The global Pesticides formulations Market is driven by increasing demand for effective pesticides in the forecast period, 2023-2027. According to TechSci Research report, “Pesticide Formulations Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, The global pesticide formulations market may show robust growth in the forecast years, 2023-2027 with an anticipated CAGR value.
The Important Aspects of the Pesticides Formulations Market
The market growth can be attributed to the factors like surging demand for advanced pesticides with better quality. Increasing global population and demand for food security for the global population further drive the growth of the global pesticide formulations market in the upcoming five years. Also, surging demands for organic and herbal products in conjugation with chemically infused pesticide formulations are further supporting the growth of the global pesticide formulations market in the next five years.
Increasing research and technological advancement in pesticides to enhance their abilities against pests and avoid harmful effects on the environment and non-target organisms, is further substantiating the growth of the global pesticides formulations market in the future five years. Rising demand for crop safety measures, to enhance the yields of the crop fields, also aid market growth in forecast years through 2027. Decreasing cultivable lands and expanding the infrastructure construction industry also aid the growth of the global pesticide formulations market indirectly in the forecast period.
Biotechnological advancements like seed treatments, the adoption of genetically modified crops & seeds to enhance productivity, pest-resistant crops, and other advantages are further driving the growth of the global pesticides formulations market in the forecast years.
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The global pesticide formulations market segmentation is based on formulation type, product type, component, type, application, regional distribution, and competitive landscape. Based on formulation type, the market is differentiated between liquid & dry formulations. Liquid pesticide formulations include emulsion, solutions, suspension, and other forms. Whereas dry pesticide formulations include dust, granules, pellets, wettable powders, and other forms. Liquide pesticide formulations are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of ease of application.
The liquid-based pesticides are often sprayed or sprinkled and thus require minimum labor for the applications thus are anticipated to further support the market growth. Also, availability of the emulsions, solutions, suspension, and similar other forms of pesticides further substantiates the growth of the global pesticides formulations market in the future five years.
The market is also differentiated between concentrated formulations and ready-to-use formulations, based on product type. Concentrated formulations are much more in demand, and they are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years. Also, these formulations are much more cost-efficient and maintain low investment and higher profits for the farmers. Simple dilution procedures and amounts are instructed with the container labels and thus substantiate the growth of the global pesticide formulations market in the future five years.
On the basis of type, market is bifurcated into herbicide, insecticide, fungicide, others. Herbicides are anticipated to dominate the market segment following the trends from historical years and register the largest revenue shares of the market. Consumption of herbicides is the largest among other types of pesticide formulations. In the year 2019, global consumption of herbicide was recorded to be 2,222.24 thousand metric tonnes. Thus, the increasing consumption demands higher production and thus aids the growth of the global pesticides formulations market in the forecast years through 2027.
Some of the market players, dominating the global market are :
- Bayer CropScience LLC
- The Syngenta Group
- BASF SE
- UPL Limited
- Rallis India Limited
- ADAMA Agriculture Solutions Ltd
- FMC Corporation
- PI Industries Ltd.
- Corteva, Inc.
- Nagarjuna Fertilizers and Chemicals Limited
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“Asia Pacific region is anticipated to hold the largest revenue shares and dominate the regional analysis of the market in the upcoming five years on the grounds of increasing production of pesticide formulations. Moreover, presence of the countries like India and China which are majorly dependent on the growth of the agricultural industry to support their GDP also aids market growth. The increasing population of these countries is also a major factor. China is the largest populated country and India ranks next to it. Thus, increasing concerns over food security further support the growth of the global pesticide formulations market in the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Pesticide Formulations Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Formulation Type (Liquid {Emulsion, Solutions, Suspension, Others} v/s Dry {Dust, Granules, Pellets, Wettable Powders, Others}), By Product Type (Concentrated Formulations v/s Ready to Use Formulations), By Component (Active Ingredient, Solvent, Adjuvant), By Type (Herbicide, Insecticide, Fungicide, Others), By Application (Fruits & Vegetables, Oilseeds & Pulses, Ornamental Crops, Others), By Region”, has evaluated the future growth potential of global pesticide formulations and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global pesticide formulations market.
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