Organophosphate Pesticides Market Share

On the basis of regional analysis, the global organophosphate pesticides market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these, North America industry is poised to account for largest revenue share by 2037, on the back of increasing export-oriented agricultural practices, as pesticides prolong the life of the crop after harvesting.

The market in the Asia Pacific is anticipated to attain considerable CAGR throughout the forecast period, owing to the notable utilization of pesticides in the agriculture sector. Increasing agricultural activities will raise the demand for pesticides, which is expected to promote the market growth. According to the World Bank, as of 2019, agriculture and fishery sector valued 16.291 % of the total GDP in the South Asia region. Moreover, increasing pesticides usage in major economies, such as, China, is projected to significantly boost the market growth in the region. The pesticides use in China amounted to more than 1.4 million tons in 2018.  Along with protecting the crops from pests, pesticides also prolong the life of the crop, increase crop yield, and significantly reduce post-harvest losses. This property is highly beneficial in the hot and humid regions of the Asia Pacific, which is estimated to promote the organophosphate pesticides market growth.