LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global agricultural pesticides market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
The introduction of integrated pest management is one of the major trends being witnessed in the global agricultural pesticides market 2018-2022. Integrated pest management approach involves specific procedures for the elimination of pests in an agricultural environment. It can create an inhospitable environment for pests with approaches such as systematic resistance and proper operation design.
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According to Technavio analysts, one of the key factors contributing to the growth of the global agricultural pesticides market is the increased use of herbicides:
Global agricultural pesticides market: Increased use of herbicides
Players in the market invest heavily in the development of new categories of herbicides that are more effective and environment-friendly. Most of the modern herbicides are formulated to decompose within a short span after application. Applications of herbicides are spread across different types of crops, including cereals, grains, fruits, vegetables, oilseeds, and pulses. The shift in consumers’ preference toward fruits and green vegetables, fueled by the rising awareness regarding health and fitness, fuels the use of herbicides in agricultural applications.
According to a senior analyst at Technavio for research on specialty chemicals, “Constant protests regarding the imposition of a ban on harmful herbicides have a drawn public attention. However, the presence of such harmful herbicides in the market is attributed to their lower cost as compared with their substitute products. Several industry players are developing bio-based herbicides; it is a clean and expensive solution for weed control.”
Global agricultural pesticides market: Segmentation analysis
The global agricultural pesticides market research report provides market segmentation by type (herbicides, insecticides, and fungicides) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The herbicides segment held the largest market share in 2017, accounting for nearly 43% of the market. This type segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of nearly 44% of the market share. The market share occupied by this region is anticipated to increase during 2018-2022.
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Five Forces Analysis
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