What is the Market Demand for Pesticides?

The global pesticides market, valued at US$ 102,483.7 million in 2022, is anticipated to grow to US$ 107,834.1 million in 2023 and reach US$ 184,196.3 million by 2033, with a steady growth rate of 5.5%. The market is driven by the decreasing availability of arable land due to rapid urbanization and industrialization, which has led to a 1.8% annual reduction in cropland over recent years. This trend has spurred increased demand for agrochemicals. Pesticides are categorized into conventional (synthetic) and bio-pesticides. Conventional pesticides, which include chlorinated hydrocarbons, organophosphates, and carbonates, are widely used but toxic. Bio-pesticides, derived from natural sources like plants and bacteria, are less toxic and have minimal environmental impact. The growth in pesticide sales is expected to continue as major agricultural economies invest in infrastructure, further constricting cropland and driving the market.