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The Latin America - crop protection chemicals market size is estimated to grow at a CAGR of 5% between 2022 and 2027. The market size is forecast to increase by USD 6.08 billion. The growth of the market depends on several factors such as the increasing use of herbicides, the growing demand from developing countries, and the technological improvements leading to efficient methods of agriculture.
This Latin America crop protection chemicals market report extensively covers market segmentation by crop type (cereals and grains, oilseeds and pulses, fruits and vegetables, and other crop), type (herbicides, insecticides, fungicides, and adjuvant), and geography (Brazil, Argentina, Chile, Uruguay and Rest of Latin America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the Latin America crop protection chemicals market growth is the increasing use of herbicides. There is an increase in investment in the development of various new varieties of herbicides that are more effective and environmentally friendly. Some of the key application areas of herbicides across various types of crops such as cereals, grains, fruits, vegetables, oilseeds, and pulses. Additionally, there is a shift in preferences of consumers toward fruits and green vegetables due to the growing awareness about health and fitness.
As a result, there is an increase in the adoption of herbicides for various agricultural applications. Additionally, several market players are investing in the development of bio-based herbicides. Even though these herbicides are expensive when compared to normal ones they are extensively used for controlling weeds that are resistant to chemical-based herbicides. Hence, such factors are expected to positively impact the Latin America - crop protection chemicals market. Therefore, it is expected to drive the Latin America crop protection chemicals market growth during the forecast period.
A key factor shaping the Latin America crop protection chemicals market growth is the introduction of biopesticides. Pesticides play a crucial role in controlling pests but the increasing pest resistance to pesticides and environmental and health concerns have resulted in a decline in the use of chemical pesticides. IPM can be referred to as a strategy including specific procedures for pest prevention in an agricultural environment.
Moreover, it includes a prevention approach that generates an inhospitable environment for pests through systemic resistance and proper operation design. This method is an integration of various control methods comprising inspection, monitoring, and reporting, and a pesticide is only applied when it is assumed to be most effective during a pest's life cycle. Hence, such factors are positively impacting the Latin America - crop protection chemicals market. Therefore it is expected to drive the Latin America crop protection chemicals market growth during the forecast period.
The growing prevalence of organic farming is one of the key challenges hindering the Latin America crop protection chemicals market growth. Organic farming can be referred to as crop and livestock cultivation without the use of pesticides, fertilizers, antibiotics, and GM organisms. The promotional factors of organic farming include crop rotation, cover crops, and balanced relationships between host and predator.
Moreover, the main advantage of organic farming is that the organic residues and nutrients that are produced are recycled back into the soil. Another significant factor that fuels the adoption of organic farming is the lower levels of toxic metals and minerals found in organic crops. Hence, such benefits of organic farming will negatively impact the Latin America - crop protection chemicals market. Therefore, it is expected to hinder the Latin America crop protection chemicals market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Latin America Crop Protection Chemicals Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BASF SE: The company offers crop protection chemicals such as herbicide solutions, xemium and F 500.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The cereals and grains segment is estimated to witness significant growth during the forecast period. The cereals and grains segment comprises crops such as rice, wheat, and barley which form an essential part of the traditional diet. There is an increasing consumption of cereals and grains due to the favorable subsidies on agricultural and farm products. Additionally, the demand for cereals and grains is fuelled by the availability of pesticide fertilizers in dry form, powdered form, liquid, and sprayable form.
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The cereals and grains segment was the largest segment and was valued at USD 6.51 billion in 2017. Factors such as easy raw material availability, easy applicability, and availability of crop protection chemicals are also significantly fuelling the growth of this segment. There is an increasing demand for crop protection chemicals in the cereals and grains application segment fuelled by the growing population in countries such as Brazil and Argentina and the increasing focus on high yield. Furthermore, crops including wheat and rice require a higher supply of yield during the growth stages. This increase in demand for high-yield value in crops fuels the demand for crop protection products. Furthermore, there is a growing popularity for agrochemical products such as insecticides among farmers in Argentina, Brazil, and Chile, Hence, such factors are fuelling the growth of this segment which in turn will drive the Latin America crop protection chemicals market growth during the forecast period.
The Latin America crop protection chemicals market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Latin America Crop Protection Chemicals Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2023-2027 |
USD 6.08 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.56 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Albaugh LLC, BASF SE, Bayer AG, Bioceres Crop Solutions Corp., China National Chemical Corp., DuPont de Nemours Inc., FMC Corp., Gowan Co., HELM AG, Novozymes AS, Nufarm Ltd., Nutrien Ag Solutions Inc., Ourofino Agrociencia, SINON CORP., Sipcam Oxon Spa, Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, Tide Group, UPL Ltd., and Atticus LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Crop Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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