The crop protection chemicals market will propel at a 4.6% compound annual growth rate, to touch USD 117,436.6 million, by 2030.
The growth of the industry is mainly because of the surging population, limited agricultural land, and rising requirements for better crop production to enhance crop yields.
In the past few years, the herbicides category, based on type, accounted for the largest crop protection chemicals market share, and it will further advance at the fastest rate, of around 5%, in the years to come. This is mainly because of their extensive utilization in row-crop farming, in which herbicides are utilized during or before planting to improve the production of crops while lessening other vegetation.
The insecticides category held a significant share in the crop protection chemicals industry. Insecticides are extensively utilized in staple crop production due to their susceptibility to insect infestation.
In recent years, the cereals category, based on application, accounted for the dominating share in the industry, and it will further advance at the fastest rate, of more than 5%, in the years to come. This is primarily because of the surging population across the globe, as well as the shortage of land for crop farming, and growing awareness of the significance of sustaining a healthy lifestyle and fulfilling the dietary requirements.
Moreover, APAC will also observe the fastest growth in the years to come, mainly owing to the speedily rising utilization of such agrochemicals in the emerging economies of the region.
Additionally, the progression of the regional industry is also driven by the advancements in agricultural technology, as well as the surging requirement for crops and their cultivation in the continent.
In the past few years, North America held a significant share of the industry. This can be primarily because of the existence of local manufacturers, along with consumer appreciation, various products, and regulatory backing to such chemical producers and associated agrochemical businesses in the region.
It is because of the increasing requirement for better crop production and surging population across the globe, the crop protection chemicals industry will continue to grow in the years to come.
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