The global insecticides market is expected to reach USD XX billion by 2022 from USD 12.9 billion in 2016, witnessing a growth of CAGR 5.71% during the forecasted period. Insects fed on all kinds of plants and stored agricultural produce, leading to huge economic losses. It is estimated that insects cause nearly 13% of the global crop losses and the estimated crop losses per year is USD 2,000 billion. Insecticides, if applied properly, contribute to higher yields and improved product quality. However, because pesticides may possess toxic properties and their use often prompts concerns regarding environment and human health. Organophosphates, pyrethroids and carbamates are the most commonly used insecticides.
Insecticide usage and demand has fluctuated enormously over the years. The major factors that affected the consumption pattern are changes in crop acreage, pest resistance, pesticide regulation and technology adoption. The rapid adoption of Bt technology in corn and cotton has significantly decreased the insecticide usage in these crops. Also, the banning of chemical groups such as neonicotinoids has affected the market growth. However, the increasing adoption of bioinsecticides is driving the growth of the insecticide industry.
This market can be broadly segmented into product type-synthetic insecticides and bioinsecticides. The report also analyzes the global market for insecticides by application area, including Crop-Based Applications (Grains & Cereals, Oilseeds and Fruits & Vegetables) and Non-Crop-Based Applications (Turf & Ornamental Grass and Other Applications). Synthetic insecticides dominate the global scenario in terms of volume consumption and value demand. By application area, crop-based end-uses of insecticides are likely to maintain the fastest growth in terms of volume consumed and value demand during the similar period, and retain the leading raking in terms of largest application area. Despite being the largest market for Pesticides, demand growth in North America is likely to be the slowest, while South America followed by Asia Pacific are expected to emerge as the fastest growing market. Major companies covered in the report include American Vanguard, Arysta LifeScience, BASF SE, Bayer CropScience, BioWorks, Cheminova, Chemtura Corp, Chr Hansen, Dow AgroSciences, DuPont, FMC Corp, Isagro SpA, Ishihara Sangyo Kaisha, Makhteshim Agan, Marrone Bio Innovations, Monsanto, Natural Industries, Novozymes A/S, Nufarm Ltd, Sumitomo Chemical, Syngenta AG and Valent Biosciences. The key strategies used by companies in this market are new product registrations, acquisitions to enter new markets. The focus in this industry should be on integrated pest management techniques and sustainable practices for an improved yield without harming the environment.
Key Deliverables in the Study