Insecticides Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global insecticides market was valued at USD 12.11 million in 2020. It is projected to increase to USD 17.70 million by 2026, registering a CAGR of 5.0% during the forecast period (2021-2026). Temporarily disruption in operations during the initial days of the COVID-19 lockdown resulted in the partial decline of the market. However, the operations were resumed in a phased manner from the beginning of April 2020 as per instructions from Government bodies across the globe. Since the product falls under an essentials category, companies operating in the industry don’t foresee any major impact on the business due to the pandemic.

The growing demand for food security in the Asia-Pacific region on account of the rising population has resulted in the increased usage of insecticides. These factors can be attributed to the growth of the insecticide market in the Asia-Pacific region.

The number of pests in different crops, across the world, is rising, and there is a tremendous increase in the number of insecticide-resistant pests. Insecticides can be used to control a variety of pests; however, over time, they lose their effectiveness, as pests develop resistance. This results in a significant decrease in sensitivity to a pesticide, which reduces the field performance of pesticides. Reliance on insecticide-based pest management of insect pests often leads to the development of insecticide resistance. This pushes the insectiides manufacrturer to invest more on their R&D activites.

The demand for professional pest management products is being driven by factors, such as economic growth, urbanization, and the emergence of new pests and diseases. Consumers are increasingly looking for targeted and effective solutions with minimal environmental impact.

Scope of the Report

All active ingredients that are used to control insect pests, including biological insecticides and antimicrobial insecticides, have been considered within the research scope. The study also includes insecticides applied by owners or operators and commercial applicators, to farms and facilities that are involved in the production of raw agricultural commodities, fiber, mainly food, and tobacco. Insecticides market is segmented by Origin (Synthetic Insecticides and Bio-insecticides), Insect Pest Type (Sucking Pest and Biting and Chewing Pest ), Application (Grains and Cereals, Oilseed, Commercial Crops, Fruits and Vegetables, and Other Crop Types), and Geography (North America, Europe, Asia Pacific, South America, and Middle-East & Africa).

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Key Market Trends

Increasing Food Demand and Need for Increased Agricultural Productivity

According to FAO, global food demand is expected to increase from 50% to 90% by 2050, owing to the expected increase in global population by over a third, or 2.3 billion people, between 2009 and 2050. Due to the increasing population, globally, the global food production needs are likely to increase by about 70% by 2050, to meet the growing food demand. This implies that there must be a significant increase in the production of certain food commodities. For instance, the production of cereals must reach around 3 billion metric tons by 2050, an increase from nearly 2.1 billion metric tons in 2018. The increased demand for food security has impacted the insecticide market affirmatively. This can be attributed to the high productivity of farms where appropriate usage of insecticides is practiced. Many factors, from climate change to the outbreak of pests and lack of investment have also restricted the production of food products. The percentage of the arable land area is falling in major countries such as the United States, which indicates the need to enhance agricultural productivity to meet the rising demand of the population. Thus, farmers are focusing on increasing productivity, by reducing the damage caused by pests. With proper pest management and the use of crop protection products, such as insecticides, fungicides, and nematicides. Hence, the market for crop protection chemicals is expected to grow, around the world.

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