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Global pesticides market to grow by 7% to $75.9 billion by 2019

According to “Global Pesticides Market - Segmented By Type, Application Area, Geography - Trends and Forecasts (2014-2020) - Sustainability, Regulation & Competition”, the global volume market for pesticides is projected to reach 3.2 million tons by 2019 from 2.3 million tons in 2013, with a CAGR for volume growth being 6.1% between 2014 and 2020. North America is the largest global market for pesticides, while Asia-Pacific is forecast to be the fastest growing, with a 2014-2020 volume CAGR of 7.9%.

The global value market for pesticides stood at $51.9 billion in 2013 and is projected to reach $75.9 billion by 2019, expected to register a CAGR of 6.9% between 2014 and 2020. Despite being the largest market for Pesticides, demand growth in North America is likely to be the slowest, while Asia-Pacific is expected to emerge as the fastest growing market.

Synthetic pesticides dominate the global scenario in terms of volume consumption and value demand, though biopesticides are slated to register faster growth in both these parameters over the 2014-2020 analysis period.

By application area, crop-based end-uses of pesticides are likely to maintain the fastest growth in terms of volume consumed and value demand during the similar period, and retain the leading raking in terms of largest application area.

Factors driving the markets for pesticides include decreasing arable land, increasing population and the requirement of improving crop yields. On the other hand, regulatory authorities such as EPA (Environment Protection Agency) frequently come up with stringent laws related to curbing pesticide use for alleviating environmental damage and increasing consumer awareness about pesticide consumption, which is expected to be instrumental in slowing down growth in demand for synthetic pesticides.

Biopesticides, on the other hand, are manufactured with renewable resources and are free of synthetic active ingredients. Being organic, free of chemical residues and eco-friendly products, biopesticides have been witnessing faster growth in demand compared to their synthetic counterparts. Governments in several countries have come up with initiatives aimed at promoting the development and use of biopesticides because of their low toxicity, greater safety and higher effectiveness in controlling pests. However, growth in the market has also been hampered due to the entrenched pesticides market, inconsistent efficiency of biopesticides and lack of awareness among consumers about the availability of these products.