Crop Protection Chemicals Market Worth 70.57 Billion USD by 2021
Posted on 2016-08-17
The global crop protection chemical is projected to grow at a CAGR of 5.15% from 2016 to 2021. The rising need of food security for growing population, and increasing crop loss due to pest attacks, along with changing farming practices from traditional to conventional, have been of importance to the growth of the global Crop Protection Chemicals Market. The crop protection chemicals are used for minimizing the crop loss and maximizing the crop yield for rapidly growing food demand for the increasing population. Hence, crop protection chemicals will be viewed as a business opportunity in the next five years. As a result, many multinational players have entered into the production of varied types of crop protection chemicals, which can be used for destroying different types of pest attacks.
Crop protection chemicals find a wide range types which can be used on a wide variety of pests. The important ones are herbicides, insecticides and fungicides. Herbicides are most widely used and are projected to be the fastest-growing types in the coming five years. This is mainly due to the high utility of herbicides for destroying various herbs and unwanted weeds to minimize the crop loss.