Since the discovery of DDT in the 1940s, chemical pesticides were largely used in farming practices. The importance of pesticides for agriculture is enormous because they are considered as one of the major tools to protect crops and increase the yield. Today, the crop protection products sector is a fast developing industry, which is open to innovation. Visiongain predicts that in 2015 the agrochemicals market will be worth $57.83bn and it will double during the next 10 years.
The major drivers of the market are the growth of the global population, the diminishment of agricultural land, the need to increase agricultural productivity, and other factors related to the spheres of agriculture, economy and society. As agriculture plays an important role in economies of different countries, it will be crucial for some regional players to increase productivity to be able to compete in the global market. As a result, a significant increase in crop protection product sales will be seen in regions where agriculture significantly contributes to the GDP.
We predict that bio-pesticides will be the fastest growing submarket in the crop protection industry. The increasing revenues of these products are connected with growing environmental and health concerns. As bio-pesticides are derived from ecological materials, they are considered to be safe and pose no danger for humans.
To see a report overview please email Sara Peerun on sara.peerun@visiongainglobal.com