Bolstering Growth in agriculture production on account of the high consumption of food crops is driving the growth of the Acephate Market.

The Acephate Market size is observed to grow at a CAGR of 3.4% during the forecast period 2022-2027 and will reach an estimated revenue of US$1.6 billion by 2027. Acephate made from acetylation and isomerization of O, O-dimethyl phosphoroamidothioate is a systematic organophosphate insecticide that has ideal usage in agricultural farmlands and horticulture for controlling the population of pests such as aphids, leaf miners and sawflies which poses a great threat to agriculture produce such as vegetables & fruits. The rapid increase in consumption of food items, following healthier diets coupled with population growth and improvement in living standards has boosted the agriculture production level in countries. According to Statistics Canada, in 2021, vegetable production level reached 3.6% above the last five years' average level. Owing to such rapidly growing production of vegetables, the demand and usage of acephate for systematically controlling pest formation in agricultural fields has also increased which is primarily contributing to the market growth of such organophosphate insecticide. 

Acephate Market: Leading Segment is the Agriculture

Based on the end-use industry the Acephate market can be segmented into agriculture and non-agriculture sectors. The acephate market’s leading segment is evaluated to be agriculture and during the forecast period 2022-2027, the agriculture segment is expected to grow at a CAGR of 3.7%. This can be attributed to various factors such as growing disposable income and planned government policies to boost the agriculture production scale coupled with growing food demand. For instance, as per the statement provided by USDA officials, in 2021US launched the Agriculture Innovation Agenda to provide farmers with all tools to increase US agriculture production. Furthermore, according to a statement provided by the Ministry of Agriculture, in February 2020, the Indian Government launched various agriculture promotion schemes which aimed to increase farming productivity. Such favorable schemes increased the growth of the agriculture sector, which boosted the demand for acephate in the sector.

Acephate Market: Leading Segment is the Asia-Pacific

Based on geography the Acephate market can be segmented into North America, South America, Europe, APAC and the Rest of the World. The Asia-Pacific region emerged as the most profitable region in the market and held a 41% share of the total revenue earned by the market globally. The region is a hub for major agricultural countries such as China, India, Japan and Thailand which are experiencing a significant increase in their agriculture production owing to favorable government policies and investment inflows. According to the data provided by India’s Ministry of Agriculture, in 2021, India’s total food grain production stood at 150.5 million tons which was 0.94 million tons more than Kharif foodgrain production in 2020. Also, according to the data provided by the National Bureau of Statistics, in 2021, China’s food grain production stood at 682.9 million tons, showing a 5% increase from 2020’s production. With the increase in agriculture production in such major Asia-Pacific countries, the demand for acephate insecticides has also accelerated which is significantly contributing to its market growth in the Asia-Pacific region

Acephate Market: Competitive Landscape

Key companies holding a major share in the Acephate market are Nayer Crop Science AG, Kenvos Biotech Company Limited, Sinon Chemical Group, ADAMA Limited, Topsen Biotech Co. Ltd, Habei Veyong Bio-Chemical Co Ltd, Valent Biosciences Corporation, Drexel Chemical Company, Rallis India Limited and Lianyungang Dongjin Chemical Co. Ltd.