(I-BusinessNews.Com, May 07, 2021 ) The larvicides market is projected to reach USD 952.7 Million by 2023, at a CAGR of 4.86% from 2018 to 2023. The market has been growing at a significant rate, due to vector-based epidemics or outbreaks, climatic changes, the rise in pest population worldwide, and growth in awareness about IPM practices and environmental sustainability.
In the last five years, companies including Bayer (Germany), BASF (Germany), Gowan Company (US), Sumitomo Chemical (Japan), Nufarm (Australia), and Adama (Israel) expanded their R&D facilities, increased production capacity, opened new offices, and improved their distribution networks for increasing their market reach. Certis (US), Sumitomo Chemical (Japan), Gowan Company (US), Summit Chemical (US), Syngenta (Switzerland), and Adama (Israel) entered into research collaborations, licensing, and distribution agreements for development, production, and marketing of active ingredients ─ microbial solutions, insecticide compounds, and biopesticides. The agreements also enhanced their product portfolio, which helped them in gaining a larger market share.
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Mergers & acquisitions formed the most used strategy by the key players in the larvicides market. Nufarm (Australia), Sumitomo Chemical (Japan), Gowan Company (US), Certis (US), Bayer (Germany), Central Garden & Pet Co. (US), and Adama (Israel) used these strategies for increasing their capacity for the development, production, and sale of insect pest control products including larvicides. The growing demand and consumer preference for biological control methods and insect growth regulators have led to the acquisition of key product innovators and suppliers in the natural insecticide products industry by the key companies operating in larvicides market. The acquisitions also extended the business reach of the company and established their presence in the market previously untapped.
Sumitomo Chemical (Japan), along with its subsidiaries—Valent Biosciences LLC and McLaughlin Gormley King—is involved in the development and advancement of various vector control tools. In 2015, the company launched SumiLarv 2 MR for the prevention of infectious diseases. Valent significantly invests in R&D activities with a view to expanding its product pipeline with innovative, unique, and efficient products in the market. This strategy has helped the company to strengthen its market position by catering to the needs of different customers who demand a variety of products for different problems related to crop protection and public health. The company has also signed sales and distribution agreements for the marketing of its products across various countries, worldwide. McLaughlin Gormley King manufactures larvicide products with advanced microencapsulation technology for controlled-release and longer residual control of various insects that infest livestock facilities.
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Bayer (Germany) is a key player in the global larvicides market. The company has formed alliances with suppliers for comprehensive technical expertise and presence in various regions with precise product solutions designed in accordance with the needs of the local environments. It provides insect growth regulators (IGRs) for larvicidal control in crops as well as larvicides for the animal health sector. The company has hence built its consumer base across various end-use industries.
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