RISE IN ADOPTION OF ADVANCED AGRICULTURAL PRACTICES IS DRIVING ADOPTION OF MICROENCAPSULATED PESTICIDES IN NORTH AMERICA
Global Microencapsulated Pesticides Market: Key Highlights
- According to the new market research report “Microencapsulated pesticides Market by Type (Insecticides, Herbicides, Rodenticides, Fungicides and Others), by Technology (Physical, Physio-chemical and Chemical), by Application (Agriculture and Non-agriculture), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global microencapsulated pesticides market is projected to reach a USD 817.22 million, with CAGR of over 9% within 2020 to 2027
- Microencapsulated pesticides are used for protecting the active ingredient in the pesticides for more effective delivery
- Microencapsulated pesticides possess certain benefits such as better handling of pesticides, higher effectiveness, reducing the probability of volatility, with higher precision of product delivery
Global Microencapsulated Pesticides Market: Key Market Dynamics
- Growing advancement in the integrated pest management for maximizing the agricultural yield through non-toxic safe pest management is driving the market growth
- Higher adoption of an environmentally safe method for increasing farm yield with better handling is fueling the market growth
- The growth of this market is expected to hamper owing to high production cost associated with microencapsulated pesticides
- Encapsulation of bio-pesticides is creating new growth avenues for the market growth
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Global Microencapsulated Pesticides Market: Regional Overview
- North America
North America emerged as one of the prominent region in the microencapsulated pesticides owing to increasing adoption of advanced farming practices for maximizing agricultural yield. In 2017, agriculture, food and related sectors contributed about USD 1.053 Trillion in the GDP of the US, accounting for 5% share. Increasing investment of around USD 50 million for time period of 5 years by the Canadian government under the Canadian Agricultural Strategic Priorities Program (CASPP) is expected to drive the growth of this market.
Agriculture is one of the major occupations in India, China, Indonesia and other countries. Growing population, higher food demand, ongoing urbanization with lack of arable land, is pushing towards adoption of sustainable and advanced farming practices. Increasing incorporation of advanced farming techniques and equipment to boost the agricultural yield in limited arable land in the China, (10–15% of total arable land when compared to US) is driving the growth of the microencapsulated pesticides higher.
Global Microencapsulated Pesticides Market: Key Players Overview
- BASF SE:
BASF SE offers range of chemicals for the agriculture, paints & coating, packaging & printing, nutrition, personal care, pharmaceuticals and many other sectors. In November 2016, Environmental Protection Agency (EPA) granted approval for the BASF’s Fastac CS insecticide formulation, a microencapsulated formulation for optimizing agricultural yield through higher protection from insect damage.
ADAMA is a manufacturer and distributor of the products for weed control, pest control, crop growth stimulator, disease controlling products and seed treating chemicals along with services for offering innovative farming methods. In 2018, the company signed an agreement with the agricultural biotechnology company, AgroSpheres with aim towards development of crop protection products with joint efforts for research & development for pesticide encapsulation.
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