According to a new market report published by Transparency Market Research "Crop Protection Chemicals Market - Global Industry Size, Market Share, Trends, Analysis and Forecast, 2011 - 2018," the global crop protection market was worth $48 billion in the year 2011 and is expected to reach $71.3 billion by 2018, growing at a CAGR of 5.4 percent from 2011 to 2018. Herbicides formed the largest category in the overall crop protection market, contributing about $19.9 billion for the year 2011.

Herbicides, fungicides and insecticides are the foremost product segments in the global crop protection market. The herbicides market will experience both the highest growth rate as well as highest volume traded in the next six years. The expected growth rate of herbicides for the given period is computed to be 6.1 percent, which is followed by fungicides with 5.6 percent of growth rate over the year 2011 to 2018.

The major influencing factors in the crop protection market are shrinking arable land, the paradigm shift in farming practices, increased purchasing power and the resultant improvement in the standard of living. Pesticides protect the plants from various weeds, nematodes and fungus, thus raising the yield production. Increased awareness for crop protection in developed nations like the U.S, better and effective utilization of pesticides along with adoption of high end technologies are key growth drivers for the market.

Browse the full report here.