Latin America Crop Protection Chemicals Market Analysis Report 2023: Lengthy Product Registration and Approval Processes to Remain a Major Challenge - Forecasts to 2030

The "Latin America Crop Protection Chemicals Market by Type, Form, Mode of Application, and Crop Type - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

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 attributed to the rising 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.

Among the types covered in the report, in 2023, the synthetic crop protection chemicals segment is expected to account for the largest share of the Latin America crop protection chemicals market. The significant market share of this segment is attributed to the increasing use of crop protection chemicals in developing countries, their ease of availability, high efficiency, and lower cost compared to biological products.

However, the biological chemicals segment is projected to register the highest growth rate 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.

Based on form, in 2023, the liquid segment is expected to account for the larger share of the Latin America crop protection chemicals market. The significant market share of this segment can be 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 projected to register significant growth during the forecast period. The growth of this segment is driven by the rising adoption of irrigation techniques, such as drip irrigation and sprinkler irrigation, where liquid crop protection chemicals are widely used.

Among the modes of applications covered in this report, 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.

Among the crop types covered in this report, 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.

In 2023, Brazil is expected to account for the largest share of the Latin America crop protection chemicals market. Brazil's significant 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.

Factors Affecting Market Growth

• Growing Need to Enhance Crop Yield and Quality Driving the Adoption of Crop Protection Chemicals in Latin America

• Rising Demand for Low-cost Crop Protection Solutions Supporting Market Growth

• Growing Awareness about Environmental Safety Increasing the Utilization of Bio-based Crop Protection Chemicals

• Rapidly Decreasing Arable Land Boosting the Demand for Crop Protection Chemicals

• Lack of Awareness and Low Adoption of Biological Crop Protection Chemicals Restraining Market Growth

• Stringent and Non-standardized Regulations Limiting the Adoption of Crop Protection Chemicals

• Increasing Emphasis on Integrated Pest Management Strategies to Generate Growth Opportunities for Market Players

• Increasing Adoption of Organic Farming Practices in Emerging Latin American Countries to Accelerate Market Expansion

• Lengthy Product Registration and Approval Processes to Remain a Major Challenge for Market Stakeholders