- Market Overview:
- Valued at ~$91.4 billion in 2023.
- Expected CAGR of 4.2% from 2024 to 2032, driven by food demand, agricultural productivity, and sustainable practices.
- Key Trends:
- Shift toward biologicals and biopesticides derived from natural microorganisms and plant extracts, reducing harm to beneficial organisms.
- Adoption of integrated pest management (IPM), combining biological, cultural, and mechanical methods for sustainable pest control.
- Market Drivers:
- Increasing preference for bio-based and organic solutions driven by environmental concerns and consumer demand for organic products.
- Advancements in biotechnology enable targeted pest control, improving efficiency and addressing challenges like pest resistance.
- Product Segmentation:
- Herbicides dominate, valued at $36.5 billion in 2023, driven by the need for weed control in glyphosate-resistant crops.
- Other segments include fungicides, insecticides, and biopesticides.
- Source Segmentation:
- Synthetic chemicals account for ~80% of the market in 2023 due to their reliability and quick action.
- Growing adoption of natural and biological products reflects increasing demand for sustainable solutions.
- Regional Analysis:
- North America:
- CAGR of 4.2% from 2024 to 2032, with the U.S. generating $36.5 billion in 2023.
- Dominance due to advanced agricultural practices, strong R&D, and adoption of precision agriculture.
- North America:
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