Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "North America Crop Protection Chemicals Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive research on the North America Crop Protection Chemicals Market underscores the significant growth prospects and transformational trends shaping the industry between 2023 and 2028. This pivotal study reveals an anticipated escalation in market size from USD 14.37 billion in 2023 to an estimated USD 17.65 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 4.20%. The findings reflect the regional commitment to augmenting agricultural outputs and bolstering food security amidst declining arable land and a burgeoning population.
Key Market Dynamics
Farming practices across North America are rapidly evolving to prioritize ecological sustainability and environmental guidelines. The emphasis on high agricultural productivity to address food security concerns, despite reduced arable land, is driving the market forward. In the backdrop of a decrease in the development of new pesticide active ingredients, there has been a surge in biological pesticides, known for their minimal ecological footprint.
The U.S. federal government's initiatives to promote cover crops reveal a strategic move towards sustainable agriculture, with subsidies encouraging these practices to reduce chemical dependency. Strategic partnerships between government and farming entities show commendable progress in these sustainable efforts.
Market Trends: A Shift Towards Bio-Based Alternatives
- An increasing number of farmers are embracing biopesticides, spurred by the adoption of integrated pest management (IPM) and organic farming.
- Both the United States and Canada have seen a significant uptick in organic farming, reinforcing the trend towards biopesticide use over chemical options.
- Consumers' growing health concerns have amplified the importance of organic products, fueling the demand for biopesticides as part of a sustainable agriculture strategy.
- Herbicides continue to dominate the market with glyphosate leading the charge; however, there is noted growth in eco-friendly alternatives like bio-herbicides.
Industry Overview: Strategic Moves by Market Leaders
The North America Crop Protection Chemicals Market landscape is predominantly held by key sector giants who maintain their market dominance through strategic ventures such as mergers, acquisitions, and product launches. Fierce competition among leading players like BASF SE, Bayer CropScience, Syngenta AG, Corteva Agriscience, and UPL USA is marked by efforts to innovate and expand their portfolios to cater to the changing demands of the market.
A selection of companies mentioned in this report includes
- BASF SE
- Bayer CropScience AG
- ADAMA Agricultural Solutions
- Syngenta AG
- Corteva Agriscience
- FMC Corporation
- Nufarm Ltd
- Sumitomo Chemicals America Inc. (Valent Group)
- American Vanguard Corporation
- ISAGRO SpA
- Bioworks Inc.
- Marrone Bio Innovations Inc.
- UPL Ltd
For more information about this report visit https://www.researchandmarkets.com/r/blnkru
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