The global generic crop protection chemicals market size is set to enter a period of prolific expansion owing to the increasing availability of non-branded, cost-effective crop protection products, states Fortune Business Insights™ in its report, titled “Generic Crop Protection Chemicals Market Size, Share & Industry Analysis, By Type (Herbicides, Insecticides, Fungicides, Others), By Crop Type (Cereals, Oilseeds & Pulses Fruits & Vegetables, Others) and Regional Forecast, 2022-2029”. While branded solutions have been farmers’ primary choice for ensuring efficient protection of their crops, several generic solutions have been developed by newer entrants in the agriculture industry that deliver the same results as their branded counterparts.
Rising Threat of Acute Food Insecurity amid COVID-19 to Fuel Market Growth
The COVID-19 pandemic has emerged as a highly potent threat to the lives and livelihoods of millions of people around the globe. The Food and Agriculture Organization (FAO) has noted that the world is staring at an acute food emergency in the post-pandemic period that is not only driven by the lack of access to food but also by decreasing food production. According to the UN, between 83 million and 132 million people are likely to starve in 2020 as a consequence of the severe economic downturn triggered by the coronavirus pandemic. The World Bank predicts that the pandemic will push around 100 million people into extreme, abject poverty. These stark projections necessitate the development and distribution of generic crop protection chemicals that can be easily accessed and afforded by farmers worldwide, thus ensuring high crop yield, especially in underdeveloped economies.
Robust Agriculture Industry to Foster Market Growth in Asia Pacific
Among regions, Asia Pacific is best-positioned to dominate the generic crop protection chemicals market share in the foreseeable future because of the strong agriculture industry in India, China, Vietnam, and Bangladesh. Furthermore, easy availability of crop protection chemicals and high production and cost-effective availability of agricultural inputs in China and India are anticipated to support the regional market growth.
North America has a developed and well-functional agricultural market, which has created the ideal conditions for the market to prosper in the region. Moreover, aggressive expansion of activities by global players in the US and Canada is also expected to boost the market in North America. In South America, extension of farmlands and increasing adoption advanced agricultural inputs will accelerate the market in the region.
New Product Releases to be the Preferred Strategy for Market Players
With the demand for efficient crop protection solutions escalating, key players are aiding the generic crop protection chemicals market growth by releasing new, advanced products for the benefit of farmers. This strategy is enabling companies to entrench their market, widen their offerings, and bolster their global presence.
November 2020: Canada-based Nufarm announced the launch of ThunderHawk, its newest pre-seed herbicide that delivers rapid broadleaf weed control for cereal farmers in the dark brown and black soil areas of Western Canada. Featuring three modes of action, the herbicide chemical is designed to offer superior performance when mixed with glyphosate.
List of Key Players Covered in the Generic Crop Protection Chemicals Market Report:
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