Growing Food Demand pushes the Pesticide Market to 101.14 BN by 2023
A pesticide is a chemical substance which can kill, destroy or mitigate pests like weeds, insects, rodents, fungus and mould. These pests are harmful to the plants and animal life. Pesticides can be classified as herbicides, insecticides, fungicides and others which include nematicides, fumigants, and other conventional pesticides. Pesticide market has a strong presence across the globe but Asian countries like India, China, and Japan are the dominating market.
As per the report “Global Pesticides Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2023
” available with DecisionDatabases.com, the Pesticides market was valued 63.40 BN in 2016 and is expected to reach 101.14 BN in 2023, supported by a CAGR of 7%. The growth of pesticide market is mainly driven by the growing population which is increasing the demand for food across the globe. Even though they have an adverse effect on the environment and human health, their usage continues globally to protect the crops from the various pests. The practice of using pesticide is contributing towards the “Green Revolution” which raised the farming productivity and yield.
The importance of pesticide has been increased over the last few decades in order to enhance the overall agricultural productivity. As the arable land is limited, improving food grains productivity is the only option to meet the demand for food. Higher crop yield production has led to pest attack which in turn has led to increase in the demand for the pesticide. Domestic pesticide market is expected to grow gradually as modern farming techniques have been widely adopted by the farmer which has led to increased dependency on pesticides to enrich the crop production. Therefore, the pesticide is considered as an essential component to increase the yield production by preventing crop loss.
Despite the good results of using pesticides in agriculture, their use is usually accompanied by toxic environmental and public health effects. To deal with such damage, the government has come up with initiatives in different countries aimed at promoting eco-friendly farming and development of bio-pesticide since they have fewer toxins and effective in controlling the pest.
Moreover, with the adoption of new alternatives such as (bio and organic-pesticide) toward eco- friendly farming and better agricultural productivity are further to fuel the market growth in the upcoming years.
However, strict regulatory bodies and growing environmental concern may restrict the market growth.
Other Related Reports
Global Nematicides Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2023
Global Herbicide Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2023
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