Mark A. Douglas
President and Chief Executive Officer at FMC
Thanks, Andrew. I mentioned earlier that our more differentiated products were showing resilience in the current market environment. This includes the diamides, a very successful product franchise which has received renewed attention over the last couple of months. Today, I'll give you an update on the progress of our diamide growth strategy. This will be supplemented by a forward-looking view of the robust growth plans we have for the diamides at our Investor Day.
We have owned the diamides for the past six years. Over this time frame, we have delivered on every target we've set, including growing the size of the business, expanding our partner base, accelerating registrations, expanding our geographic footprint, and finally, introducing brand-new patented formulations that allow us to explore and expand the new market segments. All of these results should provide confidence that we can continue to profitably grow the franchise into the future.
Turning to Slide 9 for some basic data on the insecticides market, which was valued at over $20 billion in 2022. Insecticides have grown at roughly 5% per year over the current time frame. FMC's diamides Rynaxypyr and Cyazypyr make up more than 80% of the entire diamides class, which includes a few other smaller active ingredients. FMC's diamides have grown about 12% of its total insecticide market. And as you can see, diamides outperformed every other leading chemistry class in the insecticide market by growing at 11% compound annual growth rate and gained 5% market share as a result. High-value technologies such as the diamides continue to take share from older insecticides, some of them being phased out by regulators.
Turning to Slide 10, we show the breakdown of our $2.1 billion of diamide sales in 2022. Cyazypyr has grown more rapidly than Rynaxypyr since our acquisition of the assets and made up more than 20% of total sales. This year, we estimate that this trend will continue with Cyazypyr making up roughly 22% of total diamide sales. Partner sales are a key element of our life cycle management strategy. FMC sales either technical active ingredient or formulated products to our partners under these arrangements. Being long-term supply agreements with five key global companies and over 60 local agreements in various countries with the potential to add more partners in the future. Many of these agreements go through the end of the decade. The partnership model has helped to expand the market for our diamide since our partners have access to customers, crops and segments that we do not currently serve. Moreover, partner sales are not margin dilutive, and these sales made up roughly one-third of our diamide revenue in 2022, while the remaining two-thirds came from our own commercial activities, which we refer to as branded sales.
In 2023, we've seen our partners actively manage their inventories resulting in lower sales. Branded sales have continued to outperform the overall company. We've also shown the geographic breakdown of our branded sales as of 2022. Asia made up more than 40% of our branded sales followed by Latin America at 28%, EMEA at 17% and North America at 12%. This year, we expect Branded sales to outperform total sales in Latin America driven by new products introductions. Branded diamides in the other regions are expected to perform in line with or better than respective regional sales.
On the right is the crop breakdown of our overall diamide revenue, which includes branded and partner sales. The diversity of crops reflects the broad market potential as well as market access required to sell these products. This is an important fact to note as we have numerous products selling in more than 90 countries across dozens of crops. Our diamides are not a single monolithic product and as such are defendable through various mechanisms, including most importantly, newly patented formulations, branding, value selling, agronomic support and grower education. Our precision ag offering, ARC Farm Intelligence now helps support and defend over $700 million of revenue from our branded diamides, a unique and powerful tool in our diamides growth strategy.
Turning to Slide 11. You can see that managing the diamide life cycle has multiple strategic components. We will provide more color on these pillars at Investor Day in November, but I wanted to start framing the innovation and IP pillars today.
Turning to Slide 12. FMC has continued to significantly grow the diamides through innovation since acquiring them in late 2017. At acquisition, sales were already segmented across dozens of formulations and brands spread across more than 80 countries. Since acquisition, FMC has increased the segmentation by developing new partner sales, launching new patented formulations and brands, obtaining new registrations and expanding existing labels, which have resulted in a diverse portfolio. This diversity minimizes reliance on any single formulation and instead relies on innovation to drive future growth. We have already started to see the benefits of recent innovation in diamides. This is evident from the increase in total sales of branded diamides from '21 to '22, even though some of the core Rynaxypyr products declined modestly in the same time frame.
Coragen MaX insecticide powered by Rynaxypyr is one example of innovation that did not exist when we acquired the diamides. Coragen MaX is a patent-pending, higher concentration formulation of Coragen that provides targeted insect control in canola, pulses and cereals. Premio Star is another example of new technology that was developed primarily for applications on Brazilian soy, corn and citrus crops and received priority approval from Brazilian authorities. The patent pending combination of Rynaxypyr and bifenthrin provides a differentiated formulation with extremely high performance for chewing and sucking insects. Premio Star has a dual mode of action, its broad spectrum with both immediate and extended control.
FMC has developed and launched four new patented or patent-pending formulations across ten countries in the past few years. These new technologies are expected to make up 17% of branded diamide sales in 2023. Contributions from new products will further accelerate over the next few years moving FMC's portfolio away from older and less differentiated products.
Slides 13 and 14 show an updated view of our patent and regulatory timelines. FMC has a patent state of over 1,000 granted and pending patents filed in over 75 countries for the diamides. While we have not changed our overall outlook, we have included additional commentary to reflect development since we last shared these timelines. One addition from our last version of this slide is the inclusion of patented mixtures and patent-pending formulations that can extend patent coverage once granted to 2040 and beyond in some cases. Patents are regulated by different government entities than the ones that issue crop protection registrations. Approvals of registrations does not have any bearing on patent validity. Generally speaking, legal actions must be initiated by the patent holder and can only start after registration is received and a generic product centers into commercialization. Moreover, patent judgments in one country do not change FMC's patent rights in other countries, nor do these judgments give companies the freedom to operate in other countries with valid patents in place.
FMC will continue to enforce our patents and we view any infringing party as a seller of illegal product. In addition to our legal strategy, we also have a regulatory advocacy strategy that includes enforcement of our data protection rights and notifying regulators about companies that do not have permission to produce or have unknown or different impurities in their products or otherwise do not comply with applicable regulatory law. This has been and continues to be a successful strategy. Numerous regulatory authorities have declined to approve registrations from such companies. In other instances, companies have voluntarily canceled or withdrawn applications as a result of our efforts.
Hopefully, this overview has provided a more comprehensive understanding of the current state of FMC's diamides. At our Investor Day, we'll provide a view of the next phase of growth for this franchise driven by innovation and other strategic [Indecipherable]
Finally, let me wrap up by saying that 2023 has clearly not turned out how we or the broader industry thought it would. However, we firmly believe the current channel destocking will run its course and I believe we have taken the right actions to reflect what is happening from a channel demand standpoint. Our new products, Plant Health products and Branded Diamides all continued to outperform the rest of the portfolio, which shows the benefit of our technology investments. We look forward to seeing many of you at our Investor Day where we will lay out our new strategic plan and provide an outlook for FMC's growth over both the near and long term. We can now open the line for questions.