Study shows annual growth rate for crop protection products is 5%

MarketsandMarkets issued a new report on the global crop protection chemicals market.

According to the report, the global crop protection chemicals market reached more than $42,472.0 million by the end of 2010. Growing at a CAGR of 5.3 percent, it is expected to reach $58,433.0 million by 2016.

Herbicide is the largest segment of pesticides market and it accounts for over 40 percent of market share.

North America and Europe, especially countries such as the U.S., Germany, France, and Italy are the mature markets for crop protection chemicals.

Latin America, especially Brazil and Argentina are expected to be high-growth markets for crop protection chemicals in the near future. Currently, it represents 17 percent share of the global pesticide market and is expected to reach $10,322.0 million by 2016.

The report "Crop Protection Chemicals Market by Type (Herbicides, Fungicides, Insecticides, Bio-pesticides and Adjuvants), Geography, Price Trends and Global Forecasts (2011-2016) ", as the name suggests,defines and segments the global crop protection chemicals market with analysis and forecasting of the global revenue for pesticides (synthetic as well as bio-based), micro-nutrients, and adjuvants.

It also identifies driving and restraining factors for the global crop protection chemicals market with analysis of trends, opportunities, and challenges.

Major geographies such as North America, Europe, Asia-Pacific, Latin America, and Rest of the World (ROW) are taken into consideration. Raw materials, product types, and crop types also form the basis of segmentation and forecast.

Crop protection chemicals are widely used across the globe. They are very useful in safeguarding the crops against various insects, diseases and pests. Pesticides are very important as they improve the quality and yield of agricultural produce. Based on applications, crop protection chemicals market can be bifurcated into three types; herbicides, insecticides, and fungicides.