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What is the Expected Growth Rate of the Speciality Pesticides Market for the Period 2024 to 2033?

The market size for specialty pesticides has seen significant growth recently, and is projected to expand from $132.26 billion in 2023 to $142.96 billion in 2024, reflecting an 8.1% compound annual growth rate (CAGR). This upward trend in the past has been fueled by factors such as the increased necessity for crop safeguarding, the broadening of precision farming techniques, a burgeoning global population, the appearance of pesticide-resistant pests, the push for more sustainable farming practices, a growing concern for food safety, and the proliferation of protected agricultural practices.

The market for specialty pesticides is anticipated to witness significant expansion in the coming years. The market value is predicted to reach $191.72 billion by 2028, progressing at a compound annual growth rate (CAGR) of 7.6%. The predicted growth in the forecast period can be linked to the globalisation of agriculture, market demand for high-value crops, biopesticide developments, swift progress in organic farming, concerns over global food security, emphasis on minimizing environmental impact, and regulatory backing for sustainable agricultural practices. Key trends shaping the market during the forecast period include integrated pest management (ipm), innovation in pesticide formulations, advancements in seed treatment, application of biotechnology in pest management, digital agriculture and intelligent pesticides, investment in R&D, and tailored solutions for specific crops.

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What Factors Are Responsible for the Growth of the speciality pesticides Market?

The speciality pesticides market is projected to expand due to the growing need for food. Agricultural crops such as fruits, vegetables, and grains, reared for human intake, are termed food crops. The consumption of food is on the rise owing to the population growth and increased prosperity in emerging countries. Speciality pesticides are employed to boost food output by enhancing crop yield and reducing losses due to pests, diseases, and weeds. For example, the Food and Agricultural Organization, a Canada-based United Nations agency, predicts that global food production must rise by 70% to cater to the projected global population expansion, expected to hit 9.6 billion by 2050. As a result, the surging demand for food is anticipated to fuel the speciality pesticides market.

What Are the Defining Segments of the Speciality Pesticides Market?

The speciality pesticides market covered in this report is segmented –

1) By Type: Fungicide, Insecticide, Herbicides, Other Types

2) By Origin: Synthetic, Bio-Based

3) By Application: Grains, Cereals, Oilseeds, Pulses, Fruits And Vegetables, Other Applications

What Are the Significant Trends Reshaping the Speciality Pesticides Sector?

Leading brands in the specialty pesticides market are innovating new, specialized pesticide formulations to outpace their competitors. For example, in April 2022, BASF SE, a chemical company based in Germany, unveiled Exponus. This insecticide is engineered to assist Indian farmers in protecting their crops and boosting their yield. Powered by BASF’s groundbreaking active component, Broflanilide, Exponus distinguishes itself through its unique operational approach. It falls under the new IRAC group 30, a category for meta-diamides and isoxazolines. This grouping ensures that there is no identified cross-resistance with current products, positioning Exponus as an exceptional resource for managing insecticide resistance. The insecticide offers quick, potent, and adaptable protection against stubborn pests like thrips and caterpillars, thereby addressing the issue of resistance to existing chemical solutions.

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Which Regions Are Essential for the Growth of the Speciality Pesticides Market?

Asia-Pacific was the largest region in the speciality pesticides market in 2023. The regions covered in the speciality pesticides market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Speciality Pesticides Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the speciality pesticides market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Speciality Pesticides Market Include

1. Speciality Pesticides Market Executive Summary

2. Speciality Pesticides Market Segments

3. Speciality Pesticides Market Size And Template Market Growth Rate

4. Key Speciality Pesticides Market Trends

5. Major Speciality Pesticides Market Drivers

……

25. Key Mergers And Acquisitions In The Speciality Pesticides Market

26. Top Speciality Pesticides Companies

27. Speciality Pesticides Market Opportunities And Strategies

28. Speciality Pesticides Market, Conclusions And Recommendations

29. Appendix

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