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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), Form (Liquid, Solid), Mode of Application (Foliar Spray, Seed Treatment, Soil Treatment), and Crop Type - Forecast to 2030.’
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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. 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 enhance crop yield and quality, the increasing demand for cost-effective crop protection solutions, the growing awareness about environmental safety, and the decrease in arable land. Additionally, emerging economies in Latin America and the growing emphasis on integrated pest management strategies are expected to offer significant growth opportunities for market players.
However, lack of awareness and low adoption rate of biological crop protection chemicals and stringent and non-standardized regulations restrain the growth of the Latin America crop protection chemicals market. Furthermore, lengthy product registration and long approval processes are major challenges for the market’s growth.
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.).
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, form, mode of application, crop type, and geography.
Based on type, the Latin America crop protection chemicals market is segmented into synthetic crop protection chemicals and biological crop protection chemicals. In 2023, the synthetic crop protection 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 crop protection chemicals segment is projected to witness significant growth during the forecast period of 2023–2030. The 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 form, the Latin America crop protection chemicals market is segmented into liquid and dry. In 2023, the liquid 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 benefits offered by liquid crop protection chemicals, such as uniform and easy application, higher efficacy, and longer effective duration (up to 6 months) compared to the dry form (up to 3 months).
Moreover, the liquid segment is also expected to witness the highest growth rate during the forecast period. The growth of this segment is driven by the increased adoption of irrigation techniques, such as drip irrigation and sprinkler irrigation, where liquid crop protection chemicals are widely used.
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 benefits offered by foliar spray application, such as high efficiency, uniform distribution of chemicals, and minimal to no wastage of crop protection chemicals.
However, the seed treatment segment is projected to register significant growth during the forecast period of 2023–2030. The growth of this segment is mainly driven by the increased germination and uniform seedling emergence, safety, and pest resistance advantages associated with the use of seed treatment techniques. In this method, microbial pesticides are often applied alongside chemical pesticides, as chemical pesticides provide early-season control, and microbial pesticides provide extended control.
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 in Latin America, the growing demand for chemical residue-free organic fruits & vegetables, and the increasing financial losses due to diseases affecting fruit & vegetable crops.
Based on geography, 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 its growing economy, increasing population, vast agricultural area, modernization of farming, limited availability of arable land, high agrochemical consumption, and expanding 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, form, mode of application, crop type, and geography?
• What was 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?
• What is the competitive landscape like in 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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