Meticulous Research®—a leading global market research
company, published a research report titled, ‘Latin
America Crop Protection Chemicals Market by Type (Synthetic
[Herbicides, Insecticides, Fungicides], Biological), Formulation (Liquid,
Solid), Mode of Application (Foliar Spray, Seed Treatment, Soil Treatment), and
Crop Type - Forecast to 2030.’
In terms of value, the Latin America crop protection
chemicals market is expected to reach $26.04 billion by 2030, at a CAGR of 2.6%
from 2023 to 2030, while in terms of volume, the market is expected to reach
3,681,637.4 tons by 2030, at a CAGR of 2.2% from 2023 to 2030. The growth of
this market is driven by the growing need to increase crop yield and quality,
rising demand for low-cost crop protection solutions, growing awareness about
environmental safety, and rapidly decreasing agricultural land. Furthermore, an
increasing focus on integrated pest management and emerging economies in Latin
America are expected to provide significant growth opportunities for players in
this market. However, lack of awareness and low adoption rate of biological
crop protection chemicals and stringent and non-standardized regulations hinder
the growth of this market. On the other hand, lengthy product registration and
long approval process is the key challenge of this market. Adoption of
Genetically Modified (GM) crops is the major trend in this market.
Key Players:
The key players operating in the Latin America crop
protection chemicals market include BASF SE (Germany), Bayer AG (Germany),
Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm
Limited (Australia), Syngenta AG (Switzerland), UPL Limited (India), Sumitomo
Chemical Co., Ltd. (Japan), American Vanguard Corporation (U.S.), and Gowan
Company LLC (U.S.).
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The Latin America crop protection chemicals market study
presents historical market data in terms of value & volume (2021 and 2022),
estimated current data (2023), and forecasts for 2030. This market is segmented
by type, formulation, mode of application, crop type, and country.
Based on type, the Latin America crop protection chemicals
market is segmented into synthetic chemicals and biological chemicals. In 2023,
the synthetic chemicals segment is expected to account for the larger share of
the Latin America crop protection chemicals market. The large market share of
this segment is attributed to its increasing use in developing countries, ease
of availability, high efficiency, and lower cost than biological products.
However, the biological chemicals segment is projected to
witness significant growth during the forecast period of 2023–2030. The rapid
growth of this segment is mainly driven by the increasing adoption of organic
farming, growing environmental and public health concerns regarding the use of
chemical crop protection products, high demand for chemical residue-free
agricultural products, and the initiatives by governments worldwide to promote
the use of biological crop protection products.
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Based on formulation, the Latin America crop protection
chemicals market is segmented into liquid formulation and dry formulation. In
2023, the liquid formulation segment is expected to account for the larger
share of the Latin America crop protection chemicals market. The large market
share of this segment is attributed to the uniform & easy application of
liquid form, better performance, and higher effective duration (up to 6 months)
than dry form (up to 3 months).
Moreover, it is also expected to witness significant growth
during the forecast period. The growth of this segment is driven by the
increased importance of the latest irrigation technologies, such as drip
irrigation and sprinkler irrigation, with a reduction in blockage.
Based on mode of application, the Latin America crop
protection chemicals market is segmented into foliar spray, seed treatment,
soil treatment, and other modes of application. In 2023, the foliar spray
segment is expected to account for the largest share of the Latin America crop
protection chemicals market. The large market share of this segment is
attributed to the high efficiency in the application, uniform distribution of
chemicals, and minimum to no wastage of crop protection chemicals in the foliar
spray mode of application.
However, the seed treatment segment is projected to witness
significant growth during the forecast period of 2023–2030. The rapid growth of
this segment is mainly driven by the increased germination and uniform seedling
emergence, safety, and pest resistance advantages with the use of the seed
treatment technique. In this method, microbial pesticides are often applied
with chemical pesticides, as chemical pesticides provide early-season control,
and microbial pesticides provide extended control.
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Based on crop type, the Latin America crop protection
chemicals market is segmented into cereals & grains, oilseeds & pulses,
fruits & vegetables, and other crops. In 2023, the fruits & vegetables
segment is expected to account for the largest share of the Latin America crop
protection chemicals market. The large market share of this segment is
attributed to the increasing fruit & vegetable production across the globe,
the growing demand for chemical-free organic fruits & vegetables, and the
growing number of diseases affecting fruit & vegetable crops.
Based on Country, in 2023, Brazil is expected to account for
the largest share of the Latin America crop protection chemicals market.
Brazil's major market share is attributed to the growing economy, a rising
population, a large agricultural area, modernization of farming, limited
availability of arable land, large agrochemical consumption, and growing land
coverage under organic cultivation.
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Key Questions Answered in the Report:
Which are the high-growth market segments in terms of type,
formulation, mode of application, crop type, and geography?
What is the historical market size for crop protection
chemicals across Latin America?
What are the market forecasts and estimates for the period
2023–2030?
What are the major drivers, restraints, opportunities, and
challenges in the Latin America crop protection chemicals market?
Who are the major players in the market, and what are their
market shares?
Who are the major players in various countries, and what are
their market shares?
How is the competitive landscape for the Latin America crop
protection chemicals market?
What strategies are adopted by the major players in the
Latin America crop protection chemicals market?
What are the key geographic trends, and which are the
high-growth countries?
Who are the local emerging players in the Latin America crop
protection chemicals market, and how do they compete with other players?
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