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The Horticulture Chemical Market size is estimated to reach US$28.9 billion by 2027, after growing at a CAGR of 4.3% during the forecast period 2022-2027. The use of horticulture chemicals
in fruits has increased significantly. They are used to
protect crop yields from pests, weeds, plant diseases and other organisms that
cause damage to horticulture crops. The massive demand for crop protection
chemicals such as fungicides, fertilizers and pesticides from developing
countries was the primary driver of the horticulture chemical market. According
to Avocados Australia Limited (AAL), the avocado sector production in Australia
increased to 87,546 tons in 2019-20, marking a growth of 2% over the previous
year.
Horticulture Chemical Market: The Fruits Segment Leads the Market
On the basis of the end-use
industry, the Horticulture Chemical market can be segmented into fruits,
vegetables and others. During the forecast period 2022-2027, the fruits segment
is expected to grow at a CAGR of 4.7%. Fruit production in various regions
has increased global demand for horticulture chemicals. The fruits sector is
rapidly expanding as a result of growth factors such as increased agricultural
produce, thriving trade activities and rising income levels. According to the
National Statistics, Department for Environment, Food and Rural Affairs, the
value of fresh fruits in the UK increased from US$903 million in 2019 to
US$1,045 million in 2020. Furthermore, the value of fresh vegetables increased
from $1,516 million in 2010 to $1,670 million in 2020.
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Horticulture Chemical: Asia-Pacific Holds the Largest Share
On the basis of geography, the Horticulture Chemical market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2021, the Asia-Pacific region held a 43.8% share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are comparatively ahead in terms of consuming fruit products. According to the Ministry of Agriculture & Farmers Welfare, the total Horticulture production in 2020-21 reached a record 334.60 million tonnes, an increase of 14.13 million tonnes (4.4 percent) over the previous year in India. According to the Ministry of Agriculture & Farmers Welfare, India’s fruit production reached 102.48 million tons in 2020-21, up from 102.08 million tons in 2019-20. The Horticulture Chemical market would also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the Horticulture Chemical market.
Horticulture Chemical Market:
Competitive Landscape
Key companies holding major
shares in the Horticulture Chemical market are BASF SE, Syngenta International
AG, Bayer Crop Science, Corteva AgriScience, United Phosphorus Limited (UPL)
Ltd., Dow DuPont, SCOTTS, Nufarm Limited, Adama Agricultural Solutions Ltd. and FMC Corporation.
R&D Investments:
In July 2022, FMC introduced a
pre-emergent herbicide to help sugarcane farmers in Maharashtra. Austral
herbicide provides a new level of broad-spectrum weed control in the critical
growth stage of sugarcane.
In July 2022, BASF introduced
Voraxor, a new herbicide in the Uruguayan market that contains the active
ingredient trifludimoxazin + saflufenacil.
In March 2020, Sumitomo Chemical Company Limited ("Sumitomo Chemical") introduced KANAME® Flowable*, a new fungicide containing INDIFLINTM (inpyrfluxam) in Japan.