Pesticides are chemicals that are used to control, destroy, and prevent the growth of pests and unwanted species of plants and animals. Herbicides, insecticides, and fungicides are collectively known as pesticides. Pesticides act as growth regulators in plants, defoliant for trees and plants, desiccant for fleas, prevents thinning of fruit. Moreover, they prevent the premature falling of fruit. Pesticides are applied to crops before or after harvest to protect the commodity from deterioration during storage and transport. Application of pesticides provides better farm yield and storage and distribution of obtained output. They are also used on animals for controlling insects, arachnids, or other pest infestations.
The pesticide market is driven by the demand for bio-pesticides and adoption of herbicide-resistant crop by farmers. The global synthetic pesticides market has been witnessing extraordinary changes during the last decade due to the improved efficiency in utilization of pesticides. Factors that drive the usage of synthetic pesticides are increasing demand for food, decrease in cultivable land increasing adoption of genetically modified (GM) crops, rising market share of bio pesticides, and the acceptance of new farming practices. Major restraints for the utilization of synthetic pesticides include high R&D costs and extensive research required to generate new pesticides. Development of safe alternatives such as bio-farming is restraining the chemical pesticide market.
Based on application, the pesticide market is segmented into crop-based and non-crop-based. The crop-based segment is further sub-segmented into grains & cereals, oilseeds, and fruits and vegetables. The non-crop based segment is further sub-segmented into lawn & ornamental grass. Pesticides are also employed to control organisms such as bees, wasps, ants. They protect animals from illnesses that are caused by parasites such as fleas. They are used to prevent sickness in humans that could be caused by moldy food or diseased produce as pesticides restricts the fungal growth. Pesticides can also be utilized to clear roadside weeds, trees and bushes. They are also used to kill invasive weeds that damage the environment. Pesticides protect homes from pest infestations such as termites and mold. They are employed in grocery stores and food storage facilities to manage rodents and insects that infest food such as grain.
In terms of type, the pesticides market can be segmented into insecticides, herbicides, rodenticides, bactericides, fungicides, and larvicides. Insecticides kill insects by getting inside their bodies where they then act as poison. Herbicides are used to kill the plants near the leaves, stems or roots of the plants. Rodenticides are used to in food to make poisonous baits which rodents eat. Bactericides are used to kill bacteria. Bactericides are categorized into disinfectants, antiseptics, or antibiotics. Fungicide is a pesticide that controls fungal disease by preventing or killing the fungus. Larvicide is an insecticide that targets the larval life stage of an insect.
In terms of geography, the pesticide market is further segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The pesticides market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by Latin America. China, India, and Brazil are the key growth markets for all types of pesticides. Asia Pacific is a prominent producer of rice, wheat, and vegetables. Hence, the requirement for pesticides is the high in the region, and crop-based pesticides are expected to drive the pesticide market in the region. The market in Europe is estimated to expand in the near future, as farmers are focusing on agriculture, ultimately boosting the usage of pesticides for crops.
Key players operating in the pesticides market are Syngenta AG, Bayer AG, The Dow Chemical Company, BASF SE, and Monsanto Company.