SANTA CLARA, California, Sept. 13, 2017 /PRNewswire/ Korea IT Times-- The mature North American crop protection chemicals market is experiencing steady growth due to population growth and increasing global food demand. The adoption of biopesticides to overcome chemical pesticide resistance, strong research and development (R&D), and merger and acquisition (M&A) activities also are fuelling market growth. Furthermore, technological innovations such as nanopesticides, exploration of epigenetics, and the advent of digital farming tools are aiding superior quality products and improved application techniques.
Frost & Sullivan's research, "North American Crop Protection Chemicals Market, Forecast to 2021," finds that the market generated revenues of $13.76 billion in 2016 and is expected to reach $16.71 billion by 2021. The research identifies major industry drivers and restraints, and regulatory, product, market, and technology trends in the North American crop protection chemicals market. Segments discussed include synthetic pesticides such as herbicide, insecticide and fungicide, and biopesticides like bioherbicide, bioinsecticide and biofungicide. Market share and competitive landscape for major players such as Syngenta, Bayer, BASF, Dupont, and Dow AgroSciences are provided.
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"In a highly consolidated, price-sensitive market, players should look toward becoming one-stop shops for pest control solutions providers," said Frost & Sullivan Visionary Science Global Research Director Christopher Shanahan. "Activities such as improving R&D capabilities, broadening product portfolios and creating strong biological product lines will be critical to meet diverse market requirements."
Further strategic imperatives for success and growth include:
- Investing in R&D to discover new active ingredients as generic manufacturer competition intensifies and many key products come off-patent;
- Focusing on high-end specialty products, such as nanopesticides, which offer controlled pest release at lower volumes;
- Entering into M&A to expand capabilities, diversify product portfolios and improve distribution networks;
- Synthetic pesticide innovation to expand product pipeline;
- Developing new chemicals through R&D to aid biopesticides use as a standalone product; and
- Optimizing the volume of pesticides required for specific crops and creating tailor-made, value-add solutions through the adoption of digitalization in farming.
"Pesticide regulations are becoming more stringent with existing and new products scrutinizing any hazardous effects on biosystems," observed Shanahan. "Manufacturers will need to pay close attention to environmental testing in product development with integrated pest management (IPM) programs and a focus on a judicious usage of pesticides, in combination with other pest control practices, becoming more prevalent."
North American Crop Protection Chemicals Market, Forecast to 2021 is part of Frost & Sullivan's Visionary Science Growth Partnership Service program.
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North American Crop Protection Chemicals Market, Forecast to 2021
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