Rising use of Insecticides for increasing food productivity and rising investment in research activities for the development of advanced and chemical-free crop protectants are factors driving market revenue growth
Insecticides Market Size – USD 104.7 Billion in 2021, Growth – at a CAGR of 12.1%, Trends – High demand for Insecticides to protect crops from weeds
The global Insecticides market size is expected to reach USD 291.4 Billion in 2030 and register a revenue CAGR of 12.1% over the forecast period, according to the latest report by Reports and Data. Rising demand for Insecticides from the agricultural industry for killing harmful insects is one of the major factors driving the global Insecticides market revenue growth. Insecticides are chemicals used in public health programs, green areas, and agricultural lands to protect plants and humans from various diseases such as malaria and typhoid. Moreover, Insecticides, antibiotics, and hormones are used in plant and animal farming to boost production of food such as meat, cereals, and fish, which are in high demand in today’s food markets such as supermarkets and restaurants. It is also used to reduce food waste, and ensure adequate food supply. However, Insecticides also cause a large number of negative environmental effects such as contamination of water and soil, degradation in the quality of food, and health effects such as nausea, dizziness, skin irritation, diarrhea, and others. Hence, the urgent need for an ecological and more sustainable approach has increased research activities for the development of innovative ideas and advanced, environment-friendly, and cost-effective products.
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Top Companies: Bayer CropScience, Corteva Agriscience, Syngenta AG, BASF SE, China National Chemical Corporation (ChemChina), BioWorks Inc., Marrone Bio Innovations, Inc., Adama Agricultural Solutions Ltd., Certis USA L.L.C., and Dow Inc.
Further Key Finding from the Report Suggestion:
- On 14thSeptember 2020, BASF SE acquired the proprietary Glu-L technology from AgriMetis, which is an industry leader for the development of biotechnological innovations for crop protection. This acquisition will help BASF to offer its customers improved formulation and more efficient products made with L-glufosinate ammonium, which will reduce the required pesticide amount by 50% and protect crops against unwanted weeds..
- Insecticides segment is expected to register rapid growth rate during the forecast period. Insecticides are used in agriculture, horticulture, forestry, gardens, homes, and offices. Insecticides are also used to control vectors, such as ticks and mosquitoes, that are involved in spreading animal and human diseases. Chemical insecticides help to keep harmful insects under control. Insecticides are a group of Insecticides that may be made with organic or inorganic chemicals, either synthetic or natural that can kill pests.
- Chemical Insecticides segment is expected to register steady growth rate during the forecast period. Chemical Insecticides are used to control various pests and disease carriers, such as ticks, mosquitoes, mice, and rats. Chemical Insecticides are used in agriculture to control disease, weeds, and insect infestation. Chemical Insecticides are of different types and each is meant to be effective against specific pests.
- Commercial crops segment is expected to register rapid growth rate during the forecast period. Insecticides enable farmers to produce safe and good-quality crops at affordable prices. Insecticides also help farmers to produce foods, which are crucial to childhood development such as proteins, milk, and grains at lower costs.
- Market in Asia Pacific is expected to grow at a rapid rate during the forecast period owing to rising demand for Insecticides for various applications such as in vegetables fruits, oilseeds pulses, cereals grains, commercial crops, and others is further expected to drive market growth during the forecast period.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Insecticides market is segmented into:
Type Outlook (Revenue, USD Billion; 2019–2030)
Product Outlook (Revenue, USD Billion; 2019–2030)
- Microbial Insecticides
- Chemical Insecticides
- Plant Incorporated Protectants
Application Outlook (Revenue, USD Billion; 2019–2030)
- Vegetables Fruits
- Oilseeds Pulses
- Cereals Grains
- Commercial Crops
- Plantation Crops
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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