According to the findings by the Food and Agricultural Organization of United Nations (FAO), herbivorous insects are responsible for destroying one-fifth of the world’s total crop production annually. This expansion in the insecticides market size resonates with a business intelligence report by IndustryARC. The report includes insecticides market growth drivers that lead to current market trends and the key players in the market. It also has a market forecast between 2018 and 2023, in which the market is expected to grow with a healthy CAGR. The report is titled, “Insecticides Market – By Type, By Crop Type, By Pest Type, By Formulation, By Form, By Modes of Operation, By Application Technique & By Geography (North America, Europe, APAC and ROW) – Forecast (2018-2023).”
In a world where a multitude of people is starving, this happens to be a worrisome figure for the agriculture industry. Furthermore, when there are many ways the world is observing food losses, it has become imperative to control the loss of crops and improve harvest productivity, which has subsequently led to the growth of the global insecticides market.
Browse 51 Market Tables, 176 Figures spread through 153 slides and an in-depth TOC on “Insecticides Market (2018 - 2023)”
Disruption in Insecticides Market Due to Crop-Losses, Diseases, and Environmental Factors –
- Climate Change Breeding Growth of Crop-consuming Insects – Climate warming will have a negative impact on the crops because warm temperatures have a nurturing effect on insects and pests in terms of enhanced metabolism and rapid population growth, thereby leading to a harrowing pest pressure on the crops. While this climate change may or may not have a detrimental effect to the crops of Northern latitude countries like Canada and Russia, but it will lead to crop losses in the temperate regions, subsequently booming the insecticides market in low latitude countries like Argentina, Iraq, and South Africa.
- The Rise of Vector-borne Diseases – According to research by WHO, vector-borne diseases that are transferred through insects like mosquitoes, sandflies, ticks, mites etc. are causing 700,000 fatalities in a year. The disquieting figure culminates to more than a whopping 3.9 billion people vulnerable to dengue. While this is also leading to market growth of the medical industry; in order to ameliorate the perils attributed to these insects, insecticides have become an absolute precautionary necessity, which has led to soaring sales and revenue in their global market.
- The Growing Need for Organic Chemicals in Pesticides – While it is believed that pesticide application during crops harvesting is necessary to feed the world population, United Nations reports that inorganic pesticides have an adverse effect on the environment, human health, and society which also includes 200,000 deaths a year. This opens up the market for organic pesticides like pyrethrum and neem that are much safer than the chemical ones.
Leading Segments and Requirements Influencing Insecticides Market –
There are basically two types of insecticides or pesticides – organic and inorganic, and they serve different purposes. For instance, chromated copper arsenate is used for protecting timber while Nicotine is a natural pesticide used by gardeners to kill pests. On the other hand, metal-based contact insecticides like the ones made by copper and fluorine are used for killing insects in households and plantations. The market growth of different insecticides depends on their demand for their respective purposes.
The market is also classified on the basis of methods of application which chiefly influences the overall cost of crops. The techniques are spraying, liquid, and station baits injection types. Insecticide aerosols are the most common sprays that are used to kill insects.
Now, not all crops use the same insecticides and techniques. Even the amount of water required per land covered is different in each application. These factors also affect the insecticides market.
The primary end users that drive the insecticides market growth are agriculture, industrial, medical, and consumers.
Leading Market Players in Insecticides Market –
In June 2017, Chem China completed its $43 billion takeovers of the Swiss pesticide and seed company Syngenta and thereby becoming a giant in the insecticides market. On the other hand, due to the headwinds from Brazil after the new presidential election, DowDupont - a prominent manufacturer of agricultural products such as pesticides, insecticides, and herbicides observed a disappointing growth rate. DowDupont’s future growth rate is predicted to be moderate in the coming years, according to Forbes.
Furthermore, BASF observed a considerable sales growth of their agricultural products in North America, South America, Africa, and Middle East countries in the 3rd Quarter 2018, which is also attributed to the insecticides market growth.
Apart from the aforementioned companies, Bayer AG is another company ahead of the curve in the global insecticides market.
The crop destruction due to insecticides and pesticides is a major concern in the agriculture industry coupled with the fatalities due to vector-borne diseases. While the population growth of insects can hardly be controlled due to the climatic changes favoring their existence, insecticides and pesticides will always be in demand to save the crops and improve the situation of food resources in the world which makes their market sustainable with consistent sales.
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