According to a recent study by Transparency Market
Research (TMR), the global insecticides market is partially
consolidated with top five companies accounting for more than 45% of
the shares in 2014. These five leading companies in the global market
for insecticides are FMC Corporation, Syngenta AG, BASF SE, The Dow
Chemical Company, and Bayer AG. Companies operating in this market
are heavily dependent on research and development activities, as
registration and launch of any insecticide requires approval from
legislation. More of these companies carry out R&D activities
in-house as well as in government and private institutes. Product
testing also plays an important role before the commercialization of
insecticides.
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The TMR report evaluates that the global insecticides
market had an opportunity worth US$2.6 bn in 2015, and estimates it
to reach a valuation of US$3.9 bn by the end of 2023, rising at a
healthy CAGR of 5.1% during the forecast period of 2015 to 2023. In
terms of volume, the global insecticides market is projected to reach
788.12 kilo tons by 2023.
Vastly Populated Asia Pacific Most Lucrative
Region
Based on product, the TMR report segments the global
insecticides market into organophosphates, organochlorines,
pyrethrins and pyrethroids, carbamates, and others including
benzoylureas, organosulfur, botanicals, and neonicotinoids. Out of
these, organophosphates insecticides are most in demand, widely used
as pest control crops as contact, systemic, and fumigant
insecticides. However, this is becoming a less popular choice among
farmers due to acute toxicity to vertebrate animals. Organophosphates
accounted for a volume of 15.22 kilo tons in 2014, and the report
estimates it to reach 20.35 kilo tons by 2023.
On the basis of crop, the market for insecticides has
been bifurcated into fruits and vegetables, cereals and grains,
oilseeds and pulses, and others such as industrial and municipal,
ornamental plants, household, and grass. Currently, the segment of
cereals and grains is most lucrative, gaining from growing food
demand across the world. Geographically, the report rates Asia
Pacific as the most lucrative region in comparison to other regions
analyzed, which are North America, Latin America, the Middle East and
Africa, and Europe. In 2014, Asia Pacific contributed 37.10% of the
demand for insecticides and is expected remain most profitable region
throughout the forecast period.
Biopesticides Opening New Opportunities
The rising need for better crop yield and increasing
threat of pest infestation are the two most prominent factors driving
the demand in the global insecticides market. Owing to escalating
population, the need for better crop is constantly rising. Moreover,
inadequate arable land has put pressure on farmers to increase their
yield. According to the World Bank, farmers may have to increase
their yield by 60% per hectare by 2050 in order to meet the
escalating food demand, which can be met by the efficient use of
current arable lands and increased yield growth rate through best
crop management practices. Since climate change substantially affects
the yield, the demand in the insecticides market is constantly
rising, which are used to protect crops against chewing insects. On
the other hand, adoption of advanced crop protection practices such
as integrated pest management (IPM), organic farming, development of
genetically modified (GM) crops, and crop rotation are expected to
hinder the growth rate during the forecast period.
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According to the author of the report, “rise in
adoption of biopesticides is opening new opportunities for the
players in the global insecticides market. Biopesticides offer
several advantages such as reduced toxicity in comparison to
conventional pesticides, targeted control, and effectiveness.”
Since biopesticides can lower the usage of conventional pesticides,
the crop yield remains high and hence is gaining adoption.
The information presented in this review is based on
a Transparency Market Research report, titled, “Insecticides Market
(Product - Organochlorines, Organophosphates, Carbamates, and
Pyrethrins and Pyrethroids; Crop Type - Cereals and Grains, Oilseeds
and Pulses, and Fruits and Vegetables) - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Segments of the Global Insecticides Market
Global Insecticides Market, by Product Segment
- Organochlorines
- Organophosphates
- Carbamates
- Pyrethrins & pyrethroids
- Others (organosulfur, benzoylureas, etc.)
Global Insecticides Market, by Crop Type
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (industrial & municipal, household, ornamental plants, grass, etc.)
Global Insecticides Market, by Product Segment
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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