Pesticides Market to Reach $92.6 Billion Globally by 2032 at 7.5% CAGR: Allied Market Research

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Mar 01, 2024, 01:29 ET

The increasing demand for improved crop quality & crop protection, and the growing adoption of IPM techniques are expected to drive the global pesticides market's growth during the forecast period. The Asia-Pacific region is projected to witness prominent growth by 2032.

WILMINGTON, Del., March 1, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Pesticides Market Size, Share, Competitive Landscape and Trend Analysis Report by Target (Herbicides, Fungicides, Insecticides, Others), by Type (Bio-pesticides, Chemical Pesticides, Others), by Crop Type (Vegetables and Fruits, Oilseeds and Pulses, Cereals and Grains, Commercial Crops, Plantation Crops, Others), by Formulation (Liquid, Dry): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global pesticides market generated $45.7 billion in 2022, and is anticipated to generate $92.6 billion by 2032, rising at a CAGR of 7.5% from 2023 to 2032.

Prime Determinants of Growth

The rising demand for crop protection & improved crop quality, advancements in biotechnology & digital agriculture, and the growing awareness about effective pest management among farmers are the factors expected to drive the growth of the global pesticides market in the forecast period from 2023 to 2032. However, the environmental impact of pesticides and the potential health risks may hamper the market growth in the coming future. On the contrary, the rising adoption of integrated pest management (IPM) techniques and the continued investment in R&D for generating innovation in the pesticides are expected to offer remunerative opportunities for the expansion of the pesticides market during the forecast period.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$45.7 billion
Market Size in 2032	$92.6 billion
CAGR	7.5 %
No. of Pages in Report	290
Segments covered	Target, Type, Crop Type, Formulation, and Region
Drivers	Rising demand for improved crop quality Technological advancements in the formulation of pesticides
Opportunities	The growing adoption of integrated pest management techniques Continued investment in R&D
Restraints	Potential health risks and environmental concerns

COVID-19 Scenario

The COVID-19 pandemic outbreak had a significant impact on the global pesticides market's growth due to the global industry supply chain disruptions. Movement restrictions, lockdowns, and quarantine measures hindered the flow of raw materials and finished products.
Besides, pesticide manufacturers faced challenges in sourcing essential components, leading to delays in production and delivery. The pandemic influenced agricultural methods and consumer behavior, affecting pesticide consumption.

Target: Herbicides Sub-segment to be the Most Dominant by 2032

The herbicides sub-segment accounted for the largest global pesticides market share of 42.1% in 2022 and is expected to grow at the highest CAGR of 8.6% during the forecast period. This is mainly because herbicides play a crucial role in weed management. They aid in controlling invasive plant species, preserving native flora and safeguarding natural habitats. Besides, herbicides facilitate crop rotation and diversification by suppressing weeds, enabling farmers to enhance soil health and optimize land usage. Moreover, they contribute to higher crop yields by eliminating weed competition, ensuring economic stability, and meeting the growing global food demand.

Type: Chemical Pesticides Sub-segment to be Most Prominent During the Forecast Period

The chemical pesticides sub-segment accounted for the largest market share of 44.3% in 2022 and is expected to hold its dominant position by 2032. This is mainly because chemical pesticides serve as a key in bolstering agricultural productivity by efficiently managing pests, thereby minimizing yield losses and ensuring a larger output of high-quality crops. This improvement in agricultural productivity is crucial for global food security, as it safeguards crops from pests that could devastate entire harvests, ensuring a steady food supply. Additionally, the economic benefits are significant, enabling farmers to protect their crops more effectively, fostering growth and stability in agriculturally reliant communities.

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Crop Type: Cereals and Grains Sub-segment to Witness Significant Growth by 2032

The cereals and grains sub-segment accounted for the largest global pesticides market share of 25.0% in 2022 and is expected to hold its dominant position during the forecast period. One of the primary reasons for this dominance is the critical role pesticides play in enhancing crop quality. By protecting cereals and grains from insect and disease damage, pesticides ensure that the final product meets consumer preferences for taste and nutritional value. This not only boosts the market value of agricultural goods but also significantly contributes to famers' economic well-being and livelihoods.

Formulation: Dry Sub-segment to Flourish Immensely During the Forecast Period

The dry sub-segment accounted for the largest market share of 57.5% in 2022 and is expected to continue to dominate in terms of market share by 2032. This is mainly because dry formulations of pesticides typically contain higher concentrations of active chemicals, allowing for effective pest control with smaller quantities. This reduces the total amount of pesticides needed, lowering environmental impact, and minimizing carbon emissions associated with manufacturing and distribution. Besides, dry formulations adhere better to plant surfaces, ensuring better coverage and longer residual action of the pesticide.

Region: Asia-Pacific Market to Hold Major Market Share by 2032

The pesticides market in the Asia-Pacific region accounted for the largest share of 40.6% in 2022 and is predicted to continue to hold major market share by 2032. This growth is mainly owing to the increasing usage of pesticides and huge improvement in agricultural output by protecting crops from pests and diseases. Besides, advances in agriculture technology, including precision farming techniques, genetically modified crops, and new pesticide formulations, have bolstered pest control efficiency and effectiveness in the region.

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Leading Players in the Pesticides Market:

FMC Corporation
Corteva Agriscience
BASF SE
Marrone Bio Innovations, Inc.
Bayer Cropscience
Adama Agricultural Solutions Ltd.
bioworks inc.
Certis USA L.L.C.
Syngenta AG
Dow Inc.

The report provides a detailed analysis of the key players of the global pesticides market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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