Market Research Report
Hungary Crop Protection Chemicals Market - Growth, Trends, and Forecast (2020 - 2025)
|Hungary Crop Protection Chemicals Market - Growth, Trends, and Forecast (2020 - 2025)|
Published: June 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 80 Pages
Delivery time: 2-3 business days
Hungary Crop Protection Chemicals Market is projected to grow at a CAGR of 8.7% during the forecast period (2020-2025). The crop protection chemical industry in the region has been transforming over the years, with robust growth, coupled with changing crop mix trends, and environmental regulations. Growing population, declining arable land, food security, and the need for augmented agricultural productivity are the significant factors, which are driving the demand for higher agricultural output, thus augmenting the growth of the pesticide industry in Hungary. Increasing R&D costs and the ban on certain pesticides are some of the vital factors, which act as restraints to the market.
Escalated Adaptation of Biopesticides
Owing to the escalating demand for food safety and quality, biopesticides are gaining popularity over their synthetic counterparts. Relatively low R&D costs associated with the former is also a major factor that is driving the biopesticides market. According to Ecology & Farming Magazine, Hungary offers good conditions for organic production, many of its low-intensity agricultural areas such as pastures, meadows, and fallows are free from agro-chemicals, encouraging the use of biopesticides. More than 2000 enterprises produce organically certified food, whose demand is rising every year in the country. This inclination towards bio-based agricultural products is likely to aid the growth of the crop protection chemicals market in the country.
Recurring Instances of Pest Attacks on Important Crops
Hungary's most important crops include corn, wheat, sugar beets, barley, potatoes, and sunflower seeds. The number of pests in different crops in the country is rising, and there is a tremendous increase in the number of insecticide-resistant pests. Insecticides can be used to control a variety of pests, however, over time, they lose their effectiveness, as pests develop resistance, a significant decrease in sensitivity to a pesticide, which reduces the field performance of the pesticides. Reliance on insecticide-based pest management of insect pests often leads to the development of insecticide resistance. However, the resistance to insecticides is going to encourage the insecticides market, as this implies that there would be constant research to develop newer variants of products, boosting product launches, and furthering the revenues of the operating companies, enhancing the overall crop protection chemicals market in the country. Ban on the production of GMO plants in the region is also likely to aid in the growth of the crop protection chemicals market during the forecast period.
Hungary crop protection chemicals market is highly competitive with major international players such as Bayer AG, UPL Limited, Ori Agro and Nufarm Limited occupying a major share in the region. New product launches, mergers & acquisitions, and partnerships are the major strategies adopted by these leading companies in the market. These companies are also focusing on making an investment in innovations, collaborations, and expansions, in order to increase their market share.