Latin America Turf and Ornamental Crop Protection Market was valued at USD 504.1 million in 2021, growing at a high CAGR of 4.6% from 2022 to 2028 to reach USD 692.1 million by 2028. Agrochemical innovation, the development of new fungicide formulations, digital farming tools, and precision farming with a precise amount of chemicals, an increasing number of mergers and acquisitions, decreasing arable land, increasing herbicide resistance, and a higher rate of adoption of Genetically Modified (GM) technology are all boosted the market in the region. In 2021, Pesticides will have a market revenue share of 26.3% from 2022 to 2028; it is predicted to increase at a CAGR of 4.7%, increasing the launching of new products in the region as increased demand for organic pesticides. Fountain Grass has a market share of 21.2 % and is expected to increase at a CAGR of 4.3% in the future years. The organic origin segment has a market share of 15.3% and is expected to increase at a CAGR of 4.1% in the coming years. However, regulations for agrochemicals and lack of raw material availability hampers the market in the Latin America region.
Sumitomo Chemical Company successfully completed the acquisition of four South American subsidiaries held by Nufarm Limited, a leading Australian agricultural chemical company, in Brazil, Argentina, Chile, and Colombia in April 2020. Sumitomo Chemical will be able to develop and sell crop protection products across South America, especially Brazil, as a result of this acquisition.