It has been well-identified that insects fed on all kinds of plants and stored agricultural produce, leading to huge economic losses. To overcome this issue, insecticides are used as it is one of the most important pesticides. The demand for insecticides is rising constantly owing to high crop losses from insects. Due to rising early age health concerns, the trend is shifting towards consumption of natural food products including fruits & vegetables. Thus, the insecticides market is projected to expand at a rapid pace to reduce fruit & vegetable crop damage from insects, finds a new report which has been broadcasted to the wide repository of Market Research Hub (MRH). The research study is titled as “Insecticides Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018-2025” which analyzes and forecasts the global insecticides market in terms of volume (m3) and revenue (US$ Mn) from 2018 to 2025.
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Forecast Predictions
According to the study key findings, the global insecticide market is forecast to US$23 mn by the end of 2025, from US$14.6 mn, which was its value in 2016. During this period, the market is expected to exhibit a CAGR of 5.3%. The research also added that, as the demand for insecticide rises further, the competition prevailing in the global market will get sharper. Several companies are regionalizing their marketing efforts in a bid to gain increased traction in the coming years. Such expansion strategies adopted by the market players have the ability to affect the insecticide market positively in the coming years. Besides, government initiatives over the past few years aimed at supporting agricultural growth have tilted scales in favor of the global insecticide market.
From a geographical perspective, Asia Pacific accounted for the major share of the global insecticides market, in terms of both revenue and volume, in 2016. The presence of large arable land supported the market’s expansion in the Asia Pacific. Besides this, the insecticide markets in North America and the Middle East and Africa are expected to expand considerably during the forecast period
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Segmental Analysis
The report provides a detailed view of the insecticides market based on products and crops. Key products included in the report are organochlorides, organophosphates, pyrethrines & pyrethroids, and others. Key crops included in the report are oilseeds & pulses, cereals & grains, fruits & vegetables, and others.
In terms of value, Organophosphate insecticides hold the maximum market share of 43.8% in the global insecticides' market by types. Organophosphate insecticides are widely used owing to their multiple applications such as fumigant, systemic or contact insecticide. On the other hand, fruits & vegetable segment are anticipated to account for higher market share during the forecast period. Another major fact about the market is consumer awareness regarding harmful effects of synthetic chemicals & materials to human health and the environment, which is expected to offer lucrative opportunities for bio-based insecticides. The bio-based insecticides include insect growth regulators, enzymes & hormones, neem oil and more.
In order to provide users of this report with a comprehensive view of the market, analysts have included detailed competitiveness analysis and company players with their SWOT analysis and strategic overview. Some of the key players in the Insecticides market include FMC Corporation, Bayer AG, BASF SE, DowDuPont Inc., Syngenta International AG, Nufarm Ltd., Monsanto Company, and PI Industries.
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