The latest market report published by Credence Research, Inc. “Global Insecticides Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global insecticides market has witnessed steady growth in recent years and is expected to continue growing at a CAGR of 4.80% between 2023 and 2030. The market was valued at USD 8.9 billion in 2022 and is expected to reach USD 12.4 billion in 2030.
The global insecticides market is segmented by type, crop type, formulation, form, and region. Organophosphorus-based insecticides are the most popular type, while the cereals & grains category dominates the crop type segment. Emulsifiable concentrate formulation holds the largest share in the market, and sprays are the most commonly used form of insecticides. Asia Pacific leads the market growth.
The agriculture sector is expected to expand during the forecast period due to the rising global food demand driven by population growth. This necessitates increased agricultural production, leading to significant growth in the insecticide market.
The market is highly competitive, with key players including AMVAC Chemical Corp., UPL Ltd., Bayer AG, BASF SE, FMC Corp., Corteva Agriscience, Nufarm Ltd., Bioworks, Inc., and Syngenta Group. These companies focus on product innovation, expanding their market presence, and strategic partnerships to maintain a competitive edge.
North America Insecticides Market Key Growth Trends refer to the prevailing patterns that are driving the growth of the insecticide industry in this region. The primary drivers include increased awareness about pest control and management, rising investments in research and development for innovative products, and surging demand for eco-friendly alternatives. Additionally, changes in consumer behavior have led to a shift towards sustainable solutions such as organic farming practices and non-toxic insecticides. Furthermore, advancements in technology have allowed for more efficient production processes while also improving the effectiveness of existing products.
Insecticides Market Growth Factor Worldwide:
- Rising Incidence of Vector-Borne Diseases: The increasing spread of diseases such as malaria, dengue, and Zika virus, which are transmitted by insects, are expected to increase the demand for insecticides for public health.
- Advancements in Farming Practices: Technological advancements and modern farming practices, such as precision farming, are expected to drive the demand for insecticides. Precision farming uses data and technologies to optimize crop yields and profitability while minimizing the use of resources and the impact on the environment.
- Emerging Markets: Developing countries, with a significant reliance on agriculture for their economy, present a huge potential for growth for the insecticides market. These regions are witnessing increased investments in agricultural activities, which may drive demand for insecticides.
- Environmental Concerns: The widespread use of chemical insecticides has raised environmental and health concerns due to their potential toxicity and impact on non-target organisms. These concerns have led to stricter regulations in many countries, which could restrict market growth.
- Development of Pest Resistance: Pests can develop resistance to commonly used insecticides, requiring the development and approval of new products. This process can be costly and time-consuming.
- Growth of Organic Farming: The growing demand for organic food, which is produced without synthetic pesticides and fertilizers, may reduce the demand for traditional chemical insecticides.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Insecticides Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Route of Administration and Application
- Major nations in each region with their import/export statistics
- The global Insecticides Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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