This market research report presents the segmentation of the crop protection chemicals market in LATAM by type (synthetic chemicals and natural chemicals), by targetted use (herbicides, insecticides, fungicides, and adjuvants) and by crop type (cereals and grains, oilseeds and pulses, and fruits and vegetables). The key vendors analyzed in this market analysis report are BASF, Bayer, Dow, DuPont, Monsanto, Syngenta, and Valent.
Market research analysts estimate the crop protection chemicals market in LATAM to gow at a CAGR of around 7% between 2015 and 2019. The increased farming of biofuel crops in Latin American countries is driving the growth of this market. Biofuels are sourced from energy crops that comprise wheat, soybean, corn, rapeseed, and sugarcane. APAC, Latin America, and MEA are expected to drive the demand for biofuels reducing the dependence on conventional fuels and their imports.
The new market research report provides a breakdown and analysis of the crop protection chemicals segments by technology.
The market is expected to witness increased regulations on the usage of persistent organic pollutants (POPs) during the forecast period. POPs are chemicals that are resistant to environmental degradation and accumulate in the food chain. The 2001 Stockholm Convention on Persistent Organic Pollutants banned the use of POPs, such as DDT, and any kind of insecticide and pesticide that can act as a pollutant for agricultural purposes as they pose severe risks to human and animal health. This initiative has led to the use of environmentally friendly insecticides that can undergo biodegradation and have minimal impact on the environment such as pyrethrums and pyrethroids.
The herbicides segment dominated the market during 2014, with a market share of around 46%. The report predicts the herbicides segment to reach a market value of around USD 8 billion by the end of 2019. The expanding agricultural industry especially in Brazil, Argentina, and Chile, is driving the growth of this segment.
The key players in the crop protection chemicals market in LATAM include BASF, Bayer, Dow, DuPont, Monsanto, Syngenta, and Valent. This market is dominated by international vendors. The introduction of energy-efficient agricultural technologies in developing countries is spurring the market growth. The competitive environment in this market is expected to intensify further due to an increase in product/service extensions, technological innovations, and mergers. The report anticipates international vendors to grow inorganically by acquiring regional or local vendors during the forecast period.
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