Market Size of Europe Crop Protection Chemicals Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| Market Size (2023) | USD 24.64 Billion |
| Market Size (2028) | USD 31.60 Billion |
| CAGR (2023 - 2028) | 5.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Crop Protection Chemicals Market Analysis
The Europe Crop Protection Chemicals Market size is expected to grow from USD 24.64 billion in 2023 to USD 31.60 billion by 2028, at a CAGR of 5.10% during the forecast period (2023-2028).
- Europe's crop protection chemicals market is driven by the need to increase crop yield and efficiency. The region's population is drastically growing, but the farmlands are diminishing. As a result, it is pushing farmers to increase their yield. Therefore, new farming practices are being adopted by farmers to increase crop yield, which is paving the way for the crop protection market.
- Using pesticides over crops is a proven technology to increase global food production. New farming practices require new crop protection products, but the research and development costs are escalating as many pesticides are banned in this region. The costs to register new pesticides for sale are high in these countries. These factors are driving the bio-based market to grow in the region during the forecasting period.
- In 2022, European Commission adopted its proposal for a new regulation on the sustainable use of Plant Protection Products (SUR). The rules encourage reducing pesticides through integrated pest management and alternatives to chemical pesticides. The Plant Protection Products (SUR) is considered a crucial tool for achieving the targets outlined in the European Green Deal and the Farm to Fork Strategy, as it puts forward legally binding pesticide reduction targets to reduce the use and risk of chemical pesticides by 50% by 2030. The proposal is part of the Commission's nature restoration package, including a proposal to restore damaged ecosystems and bring nature back across Europe.
- Increased awareness, advances in farming practices, and technology are reasons for Europe to hold a significant market share in crop protection. According to Eurostat, fungicides and bactericides accounted for more than 45% of the total pesticide sales in the region in 2020, which will drive the fungicides segment in the region in coming years.
