Brazil has become the world’s top pesticide consumer in 2024

According to consolidated data, the global market for crop protection products continues to grow, and Brazil has become the leader in sales of crop protection products, will reach 14.3 billion US dollars.

This is written by Leonardo Gottems, editor-reporter of the Chinese agroportal AgroPages, referring to the analysis presented by Anderson Nakakse, CEO and co-founder of Oken Finance, a company specializing in Web3 technology for the financial market and the acceleration of economic tokenization.

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

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

Brazil has established itself as the largest global market for crop protection products, reaching $14.3 billion in 2024. Anderson Nicakse commented that this result was driven by soybean, corn, sugarcane and coffee production. The average annual growth rate of 1.7% reflects the continuous expansion of Brazilian agribusiness.

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

“Argentina and India are growing at over 2% CAGR, reflecting greater use of agricultural technology. France, Canada, Germany and Russia remain small but stable markets,” said the analysis by Oken Finance’s CEO and co-founder.

“Brazil is overtaking the US to become the world’s largest crop protection market, while China is also growing rapidly. The future of the sector will depend on innovation and adaptation of the regulatory framework with a focus on more sustainable and efficient solutions,” concluded Anderson Nakakse.

Tags: China, Brazil, India, USA