Insecticides Market Worth 18,451.2 Million USD By 2022
The Global Insecticides Market will grow at a CAGR of 5.3% during the forecast period to reach USD 18,451.2 million by 2022, according to the latest publication from Meticulous Research®. The global insecticides market is primarily driven by the growing population, reduction of arable land, increasing crop losses due to insects, and advanced agricultural practices and technologies. Further, integrated pest management (IPM) and developing nations provide significant opportunities in this market. However, growing concern over side effects of insecticides, growing emphasize on bio-insecticides and organic farming, and stringent government regulations obstructs the growth of this market to some extent.
The global insecticides
market is mainly segmented by type (chemical and biological), by chemical type
(organophosphates, pyrethroids and pyrethrins, carbamates, cyclodiene
organochlorines, neonicotinoids, benzoylureas, and others), by crop type
(cereals and grains, oilseed and pulses, fruits and vegetables, turf grass and
ornamentals, andothers), by application (foliar spraying, soil treatment, seed
treatment, and post-harvest), by form (solid, liquid, and microencapsulated
suspension).
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Based on the product
type, the chemical insecticides segment dominated the market in 2016 and is
also estimated to continue its dominance over the forecast period, owing to its
increasing usage in developing countries, easy availability, higher efficiency,
and low cost as compared to biologicals.
On the basis of crop
type, cereals and grains segment commanded the largest share in the global
market in 2016, owing to the large production of cereal & grains across the
globe and increasing adoption of insecticides by farmers to control the yield
losses due to insects, especially in developing nations. On the basis of
application, foliar spray segment held the largest share in the market in 2016.
The large share of this segment is mainly attributed to its higher efficiency
as compared to other modes of applications.
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Geographically, Latin
America accounted for the largest share in the global insecticides market in
2016, followed by Europe and Asia-Pacific region. The largest share of the
Latin America region is mainly attributed to the large arable land, increasing
demand for crop yield & efficiency, increasing crop yield losses, less
stringent laws related to food safety, increased crop yield, higher adoption of
advanced technologies, and availability of government funding. However,
Asia-Pacific region is slated to register the fastest growth during the
forecast period, primarily due to large area under agriculture cultivation,
growing need to increase crop yield due to increasing population, increasing
organic farming and use of biological fungicides, and increasing government
funding.
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The leading companies
have employed various strategies to expand their product and application
offerings, global footprint, and augment their market shares. The key
strategies followed by most companies in the global insecticides market were
new product launches, mergers & acquisitions, and expansions. The key
players in the global insecticides market are BASF SE, Syngenta AG, E.I. DUPONT
De Nemours And Company, FMC Corporation, Sumitomo Chemical Co., Ltd, BAYER
Cropscience AG, Nufarm Limited, The Dow Chemical Company, Marrone Bio
Innovation, Monsanto Company, Arysta LifeScience, ADAMA Agricultural Solutions
Ltd., Drexel Chemical Company, BioWorks Inc., Heranba Industries Ltd., and
Novozymes A/S.
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