Pesticides Market Size, Share, Growth, Trends, Future Insights Till 2023

NEW YORK MILLS, N.Y. - Feb. 17, 2020 - PRLog -- The global pesticides market size reached a value of nearly $84.5 billion in 2019, having grown at a compound annual growth rate (CAGR) of 4.2% since 2015, and is expected to grow at a CAGR of 11.5% to nearly $130.7 billion by 2023.

Pesticides are chemicals used to eliminate or control a variety of pests related to agriculture that can damage crops and livestock and reduce farm productivity. Agricultural chemicals (also known as agrochemicals) are chemical agents such as fungicides, herbicides and insecticides that are used to control crop-harming organisms (e.g., fungi, mites, insects, insect eggs and larvae) or viruses.

Going forward, faster economic growth in many developed and developing countries, and growing populations will drive growth. Factors that could hinder the growth of the pesticides market in the future include rising awareness of negative effects of pesticides on environment, rising demand for organic food product, geopolitical tensions and patent expires.

Farmers globally are adopting intensive farming techniques to increase productivity per hectare, driving the demand for pesticides. Intensive farming is an agricultural intensification and mechanization system that aims to maximize yields from available land through means such as heavy use of pesticides and chemical fertilizers.

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Use of alternative techniques such as integrated pest management (IPM) and crop rotation have reduced the use of pesticides in farms. IPM farms may grow pest-resistant crop varieties, use predatory insects to kill plant-eating pests, employ mechanical pest traps, and eliminate pest nesting areas by ploughing under harvested crops.

Some of the major key players involved in the pesticides market are Syngenta, Bayer AG, Dow DuPont Inc., FMC Corporation, BASF SE, LG Chem ltd, Sumitomo Chemical Co ltd, Wacker Chemie AG, Arkema SA, Kuraray Co Ltd, Jiangsu Huifeng Agrochemical Co., Nutrichem Company Limited, Nanjing Red Sun Co., PI Industries, Sharda Crop, Dhanuka Agritec, Monsanto India., Nufarm UK, Ag-Chem Africa, Menta Co. Ltd.