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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Pesticides Global Market Report 2022' -
The global pesticides market is expected to grow from $78.16 billion in 2021 to $85.11 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The pesticides market is expected to grow to $105.39 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%.
The pesticide manufacturing market consists of the sales of pesticides by entities (organizations, sole traders, or partnerships) that formulate and prepare agricultural and household pest control chemicals (except fertilizers). The pesticide and other agricultural chemical industries comprise establishments that primarily engage in the formulation and preparation of agricultural and household pest control chemicals.
The main types of pesticides are herbicides, fungicides, and insecticides.Insecticides refer to the substances which are used to kill insects.
The origin includes synthetic insecticides and bio-insecticides.The various applications involved are grains and cereals, oilseed, commercial crops, fruits and vegetables, and other crop types.
The various insect pest types include sucking pest and biting and chewing pest.
Asia-Pacific was the largest region in the pesticides market in 2021. The regions covered in pesticides market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing use of pesticides is expected to propel the growth of the pesticides market going forward.Pesticides are chemicals or substances used to kill, repel, or control certain forms of plant or animal life that are considered to be pests.
For instance, according to Springer, a Switzerland-based publication website, in 2019, throughout the globe approximately 2 million tonnes of pesticides was utilized, out of which 47.5% are herbicides, 29.5% are insecticides, 17.5% are fungicides and 5.5% are other pesticides. Therefore, the increasing use of herbicides is driving the growth of the pesticides market.
New innovative products are a key trend gaining popularity in the pesticides market.Major companies operating in the market are focused on new innovative products to sustain their market share.
For instance, in March 2022, FMC Corporation, a US-based chemical manufacturing company, launched 'Corprima,' a new pesticide for Tomato & Okra Crops. Corprima has been shown to provide farmers with higher returns on investment by providing longer-lasting pest control and improved flower and fruit retention, resulting in larger, higher-quality harvests.
In January 2020, Crystal Crop Protection, an India-based agrichemicals company acquired Dursban, Predator, and Nurelle-D from Corteva for an undisclosed amount.The acquisition would add value to Crystal's business and ensure growth for all its stakeholders.
Dursban, Predator, and Nurelle-D are US-based companies that manufacture insecticides and pesticides.
The countries covered in the pesticides market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
Read the full report:
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