Insecticides Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Insecticides Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6072004 •
  • Format: PDF
Major players in the insecticides market are Adama Agricultural Solutions Ltd, American Vanguard Corporation, BASF SE, Bayer CropScience AG, FMC Corporation, NuFarm Limited, Syngenta International AG, Sumitomo Chemical Co., Ltd., Monsanto Company and Arysta Lifescience.

The insecticides market consists of sales of insecticides. Insecticides are substances that are used to kill insects, including ovicides and larvicides used for insect eggs and larvae respectively in order to control pests that affect the cultivated crops.

The global insecticides market is expected to grow from $16.68 billion in 2020 to $17.63 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $22.86 billion in 2025 at a CAGR of 7%.

The World population is growing and is expected to reach 10 billion by 2050 and is expected to significantly boost the insecticides market.Increase in population creates more demand for food.

Crop production, farming activities and trade volumes will have to increase in order to meet increased population.Additionally, farmers and commercial farming companies will increase acquisitions in arable land to increase crop production, which is expected to increase the demand for herbicides.

In order to meet the food demand that may rise from 59% to 98%, farmers have to increase agricultural productivity through fertilizers and advanced technologies in farming. Thus, the increase in demand for food for the growing population will promote the growth of insecticides market.

The growth of agrochemicals market is likely to be limited by the issues raised by various environmentalists and eco-friendly organizations.Usage of insecticides may cause serious health risks to humans, animals and the environment.

For instance, beekeepers in the USA reported annual hive loses of about 30% over the last 10 years and this was primarily attributed to rise in insecticides use in the country. Therefore, increased awareness of the diseases and problems caused due to insecticides is expected to have a negative impact on the growth of the market in the forecast period.

The insecticides market in this report covers segmented by type into synthetic insecticides, bio-insecticides. It is also segmented by application into cereals and grains, oilseeds & pulses, fruits & vegetables, others.

Companies in the insecticides industry are developing new products and improving product composition to make them safer for workers, farmers, plants, and the soil.Every year, companies globally introduce new products or brands to cater to different sets of audiences, insects, and industries.

This translates to changes in the base solution, mode of application, and residue formation of the insecticide. For instance, in May 2020, Marrone Bio Innovations, Inc. an international leader in sustainable bioprotection and plant health solutions, announced the approval of FDA for REGALIA MAXX biofungicide that can be used in indoor and outdoor on cannabis and hemp in Canada. Also, Marrone developed Venerate XC, a chemical user-friendly liquid microbial-based solution, which is used in integrated pest management (IPM) with a minimal four-hour re-entry interval (REI), and is under the MRL (maximum residue level) tolerance. The product is also non-toxic to fish, birds, and honeybees.
In March 2018, Sumitomo Chemical, a major Japanese chemical company acquired 82.9% of shares in Botanical Resources Australia Pty Ltd and its affiliated companies (the BRA group), making it a consolidated subsidiary. The BRA group is a global leader in the production of the natural insecticide active ingredient, Pyrethrin.