Insecticides Market to Clock Valuation of US$23 Million at a Steady Rate During 2017-2025 - TMR

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Mar 18, 2019, 07:30 ET

ALBANY, New York, March 18, 2019 /PRNewswire/ -- Insecticides are used to protect plants from insects that will affect the agricultural produce. In order to improve the yield most farmers across the world administer insecticides in their fields. Further, the growing population in countries is inflating the demand for food, thus pressurizing governments to enhance their agricultural production.

The global insecticides market rides on the need for protecting crops from seasonal insects and evolution. The market faces intense competition among the large number of players. Besides, stringent regulations in the usage of chemical insecticides are believed to make competition tougher as players are expected to work on rolling out products complying with the rules. Some of the major players in the global insecticides market are DowDuPont Inc., Bayer AG, FMC Corporation, BASF SE, Nufarm Ltd, Syngenta International AG, Monsanto Company, and PI Industries.

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According to a recently published Transparency Market Research (TMR) report, the global insecticides market was valued at US$14.6 mn during 2015. Market analysts predict that the global insecticides market will grow at a concrete rate of 5.6% during the forecast period and will attain an overall value of US$23 mn by the end of 2025.

When it comes to segments, insecticides for specific crops will garner higher value during the forecast period. On the other hand, geographically, Asia Pacific will dominate the global insecticides market, say TMR analysts. Large scale population and agriculture dominating countries like India will pedal the demand in the global insecticides market.

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Growing Thrust on Food Security Augurs Demand

With food inflation becoming an important concern, every developing and developed economy in the world expects to ensure food security in the nation. This means that there should be enough storage of food grains in case a situation of crisis like drought arises. This way the country will not have to be dependent on other countries to import food, thus restricting impact on the economy. The growing thrust on food security from governments across the globe is expected to push demand in the global insecticides market.

Further, rising population invokes the need for expanding the agricultural production. Countries are always in search for techniques that will help its farmers improve yield, that will benefit the economy as well ensure arresting food inflation. This augments demand for products in the global insecticides market.

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Stringent Regulations for Usage to Restrict Growth

While the need for insecticides is important, impact on human life and environment is sacrosanct for every country. Having realized the harmful effects of insecticides, most nations have laid down laws that strictly prohibit excessive usage of insecticides. This is known to restrict growth in the global insecticides market. Further, the rising importance for organic farming is hampering demand in the global insecticides market, too.

However, companies in the global insecticides market have invested on research that is expected reduce usage of insecticides and increase effectiveness. Such products will also aim at bringing down the cost and will enable competition among the players in the global insecticides market. At the same time, brands will also work on replacing harmful chemicals with better alternatives that will suit the requirements. This is another opportunity for growth in the global insecticides market.

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The study presented here is based on a Transparency Market Research report titled "Insecticides Market (Product - Organochlorine, Organophosphate, and Pyrethrine & Pyrethroid; Crop - Oilseeds & Pulses, Cereals & Grains, and Fruits & Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025."

The global insecticides market is segmented based on:

Product

Organochlorine
Organophosphate
Carbamate
Pyrethrine & Pyrethroid

Crop

Oilseeds & Pulses
Cereals & Grains
Fruits & Vegetables

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