Global Pesticides Market to Reach $181.2 Billion by 2031: Report
13 January 2024, New Delhi: The global pesticides market is projected to grow significantly from $108.1 billion in 2024 to $181.2 billion by 2031. This represents a compound annual growth rate (CAGR) of 5.6% over the forecast period, driven by the rising need for sustainable agricultural practices and innovative pest management solutions.
Biopesticides to Dominate the Market
Biopesticides are set to account for 55% of the total market share by 2024. This growth is attributed to the increasing adoption of organic farming practices and the global shift toward Integrated Pest Management (IPM), which promotes environmentally friendly pest control solutions. Consumers and governments worldwide are favoring biopesticides due to their lower environmental impact and fewer health risks compared to conventional chemical pesticides.
Asia Pacific Leads the Growth
The Asia Pacific region is poised to dominate the global pesticides market, holding a 33% share by 2024. The region’s strong agricultural base, combined with advancements in precision farming and genetically modified crops, has bolstered its ability to meet the growing demand for food security. Farmers in the region are increasingly adopting novel pesticide formulations to enhance crop yields and minimize environmental impact.
Focus on Post-Harvest Applications
Post-harvest pesticide applications are emerging as a critical area of focus. These pesticides play a vital role in protecting crops during storage and reducing losses caused by pests, fungi, and other threats. The demand for post-harvest solutions is driven by the need to preserve crop quality and ensure a steady supply of agricultural produce.
Technological Innovations Propel the Market
Technological advancements in pesticide formulations, including slow-release and precision application techniques, have significantly improved the efficiency of pest control mechanisms. These innovations not only reduce chemical usage but also ensure targeted application, minimizing environmental harm and maximizing crop protection.
Challenges and Opportunities
Despite the promising growth trajectory, the market faces challenges from stringent environmental regulations and increasing pressure to reduce chemical pesticide usage. Manufacturers are responding by investing in research and development to comply with regulatory standards while offering effective and sustainable solutions.
The future of the pesticides market lies in innovation, particularly in the development of biopesticides and eco-friendly alternatives. Leading companies like BASF SE, Bayer AG, and Syngenta AG are expanding their portfolios with products that align with sustainable farming practices.
Future Outlook
As the global population continues to rise, the demand for effective pest control solutions to ensure food security will drive the market forward. With technological advancements and a growing emphasis on sustainability, the pesticides market is set to play a pivotal role in shaping the future of agriculture.
The article is part of a report “Pesticide Market Size, Share and Growth Forecast for 2024-2031” by Persistence Market Research.
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