Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
"Global Insecticides Market was valued at USD 14.54 Bn in 2019 and it is expected to reach more than USD 23.34 Bn by 2028, likely to grow with the CAGR of 5.4% during the forecast period."
On average, around 30-40% of the harvest is lost because of the infestation of insects and diseases, which result in loss of overall production. The farmers in various regions intend to reduce these losses and hence the application of insecticides which aid in increasing yield and quality of crops and to meet the growing demand. These factors are likely to fuel the insecticide market over the forecast period.
The New Technological Advancement in the Pest Management and Procedures with Increased the Efficiency of Insect Repellents Is To Drive the Demand for Insecticides
The evolving technology and advancements in agricultural chemistry have enabled farmers to adopt effective pest management. Integrated Pest Management (IPM) is a sustainable approach to pest management by a combination of biological, mechanical, physical, and chemical methods. The new opportunities are being created for natural crop protection chemical products with the increasing importance of IPM all over the world.
However, the adverse impact on human & animal health and preference for environment-friendly products are expected to restrain demand for Insecticides over the coming years. While the demand for bioinsecticides has been rising steadily in all parts of the world due to their less or non-toxic nature as compared to synthetic counterparts.
The Organophosphate Product Segment Is Projected To Dominate The Insecticides Market During The Forecast Period.
Organophosphates compounds are the most widely used pesticides worldwide and their metabolites are used across different populations. It holds around a 30% share of the insecticides market. The organophosphate products are cheaper than other alternatives. The rise in the global food demand and low cost with efficient outputs drive the organophosphate pesticide market. However, several organophosphates have been discontinued for use in the past decade due to the high-risk factors associated with the production and stringent government rules on the usage of chemical insecticides. Though the market for organophosphates as insecticides is growing steadily.
The Cereals & Grains Segment Are Expected To Share Significant Growth During The Forecast Period.
The cereals & grains segment is anticipated to grow at 4.8% CAGR during the forecast period. On a global level, the total cereal production has been increasing with the growth in cereal production and consumption, it has become important for producers to focus more on its yield and quality by using effective insecticides. Corn, rice, and wheat are the major crops that are treated with insecticides in the cereals & grains segment the global demand for insecticides is high, and this trend is expected to continue over the forecast period.
While the foliar spray is projected to grow at a lucrative rate of in the global insecticides market during the forecast period the growing usage of foliar spray products in numerous applications like field crops, horticultural crops, and turfs & ornamentals drives the market.
The Asia Pacific to Dominate the Global Insecticides Market during the Forecast Period
Asia-Pacific dominates the global market over the other regions both in terms of value and volume in 2019. It is anticipated to grow at a rapid pace during the forecast period. This growth is attributed to the rapidly growing demand for fungicides in China and India and increasing the population in countries of Asia Pacific. Furthermore. The limited usage of insecticides in the production of crops in both North America and Europe is one of the prime factors for the market dominance of the Asian region, as these regions are focusing on harvesting genetically modified crops. The tropical weather and high volume of production of cereals such as cotton, paddy, and others are also driving factors for the market of insecticides.
However, North America and the European market are anticipated to witness slow growth owing to the ban on insect repellent.
The global insecticides market is a largely consolidated market, with the top seven companies accounting for around 40% of the total market.
Prominent players operating in the global Insecticides market are FMC Corporation, Syngenta International AG,Sumitomo Chemical Co.Ltd.,Bayer AG,Quimetal Industrial S.A.,Nufarm Ltd.,BASF SE,UPL ltd.,Corteva Agriscience, Arysta Lifesciences, Marrone Bio Innovations and ChemChina.
Insecticides Market Key segments:
Insecticides Market, By Product
Insecticides Market, By Form
Insecticides Market, By Crop Type
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Others (Ornamentals, Lawns, etc.)
Insecticides Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America