The Latin American crop protection chemicals market was valued at USD 13.03 billion in 2019, registering a CAGR of 5.4% over the forecast period.
Globally, the Latin American market is the second-fastest-growing crop protection chemicals market, and it accounts for nearly 24% of the global market share. Joint ventures and new product launches are the major strategies followed by Latin American companies. The pesticide market in Latin America is consolidated, with the top 10 companies holding the major share, whereas the biopesticide market is fragmented.
Key Market Trends
Adoption of Genetically Modified (GM) Crops
The use of genetically modified (GM) organisms is the new trend in the market. The first use of GM technology was done in North America and South America. The benefits of transgenic crops include saving water and reduced emissions of carbon dioxide, which help in preserving many trees. These crops contain disease-resistant, herbicide-resistance, and drought-resistant genes. Brazil has the largest area under the cultivation of GM crops.
Herbicides Dominates the Market
By mode of action, the herbicide segment is the largest segment of the market, holding 35% of the market in 2019. The segment was valued at USD 4.52 billion in 2019, and i t is expected to reach a value of USD 6.05 billion by 2025, registering a CAGR of 5.1% during the forecast period. The herbicides market witnessed significant number of acquisitions, accounting for its sizable share. The most commonly used synthetic herbicides include glyphosate 2, 4-D, atrazine, glufosinate-ammonium, paraquat, pendimethalin, dicamba, fluroxypyr, and metolachlor. However, the growth of the market is mostly driven by the application of glyphosate. Soybean, maize, cotton, and wheat are the major crops dominating the sales of herbicide in the country. In the maize crop, atrazine, glyphosate potassium salt, glyphosate isopropylamine salt, and acetochlor are some of the majorly used active ingredients.
The Latin American crop protection chemicals market is highly consolidated, with the top five companies accounting for around 78% of the market, while the rest 22% is accounted for by other multi-national and local companies. The merger of Bayer and Monsanto, in June 2018, made it the market leader, with a substantially higher share than Syngenta (he second-largest company for crop protection chemicals in the region), which accounts for around 17.5% of the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support