Insecticides Market to reach US$3.90 billion by 2023 - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023: TMR

Albany, NY, March 11, 2016 -- According to the research report, the global insecticides market was valued at US$2.51 billion in 2014 and is anticipated to reach US$3.90 billion by 2023, expanding at a CAGR of 5.1% between 2015 and 2023. 

Insecticides are natural or synthetic chemicals that are primarily used to manage pests, especially insects. An insecticide is available in the form of formulation that contains an active ingredient – the chemical responsible for killing the target pest. For instance, neonicotinyls (a relatively newer class of insecticides is largely used for aphid control). Insecticides are primarily classified based on their common chemistry. 

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For instance, organophosphate (OP) class of insecticides is a derivative of phosphoric acid, while organochlorine majorly constitutes carbon, hydrogen, and chlorine. Insecticides are primarily classified into five categories based on the type of active ingredient: organochlorines, organophosphates, carbamates, pyrethrins & pyrethroids, and others. The market can also be segmented based on crop type into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. 

Demand for insecticides has been rising steadily due to the increasing need for better crop yield and growing threat of pest infestation. The need for better crop yield is rising on a continuous basis owing to population growth. Global population rose by 4.93% in 2010 to reach 7.23 billion in 2014, while the global arable land area expanded by only 3.65% from 1.37 billion hectare to 1.42 billion hectare during the same period. Furthermore, inadequate arable land has also put pressure on farmers to increase their yield. This, in turn, has increased the demand for insecticides. Insecticides are used to effectively control insects that attack crops. Climate change is one of the key factors stimulating the growth of insects, plant diseases, and invasive weeds. Climate changes include increase in average temperature, warmer winter temperature, changes in precipitation patterns, and water shortages. This has resulted in growth of new pests and diseases. Thus, newer classes of insecticides such as neonicotinoids are introduced in the market. Efficient crop protection practices have become an important phenomenon in today’s agriculture industry. 

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As a result, various practices have come into existence due to their advanced and less toxic impact on surroundings. Integrated Pest Management (IPM), organic farming, development of genetically modified (GM) crops, and crop rotation are some of these practices. These practices has resulted into lesser usage of insecticides on crops. This is expected to be major restraint for the global insecticides market from 2015 to 2023. Bio-pesticides are anticipated to provide immense opportunities in the market. Furthermore, rising demand for these insecticides for home and garden insect control is projected to be major factor for market growth.  

Organophosphate (OP) is the largest product segment, which accounted for more than 50% share of the global insecticides market in 2014. In the recent past notable OPs have been discontinued for use including parathion, which is no longer registered for any use. Similarly chlorpyrifos, is no longer registered for home use. Carbamate insecticides vary in their spectrum of activity. These are relatively unstable compounds that break down in the environment within weeks or months Carbamates are commonly used as surface sprays or baits in the control of household pests. This is also the fastest growing segment of the global insecticides market. Pyrethrins & pyrethroids are largely used as botanical insecticides; however, of late, development of synthetic pyrethroids in agriculture, public health care, and food preparation has seen steady growth.  

Asia Pacific was the global leader in the insecticides market, constituting more than 40% share in 2014. The region is expected to maintain its dominance during the forecast period. Insecticides are largely used to manage insects in Asia Pacific, as it is a tropical region that offers favorable climate for insect growth. North America and Europe held nearly equal share of the global insecticides market in 2014. The insecticides market is highly regulated in North America and Europe. For instance, dichlorodiphenyltrichloroethane (DDT), widely used in the early 1940s to 1973s, is now banned from usage in the U.S. and Europe. Middle East & Africa (MEA) constituted the smallest share of the global insecticides market in 2014. The region is expected to witness moderate growth rate in the insecticides market from 2015 to 2023. Latin America is anticipated to experience steady growth in the global insecticides market during the forecast period. 

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The global insecticides market is moderately consolidated. Key manufacturers include FMC Corporation, Bayer AG, The Dow Chemical Company (Dow), BASF SE, and Syngenta AG. Other major players include DuPont and ADAMA Agricultural Solutions Ltd. 

Insecticides Market – Product Segment Analysis 

• Organochlorines
• Organophosphates
• Carbamates
• Pyrethrins & pyrethroids
• Others (Including organosulfur, benzoylureas, botanicals, neonicotinoids, etc.) 

Insecticides Market – Crop Analysis 

• Cereals & grains
• Oilseeds & pulses
• Fruits & vegetables
• Others (Including industrial & municipal, household, ornamental plants, grass, etc.) 

Insecticides Market – Regional Analysis

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA) 

Regional Market Analysis: http://www.europlat.org/global-insecticides-market-to-reach-us3-90-bn-by-2023-with-asia-pacific-at-forefront-of-growth.htm 

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