Post Covid:19 Update: Insecticides Market To Reach USD 24.2 Billion By 2027 | CAGR 4.9% — Forencis Research
Global Insecticides Market: Key Highlights
- According to the new market research report “Insecticides Market by Type (Inorganic Insecticides, and Organic Insecticides), by Crop Type (Pulses & Oilseeds, Grains & Cereals, Fruits & Vegetables, Others), by Formulation (Emulsifiable Concentrate, Wettable Powder, Suspension Concentrate, Oil Emulsion in Water, Microencapsulated Suspension, Granules, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2027)”, the global insecticides market is estimated to reach USD 24.2 Billion by 2027 at a CAGR of around 4.9% during the review period.
- Specialty chemical products used to destroy or inhibit the growth of insects such as rats, mice, mites, ticks, and spider are known as insecticides
- Some of the advantages offered by insecticides are prevention of pest problems, cost-effectiveness, timeliness & flexibility, increase in crop production, increase quality & quantity of products, and amongst others
- Variety of pest can be controlled using insecticides, however, over time, as pest develops resistance they lose their effectiveness, which reduces the field performance of pesticides
Global Insecticides Market: Key Market Dynamics
- An increasing need for agriculture productivity in order to meet growing food demand across the globe has expected to drive the growth of the global insecticides market during the forecasted period
- Availability of bioinsecticides as a substitute may pose a challenge to the insecticide market growth during the forecasted period
- Stringent regulation imposed by the government considering various environmental and health concerns associated with the use of insecticides has anticipated to hamper the growth of the market during the forecasted period
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Global Insecticides Market: Regional Overview
- North America
North America is anticipated to dominate the insecticides market during the forecasted period owing to increasing agriculture exports. According to United States Department of Agriculture (USDA), the U.S. agriculture exports were valued USD 140 billion in 2018. Moreover, shortage in arable land, higher spending on enhancing agriculture activities are some other factors that drive the market growth in the region. The demand to increase agriculture productivity per acre has expected to drive the demand for insecticides market growth.
- Asia Pacific
The Asia Pacific is anticipated to have sustainable growth in the insecticides market during the forecasted period. This is attributed to a rise in food demand, need for increased productivity, and a rise in the number of resistant pests. An increasing need for food production has made farmers use the crop protection products such as insecticides which will help control the damages caused by the pets and increase productivity. Moreover, initiatives are taken by the government to help the farmers increase their productivity. For instance, Pradhan Mantri Krishi Sinchai Yojana (PMKSY) in India helps to provide solutions in irrigation and supply chain.
Global Insecticides Market: Key Players Overview
- ADAMA Ltd.:
ADAMA Ltd. is one of the global leaders in crop protection and engaged in providing a solution to farmers and customers across the globe. The company operates in three business segments including crop protection, service & innovation, and other solutions. ADAMA Ltd has direct presence in over 40 countries, reaching farmers in more than 100 markets with its over 270 active ingredients. The company has 21 production sites and 7 global product development centers across the globe.
- BASF SE:
BASF SE is a German-based company, engaged in providing specialty chemical across the globe. The company operates in six business segments including, chemicals, materials, industrial solution, surface technologies, nutrition & care, and agriculture solution. Insecticide products are offered under agriculture solution segment. BASF SE generated sales of around USD 69.8 billion in 2019. In March 2019, the company launched Ventigra insecticide, for ornamental market. These insecticides will help growers to maintain the sustainable practice and produce high-quality plants.
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