(I-BusinessNews.Com, January 24, 2020 ) The insecticides market is projected to reach a value of USD 19.27 billion by 2022, at a CAGR of 5.8% from 2017 to 2022. The market is driven by factors such as increasing global exports and rise in instances of crop losses due to pest infestation. Moreover, population growth exceeds global food production, owing to which the use of best grades of insecticides for agriculture will benefit growers and the economically backward population in developing countries. Increasing investments in R&D capabilities of the key players for innovating new insecticides products, along with the increased expenditure on innovating new and cost-effective production processes of insecticides is expected to change the business landscape in the next six years.
On the basis of type, the others segment is projected to grow at the highest growth rate from 2017 to 2022. This is due to the stringent regulations posed by the government of varied countries on different classes of synthetic insecticides such as organochlorine, carbamates and organophosphates. Due to the constant phase out of active ingredients in these insecticide classes, better and less-toxic chemicals are expected to capture the major market in the near future.
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On the basis of crop type, the fruits & vegetables segment is projected to at the highest CAGR during the review period, in terms of volume. The demand for various types of fruits & vegetables is driven by favorable climatic conditions, technology, and storage methods. In order to protect stored crops, insecticides are widely used for fruits & vegetables, thereby increasing their yield and crop.
Agricultural expansion for livelihood security in countries such as China and India, are the major factors contributing to the increasing sales of insecticides in this region. The developing economy in this region and inconsistent regulations on pesticides usage across different countries are the major factors contributing to the exponential growth of the Asia Pacific insecticides market as compared to other regions. Asia Pacific has wide climatic variations and a high degree of plant diversity. Hence, the use of insecticides is widespread throughout the region. The increasing awareness about pesticides and continuous technological advancements are factors contributing to the growth of this market. In addition to this, the growing demand for crops and rising cultivation in the countries of Asia Pacific have forced agribusiness companies to expand their supplier and manufacturing base in the region.
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Rise in agricultural productivity is achieved by the use of high-yield varieties of seeds, advanced irrigation technologies, and agricultural chemicals such as insecticides. Output and productivity have increased significantly in most countries; for example, wheat yield in the UK and corn yields in the US Insecticides have been an integral part of the process by reducing losses from diseases and insects that result in reduced amount of harvestable produce. According to the FAO, there would be a considerable economic loss globally, without the use of insecticides. Severe infestation of insects, particularly in the early stage of crop establishment, ultimately accounts for a yield reduction. Insecticides are helpful in providing both economic and labor benefits, thereby resulting in a lower crop loss.
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