The global insecticides market is expected to register a CAGR of 5.7% during the forecast period, 2018-2023. It is estimated that insects cause nearly 13% of the global crop losses and the estimated crop losses per year are to the tune of USD 2,000 billion. With rising labor costs and labor shortage, farmers are inclined to use insecticides. In the global insecticides market, the organophosphorus compounds segment has the largest market share. It is followed by the pyrethroids segment. The organophosphorus segment had around 16.7% share in 2013. However, many countries are banning the use of synthetic insecticides due to the rising concerns about their side effects on health.
Insecticide usage and demand have 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 banning of chemical groups, such as neonicotinoids, has affected the market growth. However, the increasing adoption of bio insecticides is driving the growth of the insecticide industry.
Asia-Pacific is the largest market for insecticides, with a share of nearly 40% in the global insecticides market. It is also the fastest-growing market in the world, at a CAGR of 7.1% during the forecast period. China and India are the largest markets in this region, witnessing a CAGR of 8.1% and 10.1%, respectively, during the forecast period.
Major Players: Adama Agricultural Solutions, American Vanguard Corporation, BASF SE, Bayer Cropscience, FMC, Isagro, and DowDuPont, among others.
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