What is the impact of pesticides use in Agriculture and factors that are driving the market?
The world agriculture pesticides industry has been transformed by several years of growth derived by a number of factors such as increased environmental regulations coupled with changing crop trends. Growing requirement for improving crop yields; increasing global population thus increase in demand for food; and increasing trend for organic products are some major key trends surging the growth of the agriculture pesticides market worldwide.
The use of pesticides has various benefits such as it improves productivity, protects the crop losses and yield reduction, vector disease control, and improves the quality of food. The market is widely grown for the biopesticides as compared to the chemical pesticides. Biopesticides are prepared through natural materials such as animals, plants, bacteria and certain minerals. Biopesticides are widely considered due to their efficiency as they are less harmful. For instance, baking soda and canola oil have pesticidal properties and are considered biopesticides.
The higher pesticide use rates in the U.S. is accelerating the growth in North America
North America is the dominating the market while the Asia Pacific is the fastest growing region in the crop protection market. The market in the Americas is driven by strong growth in the agriculture sector of the country. Currently, U.S. is the largest market across the globe owing to the vast amount of cropland and pesticide use rates that are higher than the world average.
Adoption of various key strategies will surge the market demand
The market is inclined on increasing market penetration to expand their customer base. The leading players are involved in research and development activities to improve their product specifications aiming for largest market share. Some of the leading players in the market include ADAMA Agricultural Solutions Ltd., Arysta LifeScience Corporation, BASF SE, Bayer AG, The Dow Chemical Company, DuPont, Monsanto Company, Sumitomo Chemical Co. Ltd., and Syngenta. Globally, the market is witnessing a rise in the number of mergers and acquisitions, for instance, merger of Dow and DuPont enhanced effectiveness of both the companies with the largest market share.