Brazil leads global crop protection market in 2024

According to consolidated data, the global crop protection market continues to grow, with Brazil taking the lead in agribusiness sales in 2024, reaching $14.3 billion. This analysis comes from Anderson Nacaxe, CEO and Co-Founder of Oken Finance, a company specializing in Web3 technology for the financial market and economic tokenization acceleration.

According to the expert, analysis of major companies and markets shows a stable but transforming sector, driven by innovations and regulatory changes. The market projects an annual growth rate (CAGR) of 1.8% through 2030, although it experienced a sales decline in 2023 due to lower demand and currency fluctuations.

Syngenta maintains global leadership with projected sales of $13.6 billion in 2024, followed by Bayer at $12 billion, BASF with $9 billion in sales, and Corteva Agriscience at $7.3 billion.

Key Markets by Country

Table by Guillermo Saez

Brazil has established itself as the largest global market for crop protection products, reaching $14.3 billion in 2024. According to Anderson Nacaxe, this result was driven by soybean, corn, sugarcane, and coffee production. The 1.7% CAGR reflects the continuous expansion of Brazilian agribusiness.

The United States remains the second-largest market at $13.3 billion. However, a CAGR of just 1.2% shows slower growth, limited by strict environmental regulations. China ranks third with $10.8 billion and a 3% CAGR, driven by agricultural modernization and demand for technological inputs.

"Argentina and India show growth above 2% annually, indicating increased use of agricultural technology. France, Canada, Germany, and Russia remain smaller but stable markets," notes the analysis by Oken Finance's CEO and Co-Founder.

Industry Trends and Impact

• Adoption of biotechnology and biopesticides will be essential to meet regulatory and sustainability demands.

  
  

• Latin America consolidates its position as a growth engine, led by Brazil and Argentina.

  
  

• Environmental regulations will impact Europe and the US, favoring sustainable solutions.

  
  

• Market concentration: The five largest companies (Syngenta, Bayer, BASF, Corteva, and UPL) dominate the sector.

"Brazil surpasses the US to become the largest global crop protection market, while China grows rapidly. The sector's future will depend on innovation and regulatory adaptation, with emphasis on more sustainable and efficient solutions," concludes Anderson Nacaxe.

(Editing by Leonardo Gottems, reporter for AgroPages)