Global Insecticides Market: Advent of Novel Formulations and Innovative Strategies
The global insecticides market is consolidated to a large extent, marked by the presence of a handful of globally prominent and large companies, notes Transparency Market Research (TMR). Leading players operating in the market include PI Industries Limited (PI), Nufarm Ltd, FMC Corporation, Syngenta International AG, Monsanto Company, DowDuPont Inc., BASF SE, and Bayer AG. In addition to opting for strategies on consolidating their shares, key players are focusing on expanding their geographic reach in a move to stay ahead of the pack. Several players are focusing on developing novel formulations and are witnessed entering into strategic mergers and acquisitions in order to tap lucrative opportunities, observes TMR.
In the next couple of years, a number of leading players are likely to focus on sustainable approaches and are keen on adopting a combination of integrated pest control techniques, in order to gain a competitive edge over others. The global insecticide market stood at US$14.6 million in 2016 and is projected to reach a valuation of US$23 million by 2025 end. The market is predicted to expand at a CAGR of 5.3% from 2017 to 2025.
Broadly, the various product types of insecticides used are organochlorine, organophosphate, carbamate, and pyrethrine and pyrethroid. Of these, organophosphate accounted for the dominant market share in 2016, attributed to its vast uptake. However, the segment is anticipated to lose some share to carbamates. This segment is predicted to rise at the leading CAGR, vis-à-vis value as well as volume, over the assessment period. The wide popularity of carbamates pesticides is driven by their vastly rising application in home use, chiefly on account of their rapid action.
Geographically, Asia Pacific is set to be the most attractive market and is expected to account for high share throughout the forecast timeline. The prominence of the market can be attributed to several notable factors such as the presence of wide variety of plants and the marked presence of arable land. Latin America is anticipated to present substantial promising prospects in the coming years.
The mounting concern of substantially rising loss of crop due to insects is a key factor intensifying the demand for insecticides. The presence of vast expanse of arable land, favorable habitat, and tropical climate in some regions is a key factor stoking the demand for insecticides. The rising shift toward organic food products such as fruits and vegetables is a key factor bolstering the demand for various classes of insecticides in agriculture.
Rising governmental initiatives on improving the agriculture yield in various developing and developed economies and innovative strategies adopted by market players are notable trends accentuating the growth of the market. The growing awareness about vector diseases adversely affecting agriculture yield is a key factor boosting the market. Several initiatives undertaken by NGOs in recent years are expected to positively impact the growth of the market.
The adoption of healthy and technologically advanced agricultural practices in major economies is catalyzing the growth of the overall market. The adoption of diverse marketing channels to spread awareness is providing a robust impetus to the growth of the market. The advent of high performance organophosphates and the vastly rising applications of carbamates in indoor applications is expected to boost the global insecticides market.
The purported toxic affect some insecticides have on children and pets is a key factor expected to hamper their demand to an extent. Nevertheless, surging research and development activities in the development of bio-insecticides are expected to boost the market over the forecast period. Furthermore, the commercial availability of various pest management services in major regions are anticipated to favorably impact the growth of the insecticides market. Furthermore, various geographic expansion strategies adopted by prominent players are expected to bode well for the overall market.
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