A new study reveals that the global crop protection chemical market is expected to grow at a compound annual growth rate of 5.5 per cent from 2017 to 2022 to reach $77.53 billion (Sh8 trillion).
This is despite rising concerns about the chemical residues in food and harmful environmental effects of some of the crop protection chemicals.
According to the latest publication from Meticulous Research, a company that produces global reports and custom studies for North America, Europe, Latin America, Asia-Pacific, Middle East and Africa regions, rising need to ensure food safety for the growing population globally has been the driving force for this growth.
“World population is expected to grow by 2.3 billion people between 2009 and 2050. While there is significant drop in the amount of land being used for the agricultural practices in developed countries, this will create additional burden on the agricultural sector to increase the production significantly,” indicates the study.
According to FAO, arable land in developed countries is expected to decline by eight per cent by 2050 and this would create additional burden on the agricultural sector to increase food production significantly.
Use of these chemicals has resulted in banning or prohibiting the use of certain chemicals in agriculture. For instance, the most commonly used crop protection chemical DDT was banned when it was discovered that it has impacted the reproduction ability of several fish-eating birds.
Also, many crop protection chemicals are known to cause terminal illness to human beings, which made government bodies to come up with the stringent rules and regulations to monitor the production and distribution of such chemicals.
The market is dominated by few global players despite facing stiff competition from some of the local players operating at the regional levels.
The key players operating in the global crop protection chemicals market includes BASF SE, Syngenta AG, EI du Pont de Nemours And Company, FMC Corporation, Sumitomo Chemical Co and Bayer Cropscience AG.