BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Thailand agrochemical and pesticide market size at USD 869.21 million in 2022. During the forecast period between 2023 and 2029, Thailand agrochemical and pesticide market size is expected to grow at a CAGR of 5.12% reaching a value of USD 1,023.16 million by 2029. The rising adoption of biopesticides and organic agricultural practices is a major element driving the expansion of Thailand's agrochemical and pesticide business. This transition is being driven by growing concerns about environmental sustainability and customer demand for pesticide-free vegetables. Another trend is the increased emphasis on integrated pest management (IPM) strategies, which advocate a balanced approach to pest control through the use of cultural, biological, and chemical treatments. There has been an increased emphasis on the research and development of novel pesticide formulations and technologies to improve effectiveness while minimizing environmental impact. Further, government rules and programs supporting sustainable agriculture practices significantly impact the market's trajectory.
Thailand Agrochemical and Pesticide Market – Overview
Pesticides and agrochemicals are tools used in agriculture to boost crop yields and safeguard plants from weeds, illnesses, and pests. They are essential to modern farming methods because they boost agricultural productivity and guarantee food security. Among other things, agrochemicals include fertilizers, herbicides, insecticides, and fungicides. They are made to maintain soil fertility, prevent pest infestations, and encourage plant development. However, the usage of agrochemicals has sparked worries about their potential negative effects on the environment and health. As a result, there is an increasing focus on creating eco-friendly and sustainable alternatives in agriculture to reduce the use of synthetic chemicals and encourage more ecologically friendly farming practices.
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Impact of COVID-19 on Thailand Agrochemical and Pesticide Market
The COVID-19 pandemic significantly impacted the Thailand agrochemical and pesticide market, leading to disruptions and challenges across the industry. The country's lockdown measures and travel restrictions disrupted the supply chain, hindering the availability of raw materials and affecting production. Farmers’ purchasing power and consumer demand were also affected due to economic uncertainties and reduced export opportunities. Logistical challenges and labor shortages added to the difficulties faced by the market. While the sector demonstrated resilience by adapting to new safety protocols and implementing digital solutions, the pandemic has underscored the need for increased resilience and innovation to navigate future uncertainties in the agrochemical and pesticide industry.
Thailand Agrochemical and Pesticide Market – By Crop Type
Based on crop type, Thailand agrochemical and pesticide market is divided into Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables segments. The fruits & vegetables segment is the largest segment in the Thailand agrochemical and pesticide market. The segment encompasses a wide range of crops, including various types of fruits and vegetables grown in Thailand. The demand for agrochemicals and pesticides is high in this segment due to the extensive cultivation of these crops throughout the country. Farmers rely on these products to protect their fruit and vegetable crops from pests, diseases, and weeds, ensuring optimal yields and quality. The fruits & vegetables segment plays a crucial role in the overall agrochemical and pesticide market in Thailand, contributing significantly to the industry's growth and revenue.
Competitive Landscape
Thailand agrochemical and pesticide market is significantly competitive. Major companies in the market include Bayer Crop Science AG, BASF SE, Corteva Agriscience AG, Archer-Daniels-Midland (ADM), FMC Corporation, Adama Agricultural Solutions, Potash Corporation of Saskatchewan, Nufarm Ltd, Nutrien Ltd, and Yara International ASA. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position Thailand agrochemical and pesticide market.
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