Key Players in the pesticides market include China National Agrochemical Corporation, Bayer AG, Dow DuPont, BASF SE, United Phosphorus Ltd., FMC corporation, Nufarm Limited, Platform Specialty Products Corporation, Nutrichem Company Limited, and Nanjing Red Sun Co.,Ltd.
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 pesticides, fungicides, herbicides and insecticides that are used to control crop-harming organisms (e.g., fungi, nematodes, mites, insects and rodents) or viruses.
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Key players in Pesticides Market:
The pesticides market is concentrated with the top ten competitors making up more than 35% of the total market in 2018. Players in the market include China National Agrochemical Corporation, Bayer AG, Dow DuPont, BASF SE, United Phosphorus Ltd., FMC corporation, Nufarm Limited, Platform Specialty Products Corporation, Nutrichem Company Limited, and Nanjing Red Sun Co.,Ltd.
Some of the major drivers of the market are:
Economic Growth – The global economy is expected to go through a continuous period of steady growth during the historic period. The US economy was already showing strong growth in 2016, and this is likely to continue during the forecast period.
The European market is expected to see growth return later in the forecast period
Population – World population is growing and is expected to reach 10 billion by 2050 . Increase in population creates more demand for food.
Crop production, farming activities and trade volumes will have to increase in order to meet increased population.
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The pesticides market is segmented by type
By Type- The pesticides market is segmented by type into Herbicides, Fungicides and Insecticides. The Herbicides market was the largest segment of the pesticides market in 2018 at around 49%.
The Herbicides market is expected to be the fastest-growing segment going forward at a CAGR of around 4%.
By Geography- The pesticides market is segmented into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East And Africa. Among these regions, Asia is the largest market for pesticides, accounting for about 39% of the global market.
It was followed by North America, South America and then the other regions. Going forward, Asia and Western Europe will be the fastest growing regions in this market.
These will be followed by North America and South America.
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