Report: Crop Protection Market to Grow 5.4% Through 2018

Posted by Jackie Pucci|30 December 2013

A new report from Transparency Market Research says the global crop protection market is set to reach $71.3 billion by 2018, growing at a compounded annual growth rate (CAGR) of 5.4% over the next four years.

The research firm, in its report, “Crop Protection Chemicals Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2011 – 2018,” said herbicides formed the largest category in the overall crop protection market, contributing about $19.9 billion for the year 2011, and are expected to experience the highest growth rate in the next six years.

Herbicides are projected to rise 6.1% through 2018, followed by fungicides with 5.6% growth. The major influencing factors in the crop protection market are shrinking arable land, the paradigm shift in farming practices, increased purchasing power and the resultant improvement in the standard of living, along with greater awareness for crop protection in developed nations like the U.S, better and effective utilization of pesticides along with adoption of high-end technologies are key growth drivers for the market.

Transparency Market Research said that Asia Pacific accounted for the majority of the global crop protection market in 2011, “and is expected to do so till 2018; however Latin America and North America markets are expected to grow at a higher rate.” It cited the key market players as Bayer, Syngenta, BASF, Dow Agroscience, Monsanto, Dupont, Makhteshim Agam, NuFarm, Sumotomo Chemicals and Arystya Lifescience.

Regarding methodology, the firm said it used a combination of primary and secondary research to arrive at the market estimates, market shares and trends. It adopted a bottom up model to derive the market size of the global crop protection chemicals market and further validated numbers with the key market participants and C-level executives.