LONDON--(BUSINESS WIRE)--The global agricultural pesticides market size is expected to grow by USD 24.60 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The increasing use of herbicides is expected to drive the growth of the market during the forecast period. Vendors in the market are investing 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 consumer preference toward fruits and green vegetables, fueled by the rising awareness regarding health and fitness, is expected to stimulate the use of herbicides in agricultural applications.
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As per Technavio, the introduction of integrated pest management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Agricultural Pesticides Market: Introduction of Integrated Pest Management
The introduction of integrated pest management is one of the major trends being witnessed in the global agricultural pesticides market. Integrated pest management is an environmentally sensitive approach to control pest growth. It uses information on the life cycle of pests and their interaction with the environment. The integrated pest management works through various stages such as monitoring, record keeping, action levels, prevention, and evaluation. The pest control is done using the information obtained through evaluation, thus enabling the end-users to add fertilizers and agricultural chemicals appropriate for controlling/limiting the growth of pests, with the least possible hazard to the environment and people. Thus, the implementation of integrated pest management practices in farms will encourage more farmers to use fertilizers and agricultural chemicals and thereby influence the growth of the market.
“Factors such as the rising popularity of biopesticides, increasing product launches, and shrinking arable land will have a significant impact on the growth of the agricultural pesticides market value during the forecast period,” says a senior analyst at Technavio.
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Agricultural Pesticides Market: Segmentation Analysis
This market research report segments the agricultural pesticides market by type (herbicides, insecticides, fungicides, and others) and geography (APAC, South America, Europe, North America, and MEA).
The APAC region led the agricultural pesticides market in 2019, followed by South America, Europe, North America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the availability of large areas of farmland, good soil fertility, and the increasing demand for food grains.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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