Global Pesticides Market: Snapshot

The growth of the pesticides market is owing to a number of factors including shrinking landscapes for cultivation and rising need of higher productivity of nutritional food per acre. Additionally, rising emphasis towards the eradication of crop production loss is reflecting a positive impact on the growth of the pesticides market. Owing to the enormous benefits such as crop protection, preservation of food materials, and prevention of vector-bone diseases such as dengue, leishmaniasis and Japanese encephalitis, growers are attracted to innovation pesticides now available.

Pesticides are the biocides which are aimed to kill the repel insects, weeds, rodents, and fungi that are harmful for public health and economy as well. Development of nano pesticides offers slow degradation of pollutants and controlled release of active ingredient for a long time, which are less toxic and reduces the effect of pesticide applications on the environment. Weed management program is an increasing crop protection measure followed by governments and organizations these days are estimated to influence the growth of the global pesticides market.

Organic pesticides allow farmers to maintain beneficial insect population in their fields and to reduce the dependency of farmers on conventional chemical pesticides to produce safe and healthy foods. The increasing demand for bio pesticides in the production of organic food is being observed, as they are derived from natural sources such as bacteria, plants, fungi, and certain minerals and reduce harmful effects on the environment.

According to a new market research report from IndustryARC, the global pesticides market size was around $55,088 million in 2018, and is estimated to grow with a CAGR of around 3.49% during the forecast period 2019-2025. The report is titled, “Pesticides Market: By Type (Bio-Pesticides, Synthetic Pesticides); By Crop Type (Vegetables & Fruits, Oilseeds & Pulses, Cereals & Grains, Commercial Crops, Plantation Crops and Others) & By region – Forecast(2019-2025).”

The analyst of the report reveals that the soil application segment holds the major share in the pesticides market and is projected to grow at a CAGR of around 3.1% during the forecast period. Based on the geographical analysis, APAC holds the largest share, which accounts for more than 28% in the pesticides market. Increasing demand for agriculture crops and awareness among the farmers for the production of nutritional quality food in countries such as China and India are propelling the growth of the pesticides market.

Global Pesticides Market Companies: Recent Developments

FMC Corporation –

In January 2019, FMC Corporation launched “Lucento fungicide,” a new fungicide which provides long-lasting preventive and curative activity for a wide range of foliar diseases and reduces dependence on strobilurins, for the 2019 growing season. The U.S. Environmental Protection Agency has granted registration for Lucento fungicide in corn, soybeans, peanuts, sugar beets and wheat to control various diseases such as gray leaf spot, white mold, leaf spot, frogeye leaf spot, southern corn rust, septoria brown spot, common corn rust, and cercospora leaf blight.

BioWorks –

In Jan 2018, BioWorks launched PreFence, a new organic biological fungicide for wilt and root diseases. It can also be used to suppress grey mold caused by Botrytis. The increasing demand for PreFence to control a wide range of pathogens such as alternaria, rhizoctoniasolani, fusarium, phytophthora and pythium is driving the growth of the pesticides market.

Conclusion

Pesticides are the chemical compounds which are used to kill pests, including insects, weeds, rodents, and fungi. Owing to enormous benefits such as crop protection, preservation of food materials, and prevention of vector-bone diseases are foreseen to boost the growth of the pesticides market in near future.

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