Insecticides Industry to Grow at a CAGR Of 12% During 2019-2023 by TBRC
LONDON, March 16, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers Insecticides Global Market Report 2020 from its research database. The report is covered in 150+ pages and available for purchase (Individual License USD 4000) @ https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2673 .
Improved Product Development In The $16.25 Billion Insecticides Market
Companies in the insecticides industry are developing new products and improving product composition to make them safe for workers, farmers, plants, and the soil. Every year, companies globally introduce new products or brands to cater to different sets of audiences, insects, and industries. This translates to changes in the base solution, mode of application, and residue formation of the insecticide. In 2017, Marrone Bio Innovations, Inc. developed Venerate XC, a chemical user-friendly liquid microbial-based solution, which is used in integrated pest management (IPM) with a minimal four-hour re-entry interval (REI), and is under the MRL (maximum residue level) tolerance. The product is also non-toxic to fish, birds, and honeybees. In 2017, the Pesticide Registration and Control Division (PRCD) in Ireland and the European Union approved Isoclast, a new insecticide developed by Dow AgroSciences. Request a Sample of This Research Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2673&type=smp .
Insecticides are substances that are used to kill insects, including ovicides and larvicides used for insect eggs and larvae respectively, in order to control pests that affect the cultivated crops. The insecticides market is segmented by type into synthetic insecticides, and bio-insecticides. It is also segmented by application into cereals and grains, oilseeds & pulses, fruits & vegetables, and others.
The global insecticides market was worth $16.25 billion in 2019. It is expected to grow at an annual rate of about 12% and reach $25.2 billion by 2023.
Increasing Demand For Food By The Growing Population Will Drive The Insecticides Market
The global population is growing and is expected to reach 10 billion by 2050, which will significantly boost the insecticides market. Increase in population creates more demand for food. Crop production, farming activities and trade volumes will have to increase in order to meet the demands of the growing population. Additionally, farmers and commercial farming companies will increase acquisitions in arable land to increase crop production, which is expected to increase the demand for herbicides. In order to meet the food demand that may rise from 59% to 98%, farmers have to increase agricultural productivity through fertilizers and advanced technologies in farming. Thus, the increase in demand for food from the growing population will promote the growth of the insecticides market.
Environmental Factors Will Limit The Overall Agrochemicals Market Growth
The growth of the agrochemicals market, including insecticides, will be limited due to issues raised by various environmentalists and eco-friendly organizations. Usage of insecticides may cause serious health risks to humans, animals, and the environment. For instance, beekeepers in the USA reported annual hive loses of about 30% over the last 10 years, and this was primarily attributed to the increase in insecticides use in the country. Therefore, increased awareness of the diseases and problems caused due to insecticides is expected to have a negative impact on the growth of the market in the forecast period to 2023.
Sumitomo Chemical Acquires Botanical Resources Australia
Major players in the global insecticides market include Adama Agricultural Solutions Ltd, American Vanguard Corporation, BASF SE, Bayer CropScience AG, FMC Corporation, NuFarm Limited, Syngenta International AG, Sumitomo Chemical Co., Ltd., Monsanto Company, and Arysta Lifescience. Companies in the insecticides market are investing in mergers and acquisitions to strengthen their businesses. In March 2018, Sumitomo Chemical, a major Japanese chemical company, acquired 82.9% of shares in Botanical Resources Australia Pty Ltd and its affiliated companies (the BRA group), thus making it a consolidated subsidiary. The BRA group is a global leader in the production of the natural insecticide active ingredient, Pyrethrin.
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