Global Insecticides Market Driven by Increasing Demand for High Crop Yield, to Exhibit 5.1% CAGR 2015-2023 : TMR
Transparency Market Research (TMR) has announced the publication of a new research document studying the global insecticides market. The report provides forecasts for the insecticides market based on careful analysis of the market’s past performance and current dynamics. The report, titled ‘Insecticides Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ is available for sale on TMR’s website.According to the TMR report, the global insecticides market was valued at US$2.5 bn in 2014 and is expected to rise to a valuation of US$3.9 bn by 2023. If these market projections hold true, this would represent a CAGR of 5.1% from 2015 to 2023.
Insecticides are a variety of chemicals used to prevent insects from attacking crops. Since most of the world’s agriculture takes place in tropical or temperate zones, where insects also thrive, insects are a constant threat to both cash and food crops. Insect damage can cause significant losses to the farmer and major gaps in the supply of the crops. As a result, insecticides are essential in agriculture. Various types of insects feed on different parts of a plant and have different metabolic processes, necessitating the usage of a range of insecticides.
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The major driver for the global insecticides market is the need to increase crop yield. Due to the rising global population, current agricultural practices have fallen short and a significant part of the global population goes unfed. To solve the incoming food crisis, governments all over the world have stepped up their efforts to increase the total crop yield. This has, naturally, led to the increasing usage of insecticides. The threat of insects developing resistance to conventional insecticides has also given the global insecticides industry an ever-growing research avenue.
However, the adverse health effects of insecticides on humans have become a major concern for the global insecticides market. Since food crops are consumed by humans, it is imperative to ensure that the insecticides used on them, some residue of which remains even after washing, are not harmful to them. As a result, the market has witnessed a growing demand for bio-pesticides in recent years. This is likely to remain an influential factor in the development of the global insecticides market in the near future.
The global insecticides market can be segmented on the basis of product type into organophosphates, organochlorines, pyrethrins and pyrethroids, carbamates, and others such as botanicals, benzoylureas, and neonicotinoids. Of these, organophosphates dominated the insecticides market in 2014, with a 50% share. However, the use of organophosphates is expected to drop in the coming years due to the growing acknowledgement of their adverse effects on humans and bees and other harmless or beneficial insects.
Fruits and vegetables accounted for a major part of the total consumption of insecticides in 2015. The consistent demand for fruits and vegetables due to their global popularity is responsible for this. Cereals and grains, also consumed commonly all over the world, accounted for the second-largest share in the global insecticides market in 2015.
Regionally, Asia Pacific accounted for more than 40% of the global insecticides market due to the heavy dependence on agriculture of many economies in the region and the region’s tropical conditions, which are highly conducive to insect proliferation. While North America and Europe followed APAC in 2015, Latin America is expected to become a major player in the insecticides market in the coming years.
Major insecticides market players profiled in the report include Bayer AG, FMC Corporation, BASF SE, The Dow Chemical Company, DuPont, and Syngenta AG.
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