Update date: Jul 26, 2026 | N/A Pages | Report ID: BC-A-010341
Indonesia Crop Protection Chemicals Market
DMA IntelligenceIndonesia Crop Protection Chemicals Market Metrics & Forecast Analysis 2033
Segments: Product Type (Herbicides, Fungicides, Insecticides, Others), Origin (Synthetic, Bio-based), Application (Grains & Cereals, Oilseeds & Pulses, Fruits & Vegetables, Turfs & Ornamentals, Commercial Crops), Region (Asia Pacific, North America, Latin America, Europe, Middle East & Africa), Key Players (Agricon Indonesia, Agro Guna Makmur (AGM), PT, Biotis Agrindo, PT, CBA Chemical Industry, PT, Corteva Agriscience, PT. BASF Indonesia, Syngenta Indonesia PT), By Region, And Segment Forecasts
$1500.0M
Market Size, 2025
$1627.5M
Market Estimate, 2026
$2880.9M
Market Forecast, 2033
8.5%
CAGR, 2026–2033
Indonesia Crop Protection Chemicals Market Size, Share & Key Insights
The Indonesia Crop Protection Chemicals Market size was valued at USD NaN in 2025, and the market is projected to grow from USD NaN in 2026 to USD NaN by 2033, growing at a CAGR of null% during the forecast period 2026–2033. The market saw distributed global demand in 2025.
Study Overview
 Study Period | 2021 - 2033 |
 Base Year | 2025 |
 Estimated Year | 2026 |
 Forecast Period | 2026-2033 |
 Historical Range | 2021-2025 |
| Units | USD Million |
 Coverage | Global | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
 Deliverables | PDF + Excel Data Pack |
Major Market Players
Key Takeaways: Indonesia Crop Protection Chemicals Market
- In 2025, the global Indonesia Crop Protection Chemicals market size was estimated to be USD 1500.00 Million
- Projected to grow at an 8.50% CAGR, reaching a valuation of USD 2855.97 Million by 2033
- The Herbicides category accounted for the highest market share of 35.0% within the Product Type segment
- Insecticides captured a substantial 30.0% of the total revenue in 2025
- Regionally, Asia Pacific emerged as the top market, generating USD 675.00 Million and securing a 45.0% share
- Primary market growth drivers include increasing food demand, technological advancements, and government support for agriculture
- Key industry player Corteva Agriscience strengthened its market position via expansion of R&D facilities to accelerate development of climate-resilient solutions
Market Definiton and Strategic Context
The Indonesia Crop Protection Chemicals Market refers to the industry involved in the production, distribution, and application of chemical and biological agents designed to protect agricultural crops from pests, diseases, and weeds. This market is crucial for enhancing agricultural productivity and ensuring food security in Indonesia, a nation heavily reliant on its agricultural sector. The market encompasses a wide range of products, including herbicides, insecticides, fungicides, and other specialty chemicals, which are vital for mitigating crop losses and improving yields. The Indonesia Crop Protection Chemicals market size was estimated at USD 1500.00 Million in 2025, reflecting the substantial demand from the country's diverse farming practices. The growth outlook for this market remains positive, driven by the need for increased food production, technological advancements in agrochemicals, and expanding agricultural land use. Market forecast indicates a steady industry expansion, supported by government initiatives promoting sustainable farming and the adoption of modern agricultural techniques. The market's evolution is also influenced by environmental regulations and the shift towards bio-based alternatives, which are shaping product development and application methods. Understanding the dynamics of this market is essential for stakeholders looking to capitalize on the opportunities presented by Indonesia's burgeoning agricultural sector. The market's competitive landscape is characterized by both domestic and international players vying for market share through product innovation, strategic partnerships, and extensive distribution networks. The increasing prevalence of pest infestations and crop diseases, coupled with the pressure to meet rising food demand from a growing population, underpins the continuous need for effective crop protection solutions. This comprehensive analysis provides an in-depth look into the various facets of the Indonesia Crop Protection Chemicals market, offering valuable insights into its current state and future trajectory. The market's trajectory is also influenced by global commodity prices, climate change impacts, and the ongoing efforts to develop more environmentally friendly and sustainable crop protection methods.
| Report Attribute | Details |
|---|---|
| Market size value in 2025 | USD 1,500.00 Million |
| Revenue forecast in 2033 | USD 2,880.91 Million |
| Growth rate | CAGR of 8.5% from 2025 to 2033 |
| Actual data | 2021 - 2024 |
| Forecast period | 2025 - 2033 |
| Quantitative units | Revenue in USD Million and CAGR from 2025 to 2033 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Product Type, Origin, Application, Region, Key Players |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; UK; Germany; France; China; India; Japan; Australia; South Korea; Brazil; UAE; Saudi Arabia; South Africa |
| Key companies profiled | Agricon Indonesia; Agro Guna Makmur (AGM), PT; Biotis Agrindo, PT; CBA Chemical Industry, PT; Corteva Agriscience; PT. BASF Indonesia; Syngenta Indonesia PT |
| Customization scope | Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Growth Catalysts & Market Constraints
The Indonesia Crop Protection Chemicals market is undergoing significant dynamic shifts, driven by a confluence of factors that both propel its expansion and impose limitations. The increasing pressure to enhance agricultural productivity to feed a burgeoning population, coupled with advancements in agrochemical technologies, is a primary catalyst for the Indonesia Crop Protection Chemicals market size expansion. However, stringent environmental regulations and the growing demand for organic produce present notable challenges. Understanding these complex interplay of forces is crucial for stakeholders to navigate the market effectively and capitalize on emerging opportunities within the industry expansion. The market forecast is heavily influenced by these drivers and restraints, shaping investment decisions and strategic planning across the value chain.
Growth Drivers
- Rising Food Demand and Agricultural Intensification: Indonesia's growing population and the need for food security are compelling farmers to adopt modern agricultural practices, including the efficient use of crop protection chemicals. This intensifies cultivation on existing land, necessitating effective pest and disease management to maximize yields and minimize post-harvest losses, thereby driving consistent demand for these products.
- Technological Advancements and Product Innovation: Continuous research and development efforts by agrochemical companies are leading to the introduction of more effective, targeted, and environmentally safer crop protection solutions. These innovations, including bio-pesticides and precision farming technologies, improve efficacy and reduce environmental impact, encouraging greater adoption among Indonesian farmers and contributing to market growth.
Restraints
- Stringent Regulatory Frameworks and Environmental Concerns: The Indonesian government's increasing focus on environmental protection and sustainable agriculture has led to stricter regulations on the use and registration of certain crop protection chemicals. This results in higher compliance costs for manufacturers and can limit the availability of some products, thereby constraining market growth and necessitating significant R&D investment for new, compliant formulations.
- High Costs and Limited Access for Smallholder Farmers: The relatively high cost of advanced crop protection chemicals, combined with limited access to credit and knowledge, poses a significant barrier for many smallholder farmers in Indonesia. This financial constraint often leads to suboptimal application or reliance on traditional, less effective methods, hindering widespread adoption and overall market potential.
Opportunities
- Growing Demand for Bio-based Crop Protection Solutions: Increasing consumer awareness regarding food safety and environmental sustainability is fueling the demand for organic and bio-based crop protection chemicals. This trend presents a substantial opportunity for companies to invest in and develop eco-friendly alternatives, aligning with global sustainability goals and expanding their product portfolios to capture new market segments.
- Expansion of Digital Agriculture and Precision Farming: The integration of digital technologies, such as drones, sensors, and AI-driven analytics, into agricultural practices offers a significant opportunity to optimize crop protection chemical application. Precision farming techniques can reduce chemical usage, improve effectiveness, and lower operational costs, creating new avenues for market players to offer integrated solutions and services.
Challenges
- Counterfeit Products and Illicit Trade: The prevalence of counterfeit and substandard crop protection chemicals in the Indonesian market poses a significant challenge, undermining the efficacy of legitimate products and posing risks to crop health, farmer income, and environmental safety. This illicit trade erodes trust, distorts market pricing, and necessitates robust enforcement and public awareness campaigns.
- Climate Change and Evolving Pest Resistance: Unpredictable weather patterns due to climate change create new challenges for pest and disease management, making existing crop protection strategies less effective. Concurrently, the development of resistance in pests and pathogens to conventional chemicals demands continuous innovation and the rapid introduction of novel active ingredients, placing pressure on R&D pipelines and product lifecycles.
Market Level Breakdown
The Indonesia Crop Protection Chemicals market is intricately segmented by Product Type, offering a diverse array of solutions tailored to specific agricultural needs. This segmentation includes herbicides, insecticides, fungicides, and other specialized chemicals. Herbicides, designed to control weeds, hold a significant share due to their crucial role in maximizing crop yields by eliminating competition for resources. Insecticides are vital for combating a wide range of insect pests that can devastate crops, while fungicides protect against fungal diseases that lead to substantial losses. The 'Others' category comprises various growth regulators, fumigants, and specialty biologicals. Each product type addresses distinct challenges faced by Indonesian farmers, contributing differently to the overall Indonesia Crop Protection Chemicals market size and growth outlook.
Segmentation by Origin differentiates between synthetic and bio-based crop protection chemicals. Synthetic products, traditionally dominant, are chemically manufactured to provide broad-spectrum protection and consistent efficacy. Bio-based products, derived from natural sources such as plants, microorganisms, or minerals, are gaining traction due to increasing environmental awareness and demand for organic farming practices. This segment is driven by a shift towards sustainable agriculture and stricter regulations on synthetic chemicals. The choice between synthetic and bio-based often depends on crop type, pest pressure, and farmer preferences, influencing their respective contributions to the Indonesia Crop Protection Chemicals market.
The Application segment is critical, categorizing crop protection chemicals based on the specific crops they are used for, such as cereals & grains, fruits & vegetables, oilseeds & pulses, plantation crops, and others. Cereals & grains, being staple foods, represent a large application area due to extensive cultivation and the need for high yields. Fruits & vegetables, requiring intensive care and protection from various pests and diseases, also constitute a substantial market share. Plantation crops like palm oil and rubber, crucial to Indonesia's economy, rely heavily on these chemicals for disease and pest control. This segmentation highlights the diverse demands across Indonesia's agricultural landscape, impacting the market forecast for each sub-segment.
Indonesia Crop Protection Chemicals Segmentation Breakdown
- Product Type
- Herbicides
- Fungicides
- Insecticides
- Others
- Origin
- Synthetic
- Bio-based
- Application
- Grains & Cereals
- Oilseeds & Pulses
- Fruits & Vegetables
- Turfs & Ornamentals
- Commercial Crops
- Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Key Players
- Agricon Indonesia
- Agro Guna Makmur (AGM), PT
- Biotis Agrindo, PT
- CBA Chemical Industry, PT
- Corteva Agriscience
- PT. BASF Indonesia
- Syngenta Indonesia PT
Geographic Performance & Regional Trends
Regionally, Asia Pacific emerged as the largest market for Indonesia Crop Protection Chemicals in 2025, accounting for 45.0% of the market share and valued at USD 675.00 Million. This dominance is primarily attributable to the vast agricultural land, high population density driving food demand, and the increasing adoption of modern farming techniques across countries like China, India, and, of course, Indonesia. The region also exhibits the fastest growth rate, with a CAGR of 9.8%, propelled by government support for agriculture, rising awareness among farmers about crop protection, and the presence of both domestic and international agrochemical manufacturers. Factors such as favorable climatic conditions for diverse crops and the continuous threat from pests and diseases further underscore the region's leading position in the Indonesia Crop Protection Chemicals market growth.
Regional Growth Drivers
- North America: The region's advanced agricultural infrastructure and high adoption rate of precision farming technologies drive the demand for sophisticated crop protection chemicals. Farmers in the United States and Canada consistently invest in high-quality products to ensure optimal yields and meet stringent food safety standards, fostering a market for premium and specialized agrochemicals.
- Europe: Stringent regulatory frameworks promoting sustainable agriculture and integrated pest management (IPM) drive innovation in bio-based and low-impact crop protection solutions. Countries like Germany, France, and the United Kingdom are at the forefront of developing and adopting eco-friendly alternatives, balancing productivity with environmental stewardship and shaping regional market trends.
- Asia Pacific: Rapid population growth and increasing food demand, particularly in China, India, and Indonesia, necessitate higher agricultural productivity. This fuels the adoption of effective crop protection chemicals to prevent crop loss and enhance yields. Government initiatives promoting agricultural modernization and the availability of diverse crop types further stimulate market expansion across the region.
- Latin America: The expansion of agricultural land for cash crops like soybeans, corn, and sugarcane, especially in Brazil and Argentina, significantly boosts the demand for crop protection chemicals. Modernization of farming practices and increased investment in agricultural exports drive the need for efficient pest and disease control, underpinning robust market growth.
- Middle East & Africa: Efforts to achieve food security and diversify economies away from oil are leading to increased investment in agricultural development. Countries like Saudi Arabia and South Africa are enhancing irrigation infrastructure and adopting modern farming techniques, thereby increasing the reliance on crop protection chemicals to optimize yields in challenging climatic conditions.
Looking ahead, the Asia Pacific region is expected to maintain its dominant position and highest growth trajectory, driven by continued agricultural expansion and technological adoption. Mature markets in North America and Europe will likely focus on innovation in sustainable and bio-based solutions, responding to evolving regulatory landscapes and consumer preferences for eco-friendly products. Emerging markets in Latin America and the Middle East & Africa are poised for significant growth as they modernize their agricultural sectors and strive for greater food self-sufficiency. This divergence highlights strategic implications for suppliers, necessitating tailored product portfolios and market entry strategies to address varied regional demands and regulatory environments.
Competitive Insights & Leading Companies
The Indonesia Crop Protection Chemicals competitive landscape is characterized by a moderately consolidated structure, featuring a mix of global agrochemical giants and prominent local players. International companies like Corteva Agriscience and PT. BASF Indonesia leverage their extensive R&D capabilities, diverse product portfolios, and global distribution networks to maintain a strong presence. Local companies such as Agricon Indonesia and PT. Agro Guna Makmur often have a deeper understanding of regional crop patterns, pest dynamics, and farmer needs, enabling them to offer localized solutions and strong distribution channels in rural areas. Competition primarily revolves around product efficacy, pricing strategies, brand reputation, and the ability to comply with evolving regulatory standards. Key competitive levers include the continuous introduction of new, more effective, and environmentally friendly formulations, strategic partnerships with local distributors, and providing technical support and training to farmers. Furthermore, the ability to secure regulatory approvals and certifications for new products is crucial for market entry and sustained growth. The market also sees competition from generic product manufacturers, which often drive price sensitivity, especially in less specialized segments. This dynamic environment necessitates continuous innovation and adaptive strategies for all participants to thrive in the Indonesia Crop Protection Chemicals market.
Companies in the Indonesia Crop Protection Chemicals market employ diverse strategies to differentiate themselves and gain a competitive edge. A common approach involves significant investment in R&D to develop novel active ingredients and advanced formulations that offer superior efficacy, reduced environmental impact, or enhanced crop safety. For instance, Corteva Agriscience and PT. BASF Indonesia are known for their innovation in pest management and herbicide technologies. M&A activities and strategic partnerships are also prevalent, with global players acquiring local companies to expand their market reach and product portfolios, or collaborating with academic institutions for research. Product launches focusing on bio-pesticides and integrated pest management (IPM) solutions are increasingly common, reflecting the shift towards sustainable agriculture. Localization strategies, including adapting product formulations to specific Indonesian crops and climate conditions, and establishing strong distribution networks in remote agricultural areas, are crucial for success. Differentiation is also achieved through value-added services such as farmer training programs, digital farming platforms, and technical support, which build customer loyalty. However, companies face challenges such as margin pressure due to intense competition and the rising cost of raw materials, increasing compliance costs associated with stricter environmental regulations, and the ongoing threat of counterfeit products. These factors compel companies to constantly innovate and optimize their operational efficiencies to maintain profitability and market share.
Indonesia Crop Protection Chemicals Key Companies
- Agricon Indonesia
- Agro Guna Makmur (AGM), PT
- Biotis Agrindo, PT
- CBA Chemical Industry, PT
- Corteva Agriscience
- PT. BASF Indonesia
- Syngenta Indonesia PT
Indonesia Crop Protection Chemicals Market Ecosystem
Ecosystem Participants
- Manufacturers and Formulators — These entities are at the core of the market, responsible for the research, development, synthesis, and formulation of active ingredients into finished crop protection products. They invest heavily in R&D to create new pesticides, herbicides, fungicides, and biologicals that are effective and compliant with regulatory standards. Their role is critical in driving innovation and ensuring a consistent supply of products.
- This involves complex chemical engineering, quality control, and adherence to international manufacturing standards to produce a diverse range of products, from broad-spectrum to highly specialized solutions, which then enter the supply chain for distribution to farmers.
- Distributors and Retailers — These are the intermediaries that bridge the gap between manufacturers and end-users (farmers). Distributors manage large-scale logistics, warehousing, and regional supply chain operations, while retailers (agro-shops, cooperatives) provide direct access to products, often offering advice and technical support to local farmers. Their efficiency is key to market penetration and accessibility.
- They play a crucial role in last-mile delivery, ensuring that products are available in remote agricultural areas. Retailers also serve as information hubs, educating farmers on proper product usage, safety protocols, and integrated pest management techniques, thereby influencing purchasing decisions and product adoption.
- Farmers/Growers — As the primary end-users, farmers drive the demand for crop protection chemicals. Their choices are influenced by crop type, pest pressure, prevailing weather conditions, pricing, and recommendations from extension services or retailers. Their adoption of modern farming techniques directly impacts the market's growth and the types of products in demand.
- Farmers make critical decisions regarding the timing, dosage, and type of crop protection chemicals, often balancing yield maximization with cost-effectiveness and environmental considerations. Their evolving preferences, including a growing interest in sustainable and organic farming, shape product innovation and market offerings from manufacturers.
- Research and Development Institutions — Universities, private research firms, and government agricultural bodies contribute significantly to the market ecosystem by conducting research on pest resistance, developing new active ingredients, and studying the environmental impact of agrochemicals. They provide scientific backing and innovation that underpins product development and regulatory policies.
- These institutions are vital for addressing emerging agricultural challenges, such as new pest outbreaks or climate change impacts, through scientific discovery and the development of sustainable solutions. Their work often leads to breakthroughs in biological control agents and precision application technologies, benefiting the entire value chain.
- Regulatory Bodies and Government Agencies — These entities are responsible for formulating and enforcing policies, laws, and standards related to the production, registration, sale, and use of crop protection chemicals. They ensure product safety, environmental protection, and fair market practices. Their regulations significantly impact product development, market entry, and operational costs for manufacturers.
- Government agencies also often provide subsidies, training, and extension services to farmers, promoting the judicious and effective use of crop protection products. Their role in maintaining market stability, ensuring product quality, and fostering sustainable agricultural practices is indispensable for the long-term health of the ecosystem.
Report Coverage & Key Deliverables
The report delivers a comprehensive analysis of the Indonesia Crop Protection Chemicals, combining quantitative data with qualitative insights. It provides an in-depth understanding of the market's current size, historical performance, and future growth projections, enabling businesses to make informed strategic decisions. The study meticulously breaks down the market by various segments, offering granular insights into product types, origins, applications, and regional dynamics. This detailed coverage helps stakeholders identify high-growth areas and potential investment opportunities. Furthermore, the report assesses the competitive landscape, profiling key players and analyzing their strategies, product offerings, and market positioning. This allows companies to benchmark their performance against industry leaders and identify potential partners or acquisition targets. The inclusion of market drivers, restraints, opportunities, and challenges provides a holistic view of the forces shaping the industry, empowering businesses to anticipate market shifts and develop resilient strategies. The report is designed to serve as a vital resource for manufacturers, distributors, investors, and policymakers seeking to navigate the complexities of the Indonesia Crop Protection Chemicals market and capitalize on its expansion.
Report Coverage
- Market Size Estimates (historical and forecast)
- This section provides precise market valuation figures for the Indonesia Crop Protection Chemicals market, covering historical data from 2021 to 2025 and offering robust forecasts up to 2033. Our methodology employs a rigorous combination of top-down and bottom-up approaches, integrating primary and secondary research to ensure accuracy and reliability in all market size projections.
- Detailed Segmentation And Revenue Analysis
- The report offers a granular breakdown of the market across key segments such as Product Type, Origin, and Application, along with an in-depth revenue analysis for each. This segmentation helps in understanding the specific market contributions of various sub-segments, identifying growth pockets, and formulating targeted marketing and product development strategies.
- Regional And Country-Level Insights
- Our analysis extends to a comprehensive overview of regional markets, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, with specific country-level data where relevant. This section highlights regional market maturity, growth drivers, and regulatory landscapes, enabling businesses to tailor their expansion strategies to specific geographic opportunities.
- Competitive Benchmarking Of Key Players
- A thorough examination of the competitive landscape is provided, profiling major companies in the Indonesia Crop Protection Chemicals market. This includes an assessment of their strategic initiatives, product portfolios, market shares, and key strengths and weaknesses. The insights gained enable competitive benchmarking and identification of potential partnership or acquisition targets.
- Customization Options Based on Specific Requirements
- The report offers flexible customization options to meet unique client needs. Whether it's a deeper dive into a specific product category, additional country-level analysis, or a focus on particular competitive aspects, our team can tailor the report's scope and deliverables to provide precise, actionable intelligence for your strategic imperatives.
Recent Industry Insights
The Indonesia Crop Protection Chemicals industry trends over the past 12-18 months reflect a strong emphasis on sustainability, technological integration, and strategic market expansion. Companies are increasingly focusing on developing bio-based solutions and precision agriculture tools to meet evolving regulatory demands and consumer preferences for eco-friendly products. Partnerships between global players and local distributors have intensified, aiming to strengthen supply chains and enhance market penetration, particularly in Indonesia's diverse agricultural regions. There's a notable trend towards digital farming platforms that optimize the application of crop protection chemicals, improving efficiency and reducing environmental impact. These developments underscore the industry's commitment to innovation and adaptation, ensuring continued growth and resilience in a dynamic market environment.
Key Market Developments
- November 2024: Syngenta Indonesia PT launched a new bio-pesticide line to cater to organic farming trends in Indonesia, emphasizing sustainable agricultural practices.
- September 2024: Corteva Agriscience expanded its R&D facility in West Java to accelerate development of climate-resilient crop protection solutions for the Indonesian market.
- July 2024: Agricon Indonesia announced a strategic partnership with a local distributor to enhance market penetration in Eastern Indonesia, improving product accessibility for farmers.
- May 2024: PT. BASF Indonesia introduced advanced digital farming solutions to optimize pesticide application and improve yield for local farmers across Indonesia, promoting precision agriculture.
Analyst Opinion
The Indonesia Crop Protection Chemicals market outlook remains robust, driven by the imperative to boost agricultural productivity amidst a growing population and shrinking arable land. Analysts view the market as moderately attractive, characterized by consistent demand but also increasing regulatory scrutiny. The competitive intensity is escalating, with both global and local players vying for market share through product innovation and strategic distribution. While the demand-supply balance is generally stable, seasonal variations and regional pest outbreaks can create temporary imbalances. The shift towards sustainable agriculture is a significant trend, pushing companies to invest in bio-based solutions and integrated pest management (IPM) strategies. This transition, while challenging, also presents substantial opportunities for first movers and innovators. The market's resilience is underpinned by its fundamental role in food security, making it a critical sector for continuous investment and development. Stakeholders must carefully navigate the regulatory landscape and consumer preferences to unlock sustained growth.
The long-term outlook for the Indonesia Crop Protection Chemicals market is positive, with sustained growth anticipated due to ongoing agricultural modernization and the increasing adoption of advanced farming techniques. Innovation will be a key differentiator, particularly in developing highly effective yet environmentally benign products. The landscape is expected to see more collaborations between agrochemical companies, research institutions, and technology providers to integrate digital solutions for precision application. Key risk factors include the potential for even stricter environmental regulations, which could necessitate costly reformulation or withdrawal of certain products, and the persistent challenge of counterfeit products undermining market integrity. Additionally, climate change-induced shifts in pest patterns and crop diseases will demand continuous R&D and adaptive strategies. Companies that prioritize sustainable solutions, invest in localized research, and build strong farmer relationships are best positioned to capitalize on the evolving opportunities and mitigate associated risks in this dynamic market.