Rising Food Security Concerns to Propel Global Pesticides Market to $90 Billion by 2023
Growing need
to address food security issues, technological advancements in product
offerings to reduce crop losses, and increasing efforts of farmers and organizations to boost crop
productivity to drive global pesticides market through 2023
According
to TechSci Research report, “Global Pesticides Market By Type, By Application, By Formulation, By Region,
Competition Forecast & Opportunities, 2013 – 2023’’, the global pesticides
market is forecast to surpass $ 90 billion by 2023. Growth in the market is
expected to be driven by increasing consumption of pesticides in different
geographies around the world, on account of increasing demand for weed
management and need to develop measures to ensure food security. Rapid growth
in industrial feedstock production in growing economies, in addition to
unprecedented growth in the rate of adoption of advanced farming techniques in developed
economies around the world is anticipated to boost demand for pesticides across
the globe during forecast period.
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Decreasing
arable land, growing population and increasing efforts of farmers and
organizations to limit the loss of crops are anticipated to drive the demand
for pesticides across the globe. Growing demand for
herbicides in South American nations of Argentina and Brazil, owing to quality
production of soybean crops, and high demand for fungicides in Europe is likely
to push the demand for pesticides, globally. Synthetic pesticides dominate the
demand for pesticides, however, bio pesticides are anticipated to register the
fastest growth in the global pesticides market during the forecast period, as
they are free of chemical residues and are produced using renewable resources.
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“Increasing adoption of bio pesticides, owing to rise in
awareness towards benefits associated with the use of bio pesticides in the
cultivation process along with low registration costs of bio pesticide products
are the factors fueling the global market for pesticides. Moreover,
introduction of technically advanced Nano pesticides boosting crop production, in
addition to the development of the concept of zero residual farming having next-generation
crop protection through elimination of chemical residues in soil, is anticipated
to contribute towards the growth of global pesticides market during the
forecast period.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Pesticides Market By Type, By Application, By
Formulation, By Region, Competition Forecast & Opportunities, 2013 – 2023’’ has
evaluated the future growth potential of global pesticides market and provides
statistics and 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 analyses the emerging trends along with essential drivers,
challenges and opportunities in the global pesticides market.
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