Meticulous Research®—a leading global market research company, published a research report titled, ‘Latin America Crop Protection Chemicals Market by Type (Synthetic [Herbicides, Insecticides, Fungicides], Biological), Formulation (Liquid, Solid), Mode of Application (Foliar Spray, Seed Treatment, Soil Treatment), and Crop Type - Forecast to 2030.’
In terms of value, the 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, while 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 driven by the growing need to increase crop yield and quality, rising demand for low-cost crop protection solutions, growing awareness about environmental safety, and rapidly decreasing agricultural land. Furthermore, an increasing focus on integrated pest management and emerging economies in Latin America are expected to provide significant growth opportunities for players in this market. However, lack of awareness and low adoption rate of biological crop protection chemicals and stringent and non-standardized regulations hinder the growth of this market. On the other hand, lengthy product registration and long approval process is the key challenge of this market. Adoption of Genetically Modified (GM) crops is the major trend in this market.
Key Players:
The key players operating in the Latin America crop protection chemicals market include BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Syngenta AG (Switzerland), UPL Limited (India), Sumitomo Chemical Co., Ltd. (Japan), American Vanguard Corporation (U.S.), and Gowan Company LLC (U.S.).
The Latin America crop protection chemicals market study presents historical market data in terms of value & volume (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type, formulation, mode of application, crop type, and country.
Based on type, the Latin America crop protection chemicals market is segmented into synthetic chemicals and biological chemicals. In 2023, the synthetic chemicals segment is expected to account for the larger share of the Latin America crop protection chemicals market. The large market share of this segment is attributed to its increasing use in developing countries, ease of availability, high efficiency, and lower cost than biological products.
