Synthetic Pesticide Market Expected to Reach $27.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Synthetic Pesticide Market," The synthetic pesticide market size was valued at $16.3 billion in 2021, and is estimated to reach $27.6 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.

Synthetic pesticides are insecticides used to kill insects and mites by interfering with nerve conduction, growth, metabolism, digestion, and other processes of the pest. Synthetic pesticides are included in insecticidal soaps and horticultural oils and have wide modes of action, making resistance unlikely to develop. Synthetic insecticides are especially utilized to repel and kill pests in the development of genetically engineered crops.

Growth of the global synthetic pesticide industry is majorly attributable to its wide applications in various industries such as fruits & vegetables and turfs & ornamentals. Synthetic pesticides such as malathion and chlorpyrifos are widely used on all fruits and vegetables, with greater pesticide concentrations in fruits such as peaches, nectarines, cherries, strawberries, grapes, raspberries, pear, and apples. Pesticide residue can be found in vegetables such as potatoes, spinach, bell peppers, and celery. Synthetic pesticides are found in the highest concentrations in kale, collard, and mustard greens, as well as spicy peppers and bell peppers. According to the Environmental Working Group, up to 230 different pesticides or their breakdown products can be found in 70% of conventionally cultivated fruits and vegetables.

However, adverse effects of synthetic pesticide on human health and ecosystem are projected to restrain the synthetic pesticide market growth. Rise in concerns about the negative impact of the use of crop protection chemicals on health has led to a greater interest in sustainable agricultural practices across the world. Synthetic pesticides can have an impact on health, either directly through active components in pesticide formulations or indirectly through pollutants that exist as impurities within active ingredients. Nevertheless, new product launch and technological advancements is anticipated to offer lucrative growth opportunities for the synthetic pesticide market.

The synthetic pesticide market is segmented into category, type, application, and region. On the basis of category, the market is categorized into organophosphate, carbamate, and others. By type, it is categorized into insecticides, fungicides, herbicides, and others. On the basis of application, it is categorized into fruits & vegetables, turfs & ornamentals, and others.  Region wise, the synthetic pesticide market share is studied across North America, Europe, Asia-Pacific, and LAMEA.

The global synthetic pesticide market is consolidated in nature with a few players, such as Syngenta, BASF, Bayer Crop Science, Corteva Agriscience, FMC corp, ADAMA, UPL Limited, Sumitomo Chemicals, and Nufarm and Aimco Pesticides Ltd. These players have been adopting various strategies to gain higher share or to retain leading positions in the market. New-generation pesticides are frequently produced to replace older, more harmful compounds in an effort to reduce the environmental and human health implications of older synthetic agricultural pesticides.

Many companies are releasing new products, such as BASF SE's Renestra insecticide, which has a dual mode of action and can control a wide variety of insects. Farmers will be able to use it to manage a variety of insect pests, including soybean aphids. Mortein Smart, a high-end innovation that automatically switches between high and normal settings, was also debuted in 2020. Two fungicides and one insecticide are combined in newly released pesticides (Azoxystrobin 45% + Thiophanate Methyl 11.25% + Thiamethoxam 25% FS).

COVID-19 Analysis:

• The COVID-19 pandemic had a detrimental influence on the synthetic pesticides business. As governments take stricter efforts to combat the spread of COVID-19, self-quarantine and the temporary closure negatively impacted the trade of fruits and vegetables. However, the demand for synthetic pesticides is growing during the pandemic owing to the surge in demand for fruits and vegetables.
• Moreover, crop protection synthetic pesticides include fungicides, insecticides, herbicides, nematicides, and molluscicides, among others, and are used to maintain and preserve grass and decorative plants. Besides, the growing desire for long-lasting foods has had a substantial impact on the synthetic pesticides market trend.

Key Findings of The Study:

• On the basis of type, the herbicides segment was the highest contributor to the market in 2021.
• On the basis of application, the fruits and vegetables segment was the highest revenue contributor to the market in 2021.
• On the basis of region, Asia-Pacific was the highest revenue contributor in 2021, growing with a CAGR of 6.2%.
• China was the highest revenue contributor in 2021
• South Korea and Japan are expected to witness considerable CAGRs of 6.1% and 5.4%, respectively, during the forecast period.