion in 2023, is projected to experience a robust compound annual growth rate (CAGR) of 11.5% from 2024 to 2030, reaching nearly US $2.79 billion by the end of the forecast period.

Key Market Dynamics

The increasing adoption of intensive farming techniques worldwide is a primary driver of pesticide demand. Methods such as monoculture, which involve cultivating a single crop type extensively, deplete soil nutrients and make crops more susceptible to pests, thereby necessitating the use of pesticides.

However, the emergence of alternative pest control strategies, including Integrated Pest Management (IPM) and crop rotation, has led to a reduction in pesticide usage on farms. Additionally, advancements in nanotechnology present opportunities for developing more effective and environmentally friendly insecticides. 

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Regional Insights and Developments

Pesticide Opportunities in Vietnam

Vietnam's agricultural sector has seen a notable increase in pesticide utilization to enhance crop yields and combat pest infestations. The Vietnamese government has actively supported modern farming practices, further propelling the adoption of pesticides in the country. Key players such as BASF SE, Bayer CropScience, and FMC Corporation are expanding their footprint in Vietnam’s pesticide market.

Pesticide Growth in Thailand

Thailand's pesticides market is expanding due to the intensification of agricultural activities and the cultivation of high-value crops. Farmers are increasingly relying on pesticides to protect their investments and ensure high-quality harvests. Companies such as Syngenta AG, UPL Limited, and Sumitomo Chemical are driving market growth in Thailand by introducing advanced pesticide solutions.

Pesticide Trends in Japan

Japan is focused on innovative crop protection solutions, leading to the development and adoption of advanced pesticides. The strict regulatory framework in Japan ensures the use of safe and effective pesticide products. Leading industry players like Nihon Nohyaku Co., Ltd., Mitsui Chemicals Agro, Inc., and Kumiai Chemical Industry Co., Ltd. are actively investing in research and development to create next-generation pesticides.

Pesticide Consolidation in South Korea

South Korea has witnessed consolidation in its pesticides industry, with key players engaging in mergers and acquisitions to strengthen their market positions. LG Chem, Dongbu Farm Hannong, and Korea Bio-Organic Chemical Co., Ltd. are among the major companies driving this consolidation trend by expanding their product portfolios and entering strategic partnerships.

Pesticide Updation in Singapore

Singapore is updating its pesticide regulations to align with international standards, ensuring the availability of safe and effective products for agricultural and public health applications. Regulatory changes have prompted companies like BASF SE, Dow AgroSciences, and Syngenta AG to adapt their pesticide formulations to comply with stringent safety norms.

Pesticide Opportunities in the US

The United States remains a significant market for pesticides, driven by large-scale farming operations and the need for efficient pest management solutions. Companies such as Corteva Agriscience, Bayer CropScience, and FMC Corporation are investing in sustainable and eco-friendly pesticide alternatives to meet growing consumer demand for organic produce.

Pesticide Growth in China

China, as a leading exporter of pesticides with exports valued at US $5.25 billion in 2023, continues to experience growth in its domestic market due to increasing agricultural activities and the adoption of modern farming practices. Key market players, including China National Chemical Corporation (ChemChina), Shandong Weifang Rainbow Chemical Co., Ltd., and Jiangsu Yangnong Chemical Group Co., Ltd., are expanding their production capacities to cater to rising demand.

Pesticide Trends in Europe

European countries are witnessing a shift towards bio-based pesticides, driven by stringent environmental regulations and a growing preference for sustainable agriculture. Leading European pesticide manufacturers such as BASF SE, Bayer AG, and Syngenta AG are increasing their investments in biological crop protection solutions to comply with EU regulations aimed at reducing chemical pesticide use.

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Pesticides Market Segment Analysis:

by Type

Liquid Pesticides Type

Insecticides

Herbicides

Fungicides

Rodenticides

Others

Dry Pesticides Type

Insecticides

Herbicides

Fungicides

Rodenticides

Others

The market is divided into different segments based on the type of pesticides, such as synthetic and bio-pesticides. The synthetic pesticides category held a significant share of the pesticides market in 2023. The global market for synthetic pesticides is anticipated to expand during the forecast period as a result of improved pesticide usage efficiency. The use of synthetic pesticides is influenced by a number of factors, including less cultivable area, greater demand for food, increased adoption of genetically modified (GM) crops, and acceptance of novel agricultural practices. Limiting the use of pesticides in the production of fruits, vegetables, and grains could reduce yield by 78%, per a study published in the Proceedings of the International Academy of Ecology and Environmental Sciences (IAEES).

by Product

Liquid Pesticides Products

Bio- Pesticides

Synthetic Pesticides

Others

Dry Pesticides Products

Bio- Pesticides

Synthetic Pesticides

Others

by Crop Type

Liquid Pesticides for Crop Type

Vegetables & Fruits

Oilseeds & Pulses

Cereals & Grains

Commercial Crops

Plantation Crops

Others

Dry Pesticides for Crop Type

Vegetables & Fruits

Oilseeds & Pulses

Cereals & Grains

Commercial Crops

Plantation Crops

Others

The market is further divided into Commercial Crops, Plantation Crops, Oilseeds & Pulses, Cereals & Grains, Turfs & Ornamentals, Vegetables & Fruits, and Others based on Crop Type. The market for pesticides was dominated by the cereals and grains category in 2023. The use of pesticides in grain farming has increased due to the growing demand for food security, the onset of climate change, and the danger of more drought. Campaigns to inform farmers about the use of pesticides in grain production have been started by a number of international organisations. A project called "Strengthening the capacity of smallholder farmers, extension personnel, and agro-dealers on judicious use of herbicides" was started by the UN in Lesotho, for instance, to raise farmers' awareness of herbicides and other pesticides and protect communities.

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Pesticides Market, Key Players are:

1.The DOW Chemical Company

2.BASF SE

3. Bayer AG

4. Syngenta AG

5. Sibbiopharm Ltd.

6. Doff Portland Ltd.

7. Aeroxon Insect Control GmbH

8. Zotal Laboratories

9. GVI Life Care Co., Ltd.

10. DAEGIL Co., Ltd.

11. Hebei Maison Chemical Co., Ltd.

12. Aristo Biotech and Life Science Pvt. Ltd.

13. Corteva Agriscience

14. FMC Corporation

15. Adama Agricultural Solutions

16. UPL Limited

17. Nufarm Limited

18. Sumitomo Chemical

19. Arysta LifeScience

20. Nissan Chemical Corporation

21. Nippon Soda Co., Ltd.

22. Makhteshim Agan (Adama)

23. Rallis India Limited

24. Amvac Chemical Corporation

25. Wynca Group

26. Albaugh LLC

27. Lier Chemical

28. Ishihara Sangyo Kaisha Ltd.

29. Zhejiang Wynca Chemical Group

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