According to the report, Global Organophosphate Pesticide Market, released by Mordor Intelligence, the global organophosphate pesticide market is estimated to reach a market value of USD 9.67 billion, by 2023. The market generated USD 7.06 billion in 2017, and is expected to exhibit a CAGR of 5.5% during the forecast period, 2018-2023. Among the various crop protection chemicals, organophosphate insecticides are highly effective insect control agents accounting for more than 30% of worldwide sales.
The report elucidates the situation of global organophosphate pesticide market, with segmentation of the market by active ingredient, by type, by application, and on the basis of geography. To understand and analyze the competitiveness in the industry, Porter’s five forces analysis is also included in the report.
By active ingredient, Diazinon is leading the active-ingredient segment, however, Chloropyriphos is expected to be the fastest growing sub-segment during the forecast period. By type, the market is segmented into insecticides, herbicides, fungicides and others, Insecticides is expected to lead the segment. The organophosphate insecticides market is driven by the need to increase crop yield and efficiency to cater the growing food demand.
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By geography, owing to the growing usage of chemical insecticides in the region, Asia-Pacific accounts for more than 40% of the market share, followed by North America and Europe. The rising disposable incomes, population, and food security have made Asia-Pacific, the region with maximum growth potential. The emerging economies of China, India, Vietnam, and Thailand are the major consumers of organophosphate pesticides, for application in various cereal and grain crops.
Organophosphate Pesticide Market Dynamics
Growing demand for pesticides in developing countries, more reliance on pesticide use, high efficiency, low cost, and easy availability are the major factors driving the market. Another important factor driving the market includes increasing the crop yield, due to growing food demand. However, availability of safer and environment friendly alternatives and burgeoning R&D costs are the major restraining factors for the market. Sustainable farming options and widespread research and expansions by market players to grow more effective and eco-friendly organophosphate pesticides, can be regarded as an opportunity for the market.
According to Mordor Intelligence research and analysis, Bayer CropScience AG, DowDupont Inc., FMC Corporation, Syngenta International AG, Monsanto Company, Nufarm Limited, and ADAMA Agricultural Solutions, are the major market players in the organophosphate pesticide market. The major companies are investing profoundly in new product development to keep up with competition and gain a market share.